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Portland

Compare Current Portland, Maine Mortgage Rates

Compare Portland, ME mortgage rates and fees from top lenders. 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 lowest mortgage rates in Portland.

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

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Portland, ME Mortgage Rates as of August 16, 2022
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Data provided by Icanbuy, LLC. Payments do not include amounts for taxes and insurance premiums. Read through our lender table disclaimer for more information on rates and product details.
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Compare Today's Portland, ME Mortgage Rates

August 16, 2022

Current mortgage rates in Portland, ME are % for a 30 year fixed rate loan, % for a 15 year fixed loan and % for a 5/1 adjustable rate mortgage (ARM)

Mortgage Program
Today's
Portland, ME Rates
National
Average
Comparison
30 Year Fixed Rate
%
5.220%
15 Year Fixed Rate
%
4.590%
5/1 Adjustable Rate Mortgage
%
4.430%

How Affordable is Housing in Portland, Maine?

Below we provide helpful information on the real estate market, home prices and housing affordability in Portland. Understand how much you need to earn to afford a home in Portland, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Portland 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 Portland is right for you.

The median home value for Portland, ME (Cumberland County) is $388,621

Based on current mortgage rates and a 10% down payment, you need to make $63,674 per year to buy the median priced home in Portland

With this income, you could qualify for a $349,759 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 Portland is $1,475

The median household income for Portland, ME (Cumberland County) is $82,210

Based on this income, you can afford a home valued at approximately $501,752

The home price you can afford to buy based on household income in Portland is 129% of the median home value which means housing prices are average. Portland (Cumberland County) ranks 15 out of 16 counties in Maine and 2,807 out of 3,142 counties in the United States for housing affordability.

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

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Loan Limits for Portland, Maine

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

Conforming loan limits for Portland, ME

1 unit: $647,200
2 units: $828,700
3 units: $1,001,650
4 units: $1,244,850

FHA loan limits for Portland, ME

1 unit: $463,450
2 units: $593,300
3 units: $717,150
4 units: $891,250

VA loan limits for Portland, ME

1 unit: $647,200

Additional Mortgage Resources for Portland, ME Residents

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