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Billings

Current Mortgage Rates in Billings, Montana

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.

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Mortgage Rates in Billings, MT as of October 23, 2019
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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.

How Do Today's Billings, MT Mortgage Rates Compare?

October 23, 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%

Mortgage Program
Today's
Billings, MT Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.690%
15 Year Fixed Rate
B.BBB%
3.150%
5/1 Adjustable Rate Mortgage
C.CCC%
3.350%

How Affordable is Housing in Billings, Montana?

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

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Loan Limits for Billings, Montana

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

1 unit: $484,350
2 units: $620,200
3 units: $749,650
4 units: $931,600

FHA loan limits for Billings, MT

1 unit: $314,827
2 units: $403,125
3 units: $487,250
4 units: $605,525

VA loan limits for Billings, MT

1 unit: $484,350

Additional Mortgage Resources for Billings, MT Residents

Mortgage Rates for Montana Cities

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Missoula Mortgage Rates

Sources

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