Today's 30-year mortgage rate in Idaho is 6.47%, slightly below the national average of 6.83%. Homebuyers can explore programs like Idaho Housing and Down Payment Assistance to reduce mortgage expenses.
Mortgage
Today's Mortgage Rates in Idaho (December 2024)
Updated: December 13, 2024
Advertising & Editorial Disclosure
MoneyGeek uses publicly available data from Zillow for the rates on this page. Mortgage rates shift daily, and we take a snapshot of rates to analyze rate information for Idaho. We update the data frequently to ensure you have access to the most recent rates, but the values may differ slightly between reporting sources.
Unless specifically noted otherwise, rates featured in the content are annual percentage rates (APRs).
This data was last updated in December 2024.
Current Mortgage Rates in Idaho
In December 2024, the average APR for a 30-year fixed-rate mortgage in Idaho is 6.47%, down by 29 basis points from the previous month's 6.76%. For a $250,000 loan with a 20% down payment, the rate decrease could mean a savings of $11,431 in total cost over the life of the loan, excluding property taxes and HOA fees.
Even small changes in mortgage rates can significantly impact your finances. Understand Idaho's current mortgage rates so you can budget effectively.
Who Needs to Know Current Mortgage Rates in Idaho?
Knowing today's mortgage interest rates in Idaho benefits two types of borrowers in the housing market:
First-time homebuyers
First-time homebuyers in Idaho can assess rate offers and determine their competitiveness by comparing them with current mortgage rates.
Homeowners with mortgages
Idaho homeowners with mortgages can see if current mortgage rates allow them to save on costs through mortgage refinance.
For a 30-year fixed mortgage in Idaho, the purchase APR is 6.47%, while the refinance APR is 6.61%. This difference impacts your monthly payments and total interest over the loan's life. Keep this in mind as you compare options.
SEE CURRENT MORTGAGE RATES IN NEIGHBORING STATES
Current Mortgage Rates in Idaho by Loan Type
A 30-year fixed-rate mortgage typically has a higher rate than the 15-year option. Lenders face an increased risk of default and rate fluctuations with longer repayment terms.
If you're unsure which loan type in Idaho best suits you, use a mortgage calculator to see how different rates affect your monthly payments.
Data filtered by:Results filtered by:
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Loan Type:10-Year Fixed
| 5.73% | 5.95% |
INTEREST RATE VS. APR: WHAT'S THE DIFFERENCE?
The interest rate is the percentage lenders charge you annually to borrow money. In Idaho, the average interest rate for a 30-year fixed mortgage is 6.40%.
The APR (annual percentage rate) reflects the actual yearly loan cost, including the interest rate and upfront fees like mortgage points. For a 30-year fixed-rate mortgage in Idaho, the average APR is 6.47%.
Current Mortgage Rates in Idaho by Credit Score
In Idaho, a credit score of 740 or higher with a 5% to 20% down payment results in an average APR of 6.82% for a 30-year fixed mortgage. For a credit score below 680, the average APR remains at 8.00%.
Your credit score and down payment impact your mortgage rate in Idaho. Check the rates you might qualify for based on these factors:
Data filtered by:Results filtered by:
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Credit Score Range:680 - 740
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Down Payment:20% or higher
| 10-year Fixed | 5.52% |
| 15-year Fixed | 5.85% |
| 20-year Fixed | 6.57% |
| 3-year ARM | 8.36% |
| 30-year Fixed | 6.70% |
| 5-year ARM | 7.19% |
| 7-year ARM | 7.23% |
Mortgage Types in Idaho
In December 2024, 30-year fixed-rate VA loans have the lowest average APR for 30-year fixed-rate mortgages in Idaho at 6.36%. Understanding your choices can impact your monthly payments and overall loan cost. Check out the mortgage types in Idaho.
Mortgage Type | Definition | Impact on Rates | 30-Year Rates in Idaho |
|---|---|---|---|
Conventional Loans | Conventional loans in Idaho are a mortgage option not insured by the government. | Conventional loans offer varied rates based on credit score and down payment. | 6.47% |
FHA Loans | FHA loans in Idaho are insured by the Federal Housing Administration, aimed at low-to-moderate-income borrowers. | FHA loans typically have lower rates for those with smaller down payments or lower credit scores. | 7.85% |
VA Loans | The Department of Veterans Affairs backs VA loans in Idaho for eligible military members. | VA loans often have competitive rates due to backing by the government. | 6.36% |
USDA Loans | USDA loans in Idaho support rural homebuyers and are backed by the government. | USDA loans can offer lower rates since they're designed to help rural homebuyers. | currently unavailable |
Jumbo Loans | Jumbo loans in Idaho are for amounts exceeding the conforming loan limits set by FHFA. | Jumbo loans may have higher rates due to the increased loan amount and associated risk. | 6.77% |
MORTGAGE RATE STRUCTURES IN IDAHO
Mortgage rates in Idaho are either fixed or adjustable.
- Fixed mortgages keep your interest rate constant, maintain predictable monthly payments throughout the loan term and simplify budgeting.
- Adjustable-rate mortgages (ARM) begin with lower initial rates than fixed mortgages. However, these rates can vary with market changes, impacting long-term expenses.
As of December 2024, Idaho's average APR for a 30-year fixed mortgage is 6.47%, while a seven-year ARM averages 7.34%.
Mortgage Lenders in Idaho
LoanDepot, Truist and Rocket Mortgage are the top lenders in Idaho. They are accredited by the Better Business Bureau (BBB) and offer homeowner assistance programs. Compare options to secure the best deal, as rates vary among lenders.
