Today's 30-year mortgage rate in Idaho is 6.76%, below the national average of 7.15%. Homebuyers can explore programs like Idaho Housing and Down Payment Assistance to reduce mortgage expenses.
Mortgage
Today's Mortgage Rates in Idaho (November 2024)
Updated: November 12, 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 November 2024.
Current Mortgage Rates in Idaho
In November 2024, the average APR for a 30-year fixed-rate mortgage in Idaho is 6.8%, up by 89 basis points from the previous month's 5.9%. For a $250,000 loan with a 20% down payment, the rate jump could mean an additional $45,971 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 6.76%, while the refinance APR is 6.63%. 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:
Loan Type:
Loan Type:10-Year Fixed
| 5.23% | 5.43% |
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 6.68%.
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 6.76%.
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 7.36% for a 30-year fixed mortgage. For a credit score below 680, the average APR increases to 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:
Credit Score Range:
Credit Score Range:680 - 740
Down Payment:
Down Payment:20% or higher
| 10-year Fixed | 5.52% |
| 15-year Fixed | 5.99% |
| 20-year Fixed | 6.89% |
| 3-year ARM | 8.36% |
| 30-year Fixed | 6.94% |
| 5-year ARM | 7.57% |
| 7-year ARM | 7.39% |
Mortgage Types in Idaho
In November 2024, 30-year fixed-rate jumbo loans have the lowest average APR for 30-year fixed-rate mortgages in Idaho at 6.61%. 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. | A conventional loan may offer competitive rates based on creditworthiness and down payment. | 6.76% |
FHA Loans | FHA loans in Idaho are insured by the Federal Housing Administration, aimed at low-to-moderate-income borrowers. | FHA loans often have lower entry requirements, and rates may be more favorable for those with average credit. | 7.00% |
VA Loans | The Department of Veterans Affairs backs VA loans in Idaho for eligible military members. | VA loans offer competitive rates due to government backing, especially for those with strong credit. | 6.71% |
USDA Loans | The United States Department of Agriculture backs USDA loans in Idaho for rural home buyers. | USDA loans can offer lower rates thanks to government backing, designed for rural and suburban homebuyers. | currently unavailable |
Jumbo Loans | Jumbo loans in Idaho are for amounts exceeding the conforming loan limits set by FHFA. | Jumbo loans typically have higher rates due to the larger loan amounts and increased lender risk. | 6.61% |
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 November 2024, Idaho's average APR for a 30-year fixed mortgage is 6.76%, while a seven-year ARM averages 7.12%.
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 home-buying decisions. We've addressed common questions about securing a mortgage in Idaho.
What are the current mortgage rates in Idaho?
Current average APRs for Idaho significantly differ based on loan type. For example, a 30-year fixed conforming loan has an average APR of 6.76%, whereas a seven-year ARM jumbo loan average APR is 7.29%. However, rates also fluctuate depending on other factors such as the borrower's credit history and the overall financial market conditions.
How do mortgage rates in Idaho compare to national rates?
Idaho's current average APRs show that a five-year adjustable-rate mortgage has an average APR of 7.47%, lower than the national average of 7.97%. Likewise, the average APR for a 15-year fixed-rate mortgage in Idaho is 6.06%, slightly below the national rate of 6.28%, as of November 2024.
How does my credit score impact the mortgage rates I get in Idaho?
Your credit score plays a significant role in determining the mortgage rates you qualify for. Higher credit scores generally lead to low mortgage rates, while lower scores may result in higher interest rates due to the increased risk perceived by lenders.
Are there any special mortgage programs in Idaho to help homebuyers?
Yes, several mortgage programs in Idaho can assist homebuyers. For instance, Idaho Housing offers various homeownership opportunities. Down Payment Assistance programs are available to help with initial home-buying costs.
How can I get the best possible mortgage rate in Idaho?
To secure the best possible mortgage rate in Idaho, consider increasing your down payment, maintaining a strong credit history and shopping around with multiple lenders to compare offers. Placing a larger down payment can result in lower interest rates and more favorable loan terms.
What are today's mortgage refinance rates in Idaho?
As of November 2024, the average refinance rates in Idaho are 6.04% for a 15-year fixed loan and 6.63% for a 30-year. Always check the latest data on today's refinance rates in Idaho, as rates change frequently.
How do I calculate my mortgage payments?
To accurately calculate your mortgage payments, use a mortgage calculator for Idaho. This tool takes into account your loan amount, interest rate, loan term and other variables to provide an estimate of your monthly mortgage payment.
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 November 12, 2024.
- Idaho Housing and Finance Association. "Down Payment Assistance." Accessed November 12, 2024.