Current Mortgage Refinance Rates in Idaho (December 2024)

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Updated: January 10, 2025

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Idaho's current mortgage refinance rate for a 15-year fixed loan is 5.88%, while the 30-year fixed loan rate is 6.61%. The national averages are 5.38% for a 15-year fixed loan and 6.45% for a 30-year fixed loan.

We offer a comprehensive guide on refinancing your mortgage in Idaho, covering today's current rates, trends and practical tips on timing and credit score considerations. Our insights are designed to empower you with the knowledge needed to navigate the refinancing process confidently and effectively.

MoneyGeek used Zillow data for the rates on this page. Because mortgage rates shift daily, we use a snapshot 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 noted otherwise, featured rates are annual percentage rates (APRs).

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This data was last updated in December 2024.

Current Mortgage Refinance Rates in Idaho

The current 30-year refinance rate in Idaho is 6.61%. According to Experian, the average mortgage debt in Idaho was $243,353 as of September 2023. Refinancing your mortgage can be a smart way to manage this debt by potentially lowering your monthly payments and reducing the total interest paid over the life of the loan.

If your current mortgage rate is higher than 6.61%, refinancing might offer significant savings. Below are the current refinance rates in Idaho to help you explore your options.

15-Year Fixed5.75%5.88%
30-Year Fixed6.54%6.61%

Mortgage Refinance Rate Trends in Idaho

In November, refinance rate trends in Idaho showed a decrease for both 15-year refinance rates and 30-year refinance rates. The 15-year fixed rates decreased from 6.09% in October to 6.04% in October. The 30-year fixed rates also saw a slight decline, moving from 6.66% to 6.63% over the same period.

Idaho Mortgage Refinance Rate Trends 2024

Data from 2024

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WHY DO INTEREST RATES GO UP?

Interest rates rise due to factors like US Federal Reserve policies and economic conditions. These shifts also affect refinance rate trends in Idaho, offering insights into regional financial dynamics. Understanding these elements helps you stay informed about potential changes in your financial landscape.

How to Refinance a Mortgage in Idaho

Refinancing your mortgage in Idaho can lead to lower payments and better terms. Understanding the steps involved is crucial for a smooth transition. This guide will walk you through the process, offering insights and tips tailored to Idaho's specific landscape, ensuring you feel confident and informed every step of the way.

  1. 1

    Check Your Credit Score

    Credit scores affect mortgage rates; higher scores often secure better rates. If your score is below Idaho's average of 729, consider paying down debt or disputing errors to improve it.

  2. 2

    Determine When to Refinance a Mortgage

    Compare your current mortgage terms with market rates. Idaho's 15-year fixed rate is 5.21%, and the 30-year fixed is 5.90%. If these are lower, refinancing may be beneficial. Consider how long you'll stay in your home.

  3. 3

    Gather Necessary Documents

    Collect documents like tax returns, pay stubs and bank statements for your current mortgage. Ensure all the necessary paperwork is ready to simplify the application process.

  4. 4

    Shop Around for Lenders

    Explore different lenders to find favorable terms. Look for competitive interest rates, low fees and good customer service to ensure a smooth refinancing experience.

  5. 5

    Understand the Costs Involved

    Be aware of closing costs like appraisal fees and title insurance. According to the National Association of Realtors, these average $2,831 in Idaho.

  6. 6

    Apply for the Loan

    Submit your application to the chosen lender. Organizing the required documents can streamline the process, reduce delays and ensure a more efficient experience.

  7. 7

    Lock in Your Interest Rate

    Secure your rate with a mortgage rate lock to avoid fluctuations. Timing is key; consider locking when rates are favorable.

  8. 8

    Close on Your New Loan

    Complete the process by signing closing documents. Review all terms carefully and ensure funds are available for closing costs to avoid last-minute surprises.

  9. 9

    Start Making Payments on Your New Loan

    Begin payments according to the new loan terms. Setting up automatic payments can help avoid late fees and maintain a good credit standing.