- Loan Depot
- 3Number of Mortgage Options
- YesOnline Application
- A+BBB Rating
- Monday to Friday, 10 am to 9 pm ETCustomer Service Hours
LoanDepot offers flexible mortgage options with online and in-person support. It provides fixed-rate and adjustable-rate loans. For an FHA Loan, a 580 credit score is sufficient. Conventional loans require a 5% down payment, or as little as 3.5% for FHA loans, increasing to 10% for scores below 580.
Customer service is available via phone or email from Monday to Friday, 10 am to 9 pm ET. Loan Depot's Loss Mitigation Assistance Program supports homeowners facing payment challenges.
Pros
- A+ rating from BBB
- Mortgage assistance during financial hardship
- Interactive mortgage calculator
Cons
- Limited mortgage options
- Weekend customer support unavailable
- Truist
- 4Number of Mortgage Options
- YesOnline Application
- A+BBB Rating
- Monday to Friday, 8 am to 8 pm ET Saturday, 8 am to 5 pm ETCustomer Service Hours
Truist offers a range of mortgage products, including conventional and VA loans. Conventional loans typically require a good credit score. VA loans, designed for service members and veterans, offer more flexible credit requirements. Down payments can be as low as 3%, though this may vary by loan type.
Customer service is available via phone, social media or in person from 8 a.m. to 8 p.m. ET Monday through Friday and Saturdays from 8 a.m. to 5 p.m. ET. Truist also offers specialized programs like Doctor Loan, Construction to Permanent Loans and Affordable Lending Options that meet diverse borrower needs.
Pros
- Unique mortgage programs
- Online mortgage and amortization tools
- Assists with affordable loan options
Cons
- Must speak to a rep for mortgage details
- No mortgage payment relief options
- Rocket
- 4Number of Mortgage Options
- YesOnline Application
- A+BBB Rating
- Monday to Friday, 8:30 am to 9:00 pm ET Saturday, 9:00 am to 4:00 pm ETCustomer Service Hours
Rocket Mortgage offers diverse home financing options, including FHA and conventional loans. FHA loans require a minimum credit score of 580 and a 3.5% down payment, while conventional loans accept a credit score of at least 620 with a 3% minimum down payment.
Customer service is available via phone and chat Monday through Friday from 8:30 a.m. to 9 p.m. ET and Saturday from 9 a.m. to 4 p.m. ET. Rocket supports homeownership through several assistance programs, including ONE+, HomeReady, HomePossible and Freddie Mac BorrowSmart Access.
Pros
- Enables online prequalification
- Homebuyer programs with major agencies
- Unique downpayment assistance offering
Cons
- No local branches
- No USDA loans
Mortgage Programs in Idaho
Buying a home involves more than just the monthly payment — expect hidden costs that can affect your budget. The Idaho Housing and Finance Association offers mortgage programs to support you.
Program | Description |
|---|---|
Offers conventional, FHA and VA loans with competitive rates, down payment assistance and ongoing mortgage support. Eligible buyers earning under $150,000 annually can get help purchasing homes, townhouses, condos or manufactured homes in Idaho. | |
Provides up to 10% for down payment and closing costs. Contribute just 0.5% on your own to access these funds through a Second Mortgage or Forgivable Loan, reducing upfront homeownership costs. |
FAQ: Mortgage Rates in Idaho
Today's mortgage rates can affect your homebuying decisions. We've addressed common questions about securing a mortgage in Idaho.
What are the current mortgage rates in Idaho?
Current average APRs in Idaho vary due to factors such as loan type and credit history. For instance, a 30-year fixed conforming loan has an average APR of 6.47%, while a seven-year ARM jumbo loan is at 7.15% for December 2024. It's important to note these rates are influenced by broader economic conditions as well.
How do mortgage rates in Idaho compare to national rates?
Mortgage rates in Idaho may differ from national averages. For example, the average APR for a five-year ARM in Idaho is 7.29% compared to the national average of 7.79% as of December 2024. A 15-year fixed-rate mortgage at a 5.78% average APR in Idaho also contrasts with a national average of 6.12%. Rates fluctuate based on the national economy and state-specific lending conditions.
How does my credit score impact the mortgage rates I get in Idaho?
Your credit score significantly affects the mortgage rates available to you. Higher credit scores typically unlock low mortgage rates due to the lower risk they represent to lenders.
Are there any special mortgage programs in Idaho to help homebuyers?
Yes, there are special mortgage programs in Idaho, including Idaho Housing and Down Payment Assistance aimed at helping homebuyers achieve homeownership more easily.
How can I get the best possible mortgage rate in Idaho?
To secure the best possible mortgage rate in Idaho, consider improving your credit score, shopping around and comparing rates from multiple lenders and making a larger down payment. A substantial down payment can lower your interest rate and overall loan amount.
What are today's mortgage refinance rates in Idaho?
Today's refinance rates in Idaho include an average APR of 5.88% for a 15-year fixed rate and 6.61% for a 30-year fixed rate as of December 2024. These rates can help homeowners decide if refinancing is a financially advantageous move.
How do I calculate my mortgage payments?
To accurately calculate your mortgage payments, you can use a mortgage calculator for Idaho. This tool will help you determine your monthly payment amount based on the loan's principal, interest rate and term.
About Zachary Romeo, CBCA
Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.
Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.
sources
- Idaho Housing and Finance Association. "Idaho Housing." Accessed December 13, 2024.
- Idaho Housing and Finance Association. "Down Payment Assistance." Accessed December 13, 2024.