Using FRED’s economic data, MoneyGeek found that Idaho’s refinance rates for a 15-year fixed-rate mortgage (FRM) and 5/1 adjustable-rate mortgage (ARM) are above the national average of 4.45% and 4.19%, at 4.50% and 4.54%, respectively. On the other hand, the refinance rate for a 30-year FRM in the state is 5.26%, which is below the national average of 5.30%.
When refinancing your mortgage, getting a good interest rate is important. However, a “good” rate is subjective. Certain factors like your loan term, loan amount, credit score, income and debts play a significant role in determining your rate.
It’s best to compare quotes from different lenders to get the best deal. Keep in mind that mortgage rates change nearly every day, so the one you get today may be different from what you’ll receive next week.
