Compare mortgage rates and fees for leading lenders in Billings, MT. 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 Billings.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Billings. Plus, shopping lenders is free and there is no obligation.
December 11, 2019
The current average rate for a 30 year fixed rate mortgage in Billings 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 Billings, MT (Yellowstone County) is $232,942
The median household income for Billings, MT (Yellowstone County) is $59,727
Based on current mortgage rates and a 10% down payment, you need to make $43,218 per year to buy the median priced home in Billings
The home price you can afford to buy based on household income in Billings is 138% of the median home value which means housing prices are average
Billings (Yellowstone County) ranks 37 out of 56 counties in Montana and 2,708 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Billings, MT is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Billings (Yellowstone County) below.
Conforming loan limits for Billings, MT
FHA loan limits for Billings, MT
VA loan limits for Billings, MT
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/
Conforming Loan Limits: https://www.fhfa.gov/DataTools/Downloads/Pages/Conforming-Loan-Limits.aspx
FHA Loan Limits: https://entp.hud.gov/idapp/html/hicostlook.cfm
VA Loan Limits: https://www.benefits.va.gov/homeloans/purchaseco_loan_limits.asp
FREEandCLEAR Housing Affordability Index