MATIASGUARRO

Whether you’re searching for a new home or planning to refinance, understanding mortgage and refinance rates is essential to navigating Idaho’s housing market. That said, interest rates aren’t set in stone, and they fluctuate based on economic factors, like 10-year Treasury yields, market conditions, inflation and Federal Reserve policy.

We summarized the current Idaho mortgage and refinance rates to help you understand these fluctuations and choose the right time to lock in a mortgage rate. Our team also compared Idaho’s rate trends to nationwide rates to help you choose the right time to buy or refinance a home. Even a small change in rates can impact the overall cost of borrowing, and understanding Idaho mortgage and refinance rates may help you save.

Today’s Mortgage Rates in Idaho

Idaho’s average APR on a 30-year mortgage rose 0.092 points to 6.331% over the past week, according to data from the Mortgage Research Center. The rate is down 0.241 points over the last 90 days and basically flat over the last 30 days.

The state’s average APR for the benchmark 15-year fixed mortgage increased 0.124 points to 5.464% over the past week. Over the last 90 days, the rate is down 0.102 points; it’s up 0.069 points over the last 30 days.

The average APR for a 30-year jumbo mortgage rose 0.065 points to 6.764% since last week. It’s down 0.098 points over the last 90 days and up 0.068 points over the last 30 days.

30-year fixed-rate mortgage:

• Today. The average APR for the benchmark 30-year fixed mortgage is 6.331%.
• Last week. 6.239%.

15-year fixed-rate mortgage:

• Today. The average APR on a 15-year fixed mortgage is 5.464%.
• Last week. 5.34%.

30-year fixed-rate jumbo mortgage:

• Today. The average APR on the 30-year fixed-rate jumbo mortgage is 6.764%.
• Last week. 6.699%.

Today’s Refinance Rates in Idaho

Idaho’s average APR for the benchmark 30-year fixed refinance mortgage rose 0.043 points to 6.381% compared to a week ago. The rate is down 0.242 points over the last 90 days and down 0.028 points over the last 30 days.

The average APR in the state on a 15-year refinanced mortgage rose 0.113 points to 5.437% weekly. Over the last 90 days, the rate is down 0.13 points over the last 90 days; it’s up 0.078 points over the last 30 days.

For jumbo 30-year refinanced mortgages, the average APR climbed 0.069 points to 6.807% week-to-week. It’s down 0.156 points over the last 90 days and up 0.063 points over the last 30 days.

30-year fixed-rate refinance mortgage:

• Today. The average APR for the benchmark 30-year fixed mortgage is 6.381%.
• Last week. 6.338%.

15-year fixed-rate refinance mortgage:

• Today. The average APR on a 15-year fixed mortgage is 5.437%.
• Last week. 5.324%.

30-year fixed-rate jumbo refinance mortgage:

• Today. The average APR on the 30-year fixed-rate jumbo mortgage is 6.807%.
• Last week. 6.738%.

Idaho Mortgage Rate Trends

Following mortgage rate trends can help you track patterns and changes in the Idaho housing market over time. By understanding these trends, you can make more informed decisions about when to purchase a home, refinance or lock in a rate for a second mortgage. If you’re well-qualified, analyzing Idaho mortgage rate trends may help you save money over the life of the loan.

Idaho’s mortgage rates have trended downward over the last three months, as have national rates.

Idaho Mortgage Rates vs. National Mortgage Rates

Although state mortgage rates generally move in line with the national average, there are state-level differences.

Today’s average mortgage rate in Idaho is 6.331%, while the national average rate is 6.335%. That’s 0.004 percentage points lower than the national average.

Idaho’s mortgage refinance rate today is 6.381% versus the national average of 6.389% – 0.008 percentage points lower than the national average.

Buying a House in Idaho

Whether you’re planning a move from out of state or relocating within Idaho, the Gem State offers a wealth of options. From vibrant city life in Boise to outdoor adventures in Coeur d’Alene, Idaho has something for every homebuyer and lifestyle. An Idaho real estate agent can help you navigate the state’s diverse real estate market and make it easier to find a home that fits your needs and budget. Understanding Idaho’s market trends and rules can also streamline the home-buying process.

How to Get the Best Mortgage Rates in Idaho

You’ll need to do a bit of planning and research to get the best mortgage rates in Idaho. Current interest rates and trends can vary widely across different regions, so start by understanding what to expect in your area. Then, shop around to compare offers from multiple lenders, including banks, credit unions and online mortgage providers.

You may also qualify for more favorable rates if you maintain a strong credit score, provide a substantial down payment and demonstrate a stable financial history. Consult with a local mortgage broker or financial advisor who’s familiar with the Idaho housing market to gain valuable insights and navigate the process more efficiently. By staying informed and proactive, you can find a mortgage rate that best fits your financial situation and home-buying goals.