Updated: December 13, 2024
Advertising & Editorial Disclosure
Today's 30-year mortgage rate in Maine is 6.36%, slightly lower than the national average of 6.83% for the same type. In Maine, homebuyers can alleviate their mortgage expenses by tapping into the First Home Loan Program or the Pre-1976 Mobile Home Replacement Initiative.
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 Maine. 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 content are annual percentage rates (APRs).
This data was last updated in December 2024.
In Maine, the average APR for a 30-year fixed-rate mortgage dropped to 6.36% from 6.66% as of December 2024 — a decline of 30 basis points. This decrease will lead to savings in your wallet: on a $250,000 mortgage with a 20% down payment, it equals a reduction of about $16,144 over the loan term in interest alone, not including additional expenses such as property taxes or HOA fees.
Our line chart illustrates how even small changes in mortgage rates can significantly influence the total cost of a home loan.
Understanding the current mortgage rate in Maine can help you budget effectively as you navigate the home-buying process. Rates change constantly, swayed by economic circumstances and policy decisions by the Federal Reserve. Our line chart indicates how these rates have trended over the past several months.
Two borrower profiles may find knowing today's mortgage interest rates in Maine advantageous in navigating the housing market:
First-time homebuyers in Maine gain insights on market rates, guiding their lender choices and the competitiveness of offers.
Maine homeowners can assess if mortgage refinance is beneficial when current rates dip below their mortgage's rate.
If you're looking at the current mortgage rate for a 30-year fixed mortgage in Maine, you'll find it at 6.36% for a new home purchase. In contrast, if you're looking to refinance, the average APR is slightly higher at 6.67%.
A 30-year fixed-rate mortgage in Maine has a higher interest rate than a 15-year fixed-rate mortgage. The longer you borrow money, the more risk the lender takes on — there's more time for economic changes and the potential for you not to pay the loan back during those 30 years as opposed to 15 years.
Discover your options with mortgage loan types in Maine to find one that fits your financial needs. To understand your monthly payments and how interest will affect your loan over time, use a mortgage calculator. It helps you break down the numbers clearly and plan your finances accordingly.
| 5.72% | 5.86% |
An interest rate reflects the yearly cost you'll pay for borrowing on a mortgage. In Maine, if you're looking at a 30-year fixed mortgage, the average interest rate is currently 6.28%.
APR, or the annual percentage rate, encompasses both the interest rate and additional costs such as mortgage points, fees and other charges associated with your mortgage. For a 30-year fixed mortgage in Maine, the average APR is 6.36%. This gives you the comprehensive yearly cost of your mortgage.
In Maine, if you boast a credit score of 740 or higher and are looking to put down anywhere from 5% to 20%, the rate for a 30-year fixed mortgage averages at 6.69%. On the other hand, with a credit score below 680 under the same conditions, the APR jumps to 7.64%.
Your credit score impacts the mortgage rates you might get in Maine. To see how these rates could look for you, check the interactive table below. It'll show the rates you could qualify for based on your credit score and how much you're putting down.
| 10-year Fixed | 5.51% |
| 15-year Fixed | 6.18% |
| 20-year Fixed | 6.39% |
| 30-year Fixed | 7.11% |
| 5-year ARM | 7.92% |
In December 2024, VA loans have the lowest average APR for 30-year fixed-rate mortgages in Maine at 6.10%. Knowing your mortgage options helps you make an informed decision — compare rates and terms to find a fit for your financial situation. Below is a summary of the mortgage loan types available in Maine:
Mortgage Type | Definition | Impact on Rates | 30-Year Rates in Maine |
|---|---|---|---|
Conventional Loans | Conventional loans in Maine are not insured or guaranteed by government agencies. | Mortgage rates for conventional loans are influenced by credit score and down payment size. | 6.36% |
FHA Loans | FHA loans in Maine are backed by the Federal Housing Administration and designed for low-to-moderate-income borrowers. | FHA loans typically have lower rates for borrowers with lower credit scores compared to conventional loans. | 8.12% |
VA Loans | VA loans in Maine are guaranteed by the Department of Veterans Affairs and available to service members and veterans. | VA loans offer competitive rates due to government backing, which minimizes lender risk. | 6.10% |
USDA Loans | USDA loans in Maine are backed by the United States Department of Agriculture for rural and suburban homebuyers. | USDA loans offer low rates since they are backed by the government and meant to improve rural areas. | currently unavailable |
Jumbo Loans | Jumbo loans in Maine exceed the conforming loan limits set by the Federal Housing Finance Agency. | Jumbo loans may carry higher rates because they come with greater risk for lenders. | 6.19% |
Mortgage rates in Maine come in two types: fixed and adjustable.
As of December 2024, the average APR in Maine is 6.36% for a 30-year fixed-rate loan and 7.31% for a seven-year adjustable-rate mortgage.
U.S. Bank, Loan Depot and Rocket are solid options for securing a mortgage in Maine, each meeting state-specific availability, Better Business Bureau accreditation and homeowner assistance requirements. While these lenders stand out, consider additional lenders who may offer suitable options for your mortgage needs.
Mortgage rates in Maine can vary based on the lender you select, with each offering distinct products, terms and rates. To secure the best possible deal, make it a point to compare mortgage rates from various lenders in Maine.
