Current Idaho Mortgage and Refinance Rates

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LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
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Current 30 year-fixed mortgage rates are averaging: 7.15% Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners over the past seven days for each combination of loan program, loan term and loan amount. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree’s Terms of Use for more details.

Current 15-year fixed mortgage rates are averaging: 6.42% Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners over the past seven days for each combination of loan program, loan term and loan amount. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree’s Terms of Use for more details.

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  Refinance rates in Idaho

Borrowers who live in the Gem State have many options available to refinance their mortgage:

  • Rate-and-term refinance: A rate-and-term refinance allows you to replace your existing home loan with a new one that has a better interest rate or longer loan term, or offers both options. Securing a better interest rate and longer loan term can help you lower your monthly mortgage payment. Meanwhile, choosing a shorter-term loan can help you pay off your loan faster and save on interest charges overall. However, it’s important to know that refinance rates in Idaho are currently trending higher than purchase rates.
  • Cash-out refinance: With a cash-out refinance, you can leverage your existing home equity to borrow more than you currently owe on your home. That cash difference you received can then be used to fund large expenses, such as medical debt or education costs. Still, much of the time, cash-out refinance rates tend to be higher than rate-and-term refinance rates.
  • Conventional refinance: Since conventional refinances aren’t insured by any government program, these refinances usually come with higher rates than government-backed refinance programs.
  • FHA refinance: Meanwhile, FHA refinances are insured by the Federal Housing Administration (FHA). The biggest benefit of these loans is that they’re typically easier to qualify for than conventional loans. Plus, FHA rates are often lower than conventional refinance rates. (In Idaho there is more than half a percentage point difference between the two.) That said, if you choose an FHA loan, you’ll likely face additional eligibility requirements during the underwriting process, like facing stricter FHA appraisal guidelines than you might with a conventional loan program.
  • VA refinance: Backed by the U.S. Department of Veterans Affairs (VA), VA refinances often offer eligible military members access to some of the lowest rates around. In Idaho, for example, VA loan rates are more than a full percentage point lower than standard conventional refinance rates.

Current 30 year-fixed mortgage refinance rates are averaging: 7.26% Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners over the past seven days for each combination of loan program, loan term and loan amount. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree’s Terms of Use for more details.

The current average rate for a 15-year fixed mortgage refinance is: 6.65% Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners over the past seven days for each combination of loan program, loan term and loan amount. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree’s Terms of Use for more details.

Calculator See whether refinancing makes sense for you using our mortgage refinance calculator.

 What is the current mortgage rates forecast for 2024?

Most Idahoans might be excited to hear that our current mortgage rate forecast has rates trending downward. After hitting a high point of 7.79% in October 2023, rates gradually began to decline, ending the year a full percentage point lower.

Adding to that good news, our 2024 housing market predictions suggest that the downward momentum is likely to continue. This anticipated drop is likely going to be a result of projected rate cuts by the Federal Reserve in the latter half of the year.

How do I get the best mortgage rate for my Idaho home loan?

The condition of the housing market is only one factor that goes into determining mortgage rates — your personal financial profile also plays a big role.

With that in mind, here are some steps you can take to get the best mortgage rate possible when you’re ready to buy a home:

  1. Raising your credit score: Your credit score impacts the interest rate you’re offered for your home loan. Usually, only borrowers with excellent credit scores can access the lowest rates. Given that, if you have poor or fair credit, it may be a good idea to try and raise your score before applying for a mortgage.
  2. Dropping your debt-to-income (DTI) ratio: At its core, your DTI ratio reflects the percentage of your income that goes toward paying off debt each month. Lenders use this to measure how well you’d manage a new mortgage payment. In mortgage lending, they typically look for your ratio to be 43% or less. To that end, if you need to lower your ratio, consider increasing your income or working to pay down your debts.
  3. Selecting a single-family home: Single-family homes are traditionally offered the lowest interest rates of any property type. These rates are usually lower than the rates for manufactured homes, multifamily homes, vacation homes or investment properties.
  4. Purchasing mortgage points: Including a few mortgage points in your closing costs can also be a smart way to lower your interest rate. It allows you to secure a more affordable rate by paying some of your interest charges upfront. Typically, using this method can reduce your rate by up to 0.25 percentage points for each mortgage point you purchase, at a cost of 1% of your mortgage amount.
  5. Gathering multiple loan estimates: Getting loan estimates from three to five lenders can also help you save thousands over the life of your home loan, LendingTree data shows.
 Read more about our picks for the best mortgage lenders.
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Key question When should I lock in my mortgage rate?

