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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 January 24, 2020
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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.
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How Do Today's Billings, MT Mortgage Rates Compare?

January 24, 2020

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%
3.650%
15 Year Fixed Rate
B.BBB%
3.090%
5/1 Adjustable Rate Mortgage
C.CCC%
3.390%

How Affordable is Housing in Billings, Montana?

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

The median home value for Billings, MT (Yellowstone County) is $245,054

Based on current mortgage rates and a 10% down payment, you need to make $44,103 per year to buy the median priced home in Billings

With this income, you could qualify for a $220,549 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 Billings is $1,021

The median household income for Billings, MT (Yellowstone County) is $61,122

Based on this income, you can afford a home valued at approximately $339,614

The home price you can afford to buy based on household income in Billings is 139% of the median home value which means housing prices are average. Billings (Yellowstone County) ranks 36 out of 56 counties in Montana and 2,689 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: $510,400
2 units: $653,550
3 units: $789,950
4 units: $981,700

FHA loan limits for Billings, MT

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

VA loan limits for Billings, MT

1 unit: $510,400

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