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Initial rates displayed are based on a $200,000 loan for a purchase or refinance transaction of an owner-occupied, single-family residence with 62.5% LTV and 740 credit score and no cash out. The rates were submitted by each individual lender/broker on the date indicated. Rate/APR terms offered by advertisers may differ from those listed above based on the borrower's creditworthiness and other differences between an individual loan and the loan criteria used for the HSH quotes. The annual percentage rate in ARM products may increase after the loan is closed. More Info: These quotes are from banks, thrifts, and brokers who have paid for a link to their website in the listings above, and you can find additional information about their loan programs on their websites.

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North Dakota Mortgage Rates

Comparing North Dakota Mortgage Rates with National Rates

In order to help you see how North Dakota mortgage rates compare with National rates, check out the following rate table from the industry website mortgagenewsdaily.com. These rates represent national averages and are based on specific loan assumptions. 

Shopping for Best Mortgage Rates in North Dakota

It is important to shop around for the best terms. Make sure that you compare rates, lender fees and learn about third party fees. When comparing mortgage offers check out the term (length), interest rate (fixed vs. variable), and if applicable the cost of mortgage insurance. Get more information about mortgage rates and mortgage fees. Also, FHA loans, which always require mortgage insurance, differ from conventional loans, which require Private Mortgage Insurance (PMI) if your loan to value ratio (LTV) is over 80%.  Make sure that you use all of your costs when comparing loans.

Qualifying for a Mortgage in North Dakota

In order to qualify for the best mortgage rates in North Dakota it is important to have an excellent credit score. Also, you want to make sure that your debt to income ratio (DTI) and your downpayment or equity position , your loan to value ratio (LTV) are sufficient to qualify. Read this Bills.com article about qualifying for a mortgage.

Mortgage Resources for North Dakota

North Dakota is the forty seventh most populous US state. According to the US census, as of 2016, there is an estimated population of about 0.75 million residents, which represents 0.3% of the US population.

According to Wikipedia: "Agriculture is North Dakota's largest industry, although petroleum, food processing, and technology are also major industries. North Dakota is the only state with a state-owned bank, the Bank of North Dakota in Bismarck, and a state-owned flour mill, the North Dakota Mill and Elevator in Grand Forks. These were established by the NPL before World War II. Fargo is home to the second-largest campus of Microsoft with 1,700 employees, and Amazon.com employs several hundred in Grand Forks."

According to the Glassman-ACS report for 2015, North Dakota ranked 33rd among the states in highest poverty level in 2015, with 12.4% percent of people below poverty level, compared to 14.7% nationally. North Dakota’s median household economy in 2015 was approximately $61,255, which was higher than the national average of $55,775. North Dakota’s unemployment rate was the lowest in the country at 2.6% versus 6.3 nationally.

Based on 2015 HMDA data, North Dakota compared to National loan program distribution, had a higher percentage of purchase loans (58% vs 51% national) and lower share of refinance loans (38% vs 46% nationally). Conventional loan had a slighlty higher share than national averages (71% vs 69% nationally), whereas, FHA loans were lower (17% vs 20% nationally), as were VA loans (12% vs 10% nationally).

Here are some outside resources that can help you understand the North Dakota mortgage environment:

  1. FHA loan amounts in North Dakota: (note:set the table to North Dakota). There are 53 counties in the state of North Dakota. None of the counties were at the Highest loan limit, currently at $636,150. Most, 83%, were at the Standard loan limit, currently at $275,665. The remaining 17% were between those limits.
  2. FHFA Conventional Loan Amounts: Check the pdf from FHFA for all states and search for North Dakota and your county or check out the FHFA conforming limit map. The FHFA has higher base limits than the FHA, currently at $424,100. All of the counties are within this limit.
  3. North Dakota First Home Buyer Programs:  The North Dakota Housing Finance Authority (NDHFA) is a "self-supporting state agency dedicated to making housing affordable for all North Dakotans, NDHFA offers affordable home financing to low- to moderate-income families, ensures the continued availability of suitable rental housing for households of modest means, and focuses on providing for the housing needs of our state's growing communities." They offer a number of programs including mortgage loans such as HomeAccess for low to moderate income first home buyers.  They also offer down payment assistance programs such as DCA to assist low income borrowers with down payments and closing costs. The programs have income, property and credit restrictions. The NDHFA also publishes mortgage rates for North Dakota mortgage programs. 
  4. Homebuyer Education Programs: Many programs require a homebuyer education class. For more information check out the Hud’s website

Mortgage Trends and Statistics for North Dakota

Mortgage rates, loan amounts, LTV, (etc) vary based on areas. The FHFA provides a useful insight into differences in conventional loans. We are providing historical data based on State based information for 2002 - 2015.

Source of Data: FHFA Historical Table  - (TERMS ON CONVENTIONAL HOME MORTGAGES) Table 15 - By State and Table 12 Fixed-Rate Mortgages 

Check out some differences between North Dakota and the US:

  • Mortgage Rates for Conventional Loans in North Dakota
  • Mortgage Fees for Conventional Loans in North Dakota
  • Loan Amount for Conventional Loans in North Dakota

 

Mortgage Rates for Conventional Loans in North Dakota vs USA

 

Mortgage Fees for Conventional Loans in North Dakota

 

Purchase Price for Conventional Loans in North Dakota vs USA

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