After your mortgage application has been approved, it’s a good idea to ask your lender about a mortgage rate lock. As the name suggests, locking in your rate ensures that it stays the same until you’re ready to sit down at the closing table.

2024 Idaho home loan programs

Saving up to cover the upfront costs of buying a home can be challenging for almost any buyer. Fortunately, Idaho offers several affordable mortgage and down payment assistance (DPA) programs — for both first-time homebuyers and repeat home purchasers — to make shouldering these costs a bit easier.

Fannie Mae HFA Preferred and Freddie Mac HFA Advantage

The Idaho Housing and Finance Association (IHFA) works in conjunction with Fannie Mae and Freddie Mac, the two largest buyers of mortgages in the U.S., to provide affordable home loans for low-to-moderate-income borrowers in the state. Open to first-time and repeat buyers alike, this program offers flexible underwriting guidelines and enhanced mortgage insurance protections for qualified borrowers.

 Who qualifies?

Borrowers must:

 Earn up to $150,000 per year
 Meet certain financial criteria, such as a maximum DTI ratio established by the loan program
 Complete a homebuyer education course if they’re a first-time buyer or combining the loan with a DPA program

IHFA Forgivable DPA Loan

Idaho’s housing agency also offers a forgivable DPA loan that is worth 3% of the home’s purchase price or appraised value, whichever is less. The loan is forgiven at a rate of 10% per year over 10 years, though any unforgiven amount is due upon a sale or refinance.

 Who qualifies?

Borrowers must:

 Contribute at least 0.5% of the sales price from their own funds
 Complete a homebuyer education course

IHFA Second Mortgage

If you need more down payment assistance than can be provided by the forgivable loan, Idaho’s housing agency also provides a second mortgage program. It’s a 15-year loan worth up to 7% of the home’s sales price or appraised value, whichever is less.

 Who qualifies?

Borrowers must:

 Contribute 0.5% of the sales price from your own funds
 Complete a homebuyer education course

Idaho Heroes Second Mortgage

Nurses, teachers and first responders (firefighters, police, paramedics and emergency medical technicians) can take advantage of the IHFA’s second mortgage program with a reduced interest rate and lenient eligibility requirements. In addition to receiving a reduced rate, the program waives the minimum borrower contribution requirement for qualified applicants.

 Who qualifies?

Borrowers must:

 Be a nurse, teacher or first responder
 Complete a homebuyer education course

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Learn about different types of ID mortgage loans

 Idaho conventional loans: As long as you have a relatively strong financial profile, you may qualify for a conventional loan. These loans meet minimum mortgage requirements put forth by Fannie Mae and Freddie Mac, so they’re typically considered the most desirable home loans.

 Idaho FHA loans: FHA qualifying requirements are usually more flexible than conventional loans. For instance, you can qualify for one of these loans with a credit score as low as 500, provided you can make a 10% down payment. However, if your score is at least 580, you’re only required to make a 3.5% down payment.

 Idaho VA loans: Idaho’s eligible military members may want to consider a VA loan instead. These loans come with several benefits, including the fact that they don’t require a down payment or mortgage insurance. However, you should be aware that individual lenders can still impose their own lending guidelines.

 Idaho streamline refinances: Borrowers who are looking to refinance existing government-backed loans may be able to take advantage of a simplified underwriting process. Both the FHA streamline refinance and VA interest rate reduction refinance loan (IRRRL) programs give qualified borrowers the chance to refinance their existing FHA or VA loan while imposing fewer requirements and asking for less paperwork.

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