U.S. Bank in Maine offers a comprehensive list of mortgage options, including conventional and FHA loans. For borrowers eyeing an ARM or a jumbo loan, a minimum credit score of 660 is needed, while an FHA loan requires a minimum credit score of 640. With down payments as low as 3% for conventional loans and 3.5% for FHA loans, first-time homebuyers can find an accessible entry point into homeownership. VA loans offer the benefit of no down payment, serving those who have served in the military.
Customer service is available from 7 a.m. to 8 p.m. CT during the week and 8 a.m. to 2 p.m. CT on Saturdays, with support offered through video, phone and in-person channels. For homeowners who may face financial difficulties, it provides assistance programs, including forbearance, repayment plans, loan modification and payment deferral to help keep them on track. Additionally, it is recognized as the top Home Equity Line of Credit (HELOC) lender for bad credit in most states, providing solutions beyond initial home purchasing.
Pros
Cons
Maine offers various mortgage options, and Rocket is one lender catering to potential homeowners in the region. It provides FHA, conventional and VA loan types, among others, and creates choices for different needs. The minimum credit score requirement for a conventional loan is 620, while an FHA or VA loan may be accessible with a credit score as low as 580. When it comes to down payments, Rocket makes it easy with options starting from 1% for its ONE+ loan, 3.5% for FHA loans and even no down payment for VA loans.
Rocket supports its borrowers with availability, offering assistance from customer service Monday to Friday, 8:30 a.m. to 9:00 p.m. ET, and Saturdays from 9:00 a.m. to 4:00 p.m. ET. Communication with its support team can be through phone or chat, ensuring help is just a call or click away. If you need additional assistance, Rocket has Homeowners Assistance Programs, including ONE+, HomeReady, HomePossible and Freddie Mac BorrowSmart Access, designed to make homebuying more accessible.
Pros
Cons
Loan Depot offers mortgage services to borrowers in Maine, both online and in-person. You can explore various mortgage options, including fixed- and adjustable-rate loans. It also provides FHA and VA loans if you're looking for specialized loans. A minimum credit score of 580 is necessary to get an FHA loan. Those looking into conventional loans will need a down payment of at least 5%, whereas FHA loans require 3.5% down (but if your credit score is below 580, that goes up to 10%). VA loans offer an incredible opportunity for veterans, active service members or qualifying spouses, with no required down payment.
Loan Depot is ready to assist you during your home-buying journey, with customer service available from 10 a.m. to 9 p.m. ET on weekdays. Reach out via phone or email to get the help you need. For homeowners who might be facing financial difficulties, it provides Loss Mitigation Assistance programs. These resources are designed to support you in managing your mortgage obligations and maintaining your homeownership.
Pros
Cons
Owning a home means dealing with hidden costs besides your regular payment. MaineHousing can assist you with mortgage programs.
Program | Content |
|---|---|
First Home Loan Program | MaineHousing's First Home Loan Program offers low fixed-interest rate mortgages with options like $5,000 in assistance, the ability to add improvement costs to your loan and multiple unit funding. There's also a safety net if you lose your job, covering up to four mortgage payments. |
First Generation Program | The First Generation Program offers financial literacy, homebuyer education classes and a $10,000 boost for your down payment and closing costs with a competitive fixed interest rate on your mortgage. Even mobile homes qualify, with generous purchase price limits. |
SaluteME and Salute Home Again | SaluteME and Salute Home Again programs honor veterans by offering a half-percent discount on the standard 30-year fixed interest rate and low down payment requirements. They apply to most property types and waive the first-time buyer rule for vets. |
Pre-1976 Mobile Home Replacement Initiative | Looking to replace an aging mobile home? The Pre-1976 Mobile Home Replacement Initiative can help. This plan supports the purchase of energy-efficient manufactured or stick-built homes, cutting down on energy bills and offering a way to upgrade your living situation affordably. |
Stay informed on today's mortgage rates in Maine. We've addressed common questions you may have when securing a mortgage for your new home in the state.
Current average APRs in Maine fluctuate based on various factors, like the type of loan chosen. For December 2024, a 30-year fixed conforming loan has an average APR of 6.36%, while the average APR for a seven-year ARM is 7.31%.
The current average APRs in Maine for a five-year adjustable and a 30-year fixed-rate mortgage are lower than the national averages of 7.79% and 6.83%, respectively. The rates for Maine are 7.23% and 6.36% for the same mortgages.
Your credit score significantly affects the mortgage rates available to you. Higher scores typically grant access to low mortgage rates due to the reduced risk for lenders.
Yes, Maine offers several mortgage programs, such as the First Home Loan Program, First Generation Program and the SaluteME and Salute Home Again programs for eligible homebuyers.
To secure the best mortgage rates in Maine, consider putting a larger down payment, maintaining a strong credit score and shopping around with multiple lenders for the most competitive rates.
For December 2024, today's refinance rates in Maine average 5.81% for a 15-year fixed-rate loan and 6.67% for a 30-year fixed-rate loan.
To calculate your payments, use a mortgage calculator for Maine. It will help you determine monthly payments by accounting for the home price, down payment, loan term and interest rate.
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.
