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Maine

Current Maine Mortgage Rates

Compare mortgage rates and closing costs for leading lenders in Maine. Review free, personalized mortgage rates for Maine based on your specifc loan amount, program and other factors. Easily compare APRs, fees and monthly payments to find the lender offering the best mortgage terms.

We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Maine. Plus, shopping lenders is free and there is no obligation.

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Mortgage Rates for Maine as of July 8, 2020
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Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. Click for more information on rates and product details.
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How Do Today's Maine Mortgage Rates Compare?

July 8, 2020

The current average rate for a 30 year fixed rate mortgage in Maine is A.AAA%, the rate for a 15 year fixed rate mortgage is B.BBB% and the rate for a 5/1 adjustable rate mortgage (ARM) is C.CCC%

Mortgage Program
Today's
Maine Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.650%
15 Year Fixed Rate
B.BBB%
3.090%
5/1 Adjustable Rate Mortgage
C.CCC%
3.390%

How Affordable is Housing in Maine?

Below we offer valuable insights on the housing market and real estate prices in Maine. Understand how much you need to make to buy a house in Maine, including the mortgage you need. Review the monthy loan payment so you can determine if home ownership in Maine is affordable for you. We provide this helpful information to help you decide if living in Maine is right for you.

The median home value for Maine is $220,620

Based on current mortgage rates and a 10% down payment, the income required to buy the median priced home in Maine is $39,706

With this income, you could qualify for a $198,558 mortgage, assuming your monthly debt expense is reasonable

Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Maine is $920

The median household income for Maine is $57,046

Based on this income, you can afford a home valued at approximately $316,968

The home price you can afford to buy based on household income in Maine is 144% of the median home value which means housing prices are average. Maine ranks 26 out of 50 states for housing affordability.

According to the FREEandCLEAR Housing Affordability Index, the real estate market in Maine is average

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Additional Mortgage Resources for Maine Residents

Mortgage Rates for Maine Cities

Bangor Mortgage Rates

Kennebec Mortgage Rates

Lewiston Mortgage Rates

Portland Mortgage Rates

York Mortgage Rates