  10. 10

    Reevaluate When to Refinance a Mortgage

    Continuously assess market conditions and personal financial goals. Monitoring interest rates and loan terms can indicate when refinancing might be beneficial again.

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HOW SOON CAN YOU REFINANCE A MORTGAGE?

In Idaho, how soon you can refinance a mortgage depends on the type of loan. Conventional loans allow for immediate refinancing, but a cash-out refinance typically requires a six-month seasoning period. On the other hand, USDA loans generally necessitate a 12-month waiting period before refinancing to ensure compliance with guidelines.

Considering that the refinance rate in Idaho dropped to 5.90% in October, this illustrates a favorable time to refinance when rates are lower. However, refinancing comes with additional closing costs, which can take years to recover. So, although you could refinance a mortgage within a year, it's often not worth it unless there's a drastic reduction in interest rates.

When to Refinance a Mortgage

Refinancing your mortgage in Idaho can reduce your monthly payments by lowering interest rates. Yet, watch out for closing costs that might eat into these savings. Knowing when to refinance a mortgage in Idaho ensures you benefit financially. Review these scenarios where refinancing could be a wise decision.

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    Lower Interest Rates

    Refinancing when interest rates drop can reduce monthly payments. Visiting local banks and credit unions to discuss rate options can help secure the best deal. This approach ensures you capitalize on favorable market conditions.

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    Increased Home Value

    Higher home value boosts home equity, making refinancing attractive. Enhancing curb appeal or renovating can increase value. With Idaho's average home value at $460,288, tapping into equity can offer financial flexibility.

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    Improved Credit Score

    A better credit score can lower refinancing rates. Paying bills on time and reducing debt are effective strategies. Improved creditworthiness can lead to significant savings over the loan's life.

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    Shorter Loan Term

    Opting for a shorter loan term can reduce interest paid over time and build equity faster. This strategy can lead to financial freedom sooner despite higher monthly payments.

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    Switch Loan Type

    Switching from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage provides stability. Fixed rates protect against market fluctuations and offer predictable payments.

Mortgage Refinancing in Idaho: Is It Right for You?

Use MoneyGeek's free mortgage refinance calculator to help determine whether refinancing is beneficial for your situation.

Mortgage Refinance Calculator

Make sure refinancing your existing home loan will save you money.

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Today's Mortgage Refinance Rates in Idaho by Credit Score

Your credit score can significantly impact the rates you qualify for in Idaho. For example, the current average refinance rate in Idaho for a 30-year fixed-rate loan with a loan-to-value ratio (LTV) of 80% or lower equates to 6.98% for credit scores between 680 and 740, compared to 6.61% for scores above 740. The table below shows average APRs for different credit scores and LTV ratios across various loan types.

Data filtered by:Results filtered by:
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Loan Type:15-year Fixed
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Credit Score Range:680 - 740
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Loan-to-Value Ratio:80% - 95%
5.83%5.99%

Mortgage Refinance Rates in Idaho by Loan Type

Loan type is another factor that affects the rates you qualify for in Idaho. For example, the current average refinance rates in Idaho are 6.61% for a 30-year fixed-rate loan and 7.89% for a 30-year fixed-rate FHA loan. The table below shows average APRs for various loan types in Idaho.

Data filtered by:Results filtered by:
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Loan Type:10-Year Fixed
5.70%5.88%

FAQ: Today's Mortgage Refinance Rates in Idaho

Homeowners have many questions about today's refinance rates in Idaho. We've tackled some common queries about refinance rates in Idaho, providing clear and concise answers to help you assess your options.

Should you refinance your mortgage?

How to get the best mortgage refinance rate?

What are the pros and cons of a mortgage refinance?

How much does it cost to refinance a mortgage?

What is the mortgage refinance rate in Boise?

About Zachary Romeo, CBCA

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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.

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