Updated: January 8, 2025
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Maine's current mortgage refinance rates are 5.81% for a 15-year fixed loan and 6.67% for a 30-year fixed loan, lower than the national averages of 6.12% and 7.08%, respectively.
We offer detailed insights into refinancing your mortgage in Maine. Our guide covers current rates, trends, refinancing timelines and the impact of credit scores. Explore the details to decide when and how to refinance 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 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 noted otherwise, featured rates are annual percentage rates (APRs).
This data was last updated in December 2024.
The current 30-year refinance rate in Maine is 6.67%. The state's average mortgage debt was $167,295 as of September 2023, according to Experian.
If your current rate is higher, refinancing your mortgage could reduce your monthly payments and total interest costs over the loan's term. Below are Maine's current refinance rates to help you evaluate your options.
| 15-Year Fixed | 5.69% | 5.81% |
| 30-Year Fixed | 6.60% | 6.67% |
In December 2024, the 15-year refinance rate in Maine decreased to 5.81% from 6.44% in November, and the 30-year refinance rate dropped to 6.67% from 6.99%.
Data from 2024
Interest rates rise due to factors like the Federal Reserve's monetary policy and economic conditions such as inflation. These also impact refinance rate trends in Maine. Staying informed helps you see how national policies shape local financial conditions.
Refinancing your mortgage in Maine can reduce costs or improve terms. Understanding the steps will help you make informed decisions. Here's how to make refinancing work for you.
Credit scores affect the rates you qualify for; a higher score often means better rates. If below average, consider paying down debt or disputing inaccuracies. Maine's average score is 731, according to Experian.
Compare your current mortgage terms with Maine's 30-year fixed rate at 6.67% and 15-year at 5.81%. If these are lower, refinancing could be beneficial. Consider your home tenure; short-term stays may offset refinancing benefits.
Collecting necessary documents like tax returns, pay stubs and bank statements streamlines refinancing and expedites the review of your current mortgage.
Comparing offers from various lenders helps find competitive rates. Look for favorable interest rates, low fees and strong customer service.
Be aware of closing costs, such as origination fees and appraisal fees. Maine's average is $3,637, according to the National Association of Realtors.
Submit your application with the chosen lender. Ensure all information is accurate. Organizing your documents beforehand can simplify this step and prevent delays.
Secure your rate with a mortgage rate lock to protect against rate increases. Timing is crucial; lock in when rates are favorable.
Complete the closing process by signing the final documents and reviewing all terms. To smooth the process, prepare funds for closing costs in advance.
Begin payments as scheduled on your new loan. Setting up automatic payments can ensure timely payments and help you avoid late fees.
Assess your mortgage terms regularly against market rates. Staying informed helps identify future refinancing opportunities, and monitoring rates periodically can save you money in the long run.
In Maine, how soon you can refinance depends on the loan type. Conventional loans allow immediate refinancing, but a cash-out refinance requires a six-month seasoning period. USDA loans typically require a 12-month waiting period before refinancing.
The October refinance rate in Maine was 6%, which is a good example of when to refinance as rates are lower. However, refinancing comes with additional closing costs. While you could refinance a mortgage within a year, it's typically worthwhile only if there's a drastic interest rate reduction.
Refinancing your mortgage can reduce your interest rates, lowering monthly payments. Yet, closing costs might offset these savings. Knowing when to refinance in Maine ensures you benefit financially. Explore the following situations where refinancing could be a smart move.
Refinancing when interest rates drop can reduce monthly payments. Visit local banks and credit unions to discuss rate options that can help secure the best deal.
Refinancing when your property's value rises can increase home equity. Enhancing curb appeal or renovating kitchens can boost value. With Maine's average home value at $410,347, this can lead to better loan terms.
A higher credit score can qualify you for lower rates. Paying bills on time and reducing debt can improve your score.
Refinancing to a shorter loan term can reduce total interest and help build equity faster. This is a smart choice for those who can afford higher monthly payments.
Switching from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage provides stability. Fixed rates protect against market fluctuations, ensuring predictable payments and long-term financial planning.
Use MoneyGeek's free mortgage refinance calculator to determine whether refinancing is beneficial for your situation.
Make sure refinancing your existing home loan will save you money.
Total Savings:
By refinancing, you’ll pay $0
Your credit score affects the rates you qualify for. For example, the current average refinance rate in Maine for a 30-year fixed-rate loan with a loan-to-value ratio (LTV) of 80% or lower is 6.98% for scores between 680 and 740, compared to 6.67% for scores above 740. The table below shows average APRs for different credit scores and LTV ratios.
| 6.25% | 6.45% |
Loan type also affects the rates you qualify for. Maine's current average refinance rate for a 30-year fixed-rate loan is 6.67%. For a 30-year fixed-rate FHA loan, it's 7.89%. The table below shows average APRs for various loan types in the state.
| 6.00% | 6.35% |
Understanding refinance rates in Maine can be tricky due to fluctuating rates and economic changes. To help you, we answer common questions about refinancing.
Refinancing your mortgage could be wise if it leads to lower interest rates or monthly payments. However, before deciding, consider your financial goals and the costs involved.
To secure the best refinance rate, improve your credit score and pay down your mortgage. This can improve your loan-to-value ratio.
The pros of refinancing include potential savings through reduced interest rates and lower monthly payments. However, the cons include upfront costs and the possibility of extending your loan term, which could increase the total interest over time.
Refinancing costs typically include application fees, appraisal fees and closing costs, which can add up to several thousand dollars.
The average refinance rates in Maine are 5.81% for 15-year fixed loans and 6.67% for 30-year fixed loans. Rates in Portland are likely to reflect these averages. However, the rate you qualify for may vary based on factors like your credit score and loan-to-value ratio.
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.
