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Bangor

Current Mortgage Rates in Bangor, Maine

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

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

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Mortgage Rates in Bangor, ME as of September 19, 2020
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Data provided by Brown Bag Marketing, Inc. Payments do not include amounts for taxes and insurance premiums. Read through our lender table disclaimer for more on rates and product details.
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How Do Today's Bangor, ME Mortgage Rates Compare?

September 19, 2020

The current average rate for a 30 year fixed rate mortgage in Bangor 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
Bangor, ME 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 Bangor, Maine?

Below we provide helpful information on the real estate market, home prices and housing affordability in Bangor. Understand how much you need to earn to afford a home in Bangor, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Bangor fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Bangor is right for you.

The median home value for Bangor, ME (Penobscot County) is $158,245

Based on current mortgage rates and a 10% down payment, you need to make $28,480 per year to buy the median priced home in Bangor

With this income, you could qualify for a $142,420 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 Bangor is $660

The median household income for Bangor, ME (Penobscot County) is $50,503

Based on this income, you can afford a home valued at approximately $280,610

The home price you can afford to buy based on household income in Bangor is 177% of the median home value which means housing prices are average. Bangor (Penobscot County) ranks 4 out of 16 counties in Maine and 2,012 out of 3,142 counties in the United States for housing affordability.

According to the FREEandCLEAR Housing Affordability Index, the housing market in Bangor, ME is average

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Loan Limits for Bangor, Maine

Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Bangor (Penobscot County) below.

Conforming loan limits for Bangor, ME

1 unit: $510,400
2 units: $653,550
3 units: $789,950
4 units: $981,700

FHA loan limits for Bangor, ME

1 unit: $331,760
2 units: $424,800
3 units: $513,450
4 units: $638,100

VA loan limits for Bangor, ME

1 unit: $510,400

Additional Mortgage Resources for Bangor, ME Residents

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