Compare mortgage rates and closing costs for leading lenders in Montana. Review free, personalized mortgage rates for Montana 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.
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December 10, 2019
The current average rate for a 30 year fixed rate mortgage in Montana 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%
The median home value for Montana is $248,005
The median household income for Montana is $52,726
Based on current mortgage rates and a 10% down payment, the income required to buy the median priced home in Montana is $46,013
The home price you can afford to buy based on household income in Montana is 115% of the median home value which means housing prices are very expensive. Montana ranks 42 out of 50 states for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the real estate market in Montana is very expensive
US Census Bureau American Community Survey: https://www.census.gov/programs-surveys/acs
FHFA House Price Index: https://www.fhfa.gov/DataTools/Downloads/Pages/House-Price-Index-Datasets.aspx#qat
Income Growth: https://www.bls.gov
National Average Rates: http://www.freddiemac.com/pmms/
FREEandCLEAR Housing Affordability Index