Today's 30-year mortgage rate in North Dakota is 6.82%, below the national average of 7.15%. Homebuyers in North Dakota have access to programs such as FirstHome and HomeAccess, which may help to lower mortgage expenses.
Mortgage
Today's Mortgage Rates in North Dakota (November 2024)
Updated: November 12, 2024
Advertising & Editorial Disclosure
MoneyGeek used 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 North Dakota. 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 the content are annual percentage rates (APRs).
This data was last updated in November 2024.
Current Mortgage Rates in North Dakota
In November 2024, the average mortgage rate for a 30-year fixed-rate mortgage in North Dakota is 6.82%, up from 5.77% in the previous month. For a $250,000 loan with a 20% down payment, this rate increase could add $54,184 in total interest costs over the life of the loan, excluding property taxes or HOA fees.
Economic events and Federal Reserve policies drive daily rate changes, which can impact your payment plans. The line chart below illustrates how these rates have varied in North Dakota over the past months.
Even small changes in mortgage rates can significantly impact your finances. Understanding the current rates in North Dakota can help you budget effectively for a home loan.
Who Needs to Know Current Mortgage Rates in North Dakota?
First-time buyers and refinancing homeowners stand to gain from understanding today's mortgage rates in North Dakota, reflecting shifts in the housing market:
First-time homebuyers
Knowing current mortgage rates helps first-time homebuyers in North Dakota understand what rate offers to expect from lenders.
Homeowners with mortgages
Homeowners can assess if current rates justify a mortgage refinance, potentially lowering their payments.
Purchase and refinance rates in North Dakota differ slightly. A 30-year fixed-rate mortgage averages 6.82% for home purchases and 6.66% for refinancing. This variation affects monthly payments and total interest over the loan term.
SEE CURRENT MORTGAGE RATES IN NEIGHBORING STATES
Current Mortgage Rates in North Dakota by Loan Type
A 30-year fixed-rate mortgage in North Dakota typically carries a higher rate than a 15-year loan due to the longer repayment period, which increases lenders' risks. Your choice of mortgage types in North Dakota can influence your rate.
Using a mortgage calculator can help you compare options, showing how rates impact monthly payments and the loan's total cost.
Data filtered by:Results filtered by:
Loan Type:
Loan Type:15-Year Fixed
| 6.10% | 6.25% |
INTEREST RATE VS. APR: WHAT'S THE DIFFERENCE?
The interest rate is the yearly cost of borrowing money for a mortgage. In North Dakota, the average mortgage interest rate for a 30-year fixed-rate mortgage is 6.73%.
The APR (annual percentage rate) includes the interest rate and other costs, such as mortgage points and fees, to show the full yearly expense of the mortgage. The average APR for North Dakota's 30-year fixed-rate mortgage is 6.82%, giving you a clearer picture of the total loan cost per year.
Current Mortgage Rates in North Dakota by Credit Score
In North Dakota, if your credit score is 740 or above and your down payment is between 5% and 20%, you'll see an average APR of 7.18% for a 30-year fixed mortgage. If your score falls below 680, the average APR climbs to 7.34%.
Your credit score impacts the mortgage rates for which you might qualify. Explore the table below for the rates you may get based on your credit score and down payment amount:
Data filtered by:Results filtered by:
Credit Score Range:
Credit Score Range:740 or higher
Down Payment:
Down Payment:5% to 20%
| 10-year Fixed | 6.68% |
| 15-year Fixed | 6.41% |
| 20-year Fixed | 6.69% |
| 30-year Fixed | 7.18% |
| 5-year ARM | 8.19% |
| 7-year ARM | 7.47% |
Mortgage Types in North Dakota
In November 2024, VA loans have the lowest average APR for 30-year fixed mortgages in North Dakota at 6.25%. Knowing your options can make a difference in selecting a loan that meets your needs and budget; each loan type offers unique benefits. Here's the list of mortgage types in North Dakota:
Mortgage Type | Definition | Impact on Rates | 30-Year Rates in North Dakota |
|---|---|---|---|
Conventional loans | A conventional loan isn't secured by a government entity and is common in North Dakota. | Rates can vary based on credit score and down payment for a conventional loan. | 6.82% |
FHA loans | An FHA loan is insured by the Federal Housing Administration, offering lower down payments. | FHA loans may offer lower rates for borrowers with lower credit scores. | 7.88% |
VA loans | A VA loan is guaranteed by the Department of Veterans Affairs for eligible military members. | VA loans generally provide competitive rates due to government backing. | 6.25% |
USDA loans | USDA loans support rural homebuyers with no down payment requirement. | USDA loans might offer lower rates for qualifying rural and suburban homebuyers. | currently unavailable |
Jumbo loans | A jumbo loan exceeds the conforming loan limits set by Fannie Mae and Freddie Mac. | Jumbo loans often come with higher rates due to the greater loan amount. | 6.58% |
MORTGAGE RATE STRUCTURES IN NORTH DAKOTA
Mortgage rates are either fixed or adjustable.
- Fixed rates provide stable monthly payments throughout the loan, ideal for consistent budgeting.
- Adjustable rates start lower but can increase as market rates fluctuate, offering initial savings with long-term variability.
As of November 2024, the average APR for a 30-year fixed-rate loan is 6.82%. For a seven-year adjustable-rate mortgage, it's 7.11%.
Mortgage Lenders in North Dakota
Truist, New American and Bank of America are solid mortgage lenders in North Dakota, selected for their availability, Better Business Bureau (BBB) accreditation and homeowner assistance programs. Other lenders may better suit your financial needs.
Mortgage rates in North Dakota vary by lender, as each provides unique terms and rates. Comparing multiple offers can help you find the best deal.
