Today’s Refinance Rates in Maine

The average refinance rates in Maine are 4.50% on a 15-year fixed-rate mortgage, 5.24% on a 30-year, and 4.29% on a 5/1 ARM, while the average rates across the U.S. are 4.45%, 5.30% and 4.19%, respectively. This shows that Maine’s homeowners pay a higher cost for a 15-year FRM and a 5/1 ARM, while a 30-year costs less than the national average.

However, it’s essential to know that a “good” rate is relative to various personal factors like your credit score, income level, loan term, loan amount, debts and more. If you want the best deal based on your situation, you should compare offers from different lenders.

In addition, interest rates change nearly daily. That’s why the lender’s estimate you receive today can differ from the one you receive a few weeks later.

MoneyGeek’s mortgage calculator can help you estimate how much you’ll pay every month after refinancing your mortgage. You can use it by entering your mortgage information and the rates given above. However, your actual rate might differ, as interest rates change daily and depend on factors like your credit score and debt-to-income ratio.

MoneyGeek gathered the following frequently asked questions to help you understand if refinancing your mortgage is the best option based on your situation.