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Montana Mortgage Rates

Montana Mortgage Rates
Betsalel Cohen

Comparing Montana Mortgage Rates with National Rates

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

Shopping for Best Mortgage Rates in Montana

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 Montana

In order to qualify for the best mortgage rates in Montana 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 article about qualifying for a mortgage.

Mortgage Resources for Montana

Montana is the forty fourth most populous US state. According to the US census, as of 2016, there is an estimated population of about 1.04 million residents, which represents 0.3% of the US population.

According to Wikipedia "Montana is a relative hub of beer microbrewing, ranking third in the nation in number of craft breweries per capita in 2011. There are significant industries for lumber and mineral extraction; the state's resources include gold, coal, silver, talc, and vermiculite.Tourism is also important to the economy with over ten million visitors a year to Glacier National Park, Flathead Lake, the Missouri River headwaters, the site of the Battle of Little Bighorn and three of the five entrances to Yellowstone National Park. "

According to the Glassman-ACS report for 2015, Montana had the twenty fourth highest poverty level in 2015, with 14.6% percent of people below poverty level, compared to 14.7% nationally. Montana’s median household economy in 2015 was approximately $49,509 much lower than the national average of $55,775.

Based on 2015 HMDA data, Based on 2015 HMDA data, Montana had a higher percentage of purchase loans (56% vs 51% national) and lower share of refinance loans (40% vs 46% nationally). Conventional loans were a bit lower than national averages (67% vs 69% nationally), as well as FHA loans (15% vs 20% nationally). Both Rural, FSA/RHS (5% vs. 2% nationally) and VA loans (14% vs 10% nationally) represented a larger share of Montana loans.

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

  1. FHA loan amounts in Montana: (note:set the table to Montana). There are 53 counties in the state of Montana. Currently none of the single family units meet the Highest loan limit, currently at $636,150. The majority, 86% are at the Standard loan limit, currently at $275,665. The remaining 14% are between those limits.
  2. FHFA Conventional Loan Amounts: Check the pdf from FHFA for all states and search for Montana 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. Montana Mortgage Programs: The Montana Board of Housing (MBOH) offers several programs to help provide affordable housing through low-interest mortgage and down payment assistance (DPA) programs. Two DPA programs are the Score Advantage Down Payment Assistance Program (DPA) and the MBOH Plus 0% Deferred Down Payment Assistance Program. Programs have income, property and credit requirements. Their mortgage programs include a Regular Bond Loan Program, which are Government guaranteed mortgages (FHA, VA, RD, and HUD 184, and a Montana Veterans Home Loan Program that offers first mortgage funds to Montana residents who are serving or have served in the military through the federal armed services and the Montana National Guard at an interest rate that is 1% lower than market.
  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 Montana

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 Montana and the US:

  • Mortgage Rates for Conventional Loans in Montana
  • Mortgage Fees for Conventional Loans in Montana
  • Loan Amount for Conventional Loans in Montana

Mortgage Rates for Conventional Loans in Montana vs USA

Mortgage Fees for Conventional Loans in Montana

Purchase Price for Conventional Loans in Montana vs USA