- Truist
- 4Number of Mortgage Options
- YesOnline Application
- A+BBB Rating
- Monday to Friday, 8 am to 8 pm ET Saturday, 8 am to 5 pm ETCustomer Service Hours
Truist offers various loan products, including conventional and VA mortgages, with down payments starting at 3%. Minimum credit score requirements aren't disclosed upfront.
Customer support is available Monday through Friday, 8 a.m. to 8 p.m. ET, and Saturday, 8 a.m. to 5 p.m. ET, via phone, social media or in person. Truist also provides specialized options like doctor loans, construction-to-permanent loans and affordable lending programs to support homebuyers with diverse needs.
Pros
- Wide range of mortgage products
- Convenient online payment tools
- Strong BBB accreditation status
Cons
- Limited mortgage information without professional consultation
- No mortgage payment relief options
- New American
- 8Number of Mortgage Options
- YesOnline Application
- ABBB Rating
- Monday to Friday, 8 am to 9 pm CT Saturday, 10 am to 2 pm CTCustomer Service Hours
New American offers conventional and FHA loans. FHA loans require a credit score of 580, while conventional loans require slightly higher down payments but start at just 3% down for qualified buyers.
Customer service is available via phone and email Monday through Friday, 8 a.m. to 9 p.m. CT, and Saturday, 10 a.m. to 2 p.m. CT. The lender also provides loan assistance for homeowners in need.
Pros
- Wide range of mortgage options
- Convenient mobile app for management
- 14-day close guarantee on purchases
Cons
- No comprehensive FAQ section
- Cannot prequalify online
- No physical branches in 11 states
- Bank of America
- 6Number of Mortgage Options
- YesOnline Application
- ABBB Rating
- Monday to Friday, 8 am to 10 pm ET Saturday 8 am to 6:30 pm ETCustomer Service Hours
Bank of America offers online and in-person services with various mortgage options, including fixed and adjustable-rate loans. Its Affordable Loan Solution requires as little as 3% down, and VA loans are available with no down payment for eligible military members.
Customer service is available Monday through Friday, 8 a.m. to 10 p.m. ET, and Saturday, 8 a.m. to 6:30 p.m. ET, via virtual meetings, phone or in-person support. Programs like America’s Home Grant® and down payment grants provide additional assistance to homebuyers.
Pros
- Unique mortgage options like the affordable loan solution
- Client Assistance Program for payment postponements
- Online calculators for costs and affordability
Cons
- Online profile needed to prequalify
- Minimum credit requirement unclear
- Loan advisor call necessary
Mortgage Programs in North Dakota
Owning a home brings hidden costs that can impact your savings. The North Dakota Housing Finance Agency offers mortgage programs to make homeownership more accessible and affordable.
Program | Description |
|---|---|
FirstHome | Caters to those new to homeownership or who haven't owned a home in at least three years, with flexible income and purchase price limits. Support extends beyond the loan, offering down payment and closing cost assistance through DCA or Start. |
HomeAccess | Targets single parents, veterans, individuals with a permanent disability and those aged 65 or older, helping them achieve homeownership. Income and purchase price limits apply, but the program also allows for supplemental down payment and closing cost assistance. |
North Dakota Roots | Suits buyers who can't meet strict income or price limits. It aligns with Fannie Mae and Freddie Mac guidelines, offering broader loan amounts. You can cover down payments and closing costs through DCA or Start assistance programs. |
Targeted Area Loan | Offers lower interest rates for those buying in designated areas like Benson, McKenzie, Rolette or Sioux. Check if your desired property is eligible, then use available down payment and closing cost assistance through DCA or Start after qualification. |
DCA Program | Offers low-income borrowers 3% of the mortgage loan for down payments, closing costs and prepaid expenses. Eligibility varies by county and family size. It includes a mandatory homebuyer education course but excludes other down payment assistance. |
FAQ: Mortgage Rates in North Dakota
We addressed common questions about today's mortgage rates in North Dakota. Understanding these rates can help you make informed decisions when purchasing a home in the state.
What are the current mortgage rates in North Dakota?
Current average APRs in North Dakota vary by loan type. As of November 2024, a seven-year adjustable-rate mortgage (ARM) averages 7.11%, a 30-year fixed conforming loan 6.82% and a 30-year fixed FHA loan 7.88%.
How do mortgage rates in North Dakota compare to national rates?
In North Dakota, the current average APR for a 30-year fixed-rate mortgage is 6.82%, compared to the national average of 7.15%. Similarly, the state average APR for a five-year ARM is 7.56%, slightly less than the national average of 7.97%.
How does my credit score impact the mortgage rates I get in North Dakota?
Your credit score significantly impacts the rates you qualify for, with higher scores generally leading to lower mortgage rates.
Are there any special mortgage programs in North Dakota to help homebuyers?
Several mortgage programs such as FirstHome, HomeAccess, and North Dakota Roots assist homebuyers in North Dakota.
How can I get the best possible mortgage rate in North Dakota?
To get the best possible mortgage rate in North Dakota, consider putting in a larger down payment, improving your credit score and comparing offers from multiple lenders.
What are today's mortgage refinance rates in North Dakota?
Today's refinance rates in North Dakota for November 2024 are averaging 6.06% for a 15-year fixed and 6.66% for a 30-year fixed-rate loan.
How do I calculate my mortgage payments?
You can calculate your mortgage payments using a mortgage calculator for North Dakota, which considers your loan amount, interest rate and loan term.
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.
sources
- North Dakota Housing Finance Agency (NDHFA). "Homeownership Programs." Accessed November 12, 2024.