Current Maine 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: 7.11%

Current 15-year fixed mortgage rates are averaging: 6.64%

Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners on the previous day 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.

Compare ME mortgage rates today

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  Refinance rates in Maine

If you live in Maine and you’re thinking of refinancing your mortgage, here’s a look at the options that are available to you:

  • Rate-and-term refinance: As the name suggests, this type of refinance lets you exchange your existing mortgage for a loan that has a better interest rate or loan term — or even both. Securing a lower interest rate and choosing a longer loan term are two smart ways to lower your monthly mortgage payment. Meanwhile, selecting a shorter loan term can help you pay off your mortgage faster while also saving on interest charges overall. In general, you can expect refinance rates in Maine to be lower than purchase rates.
  • Cash-out refinance: A cash-out refinance allows you to leverage your home equity and borrow more money than you currently owe on your home. You can then use the excess funds to cover sizable expenses, like medical debt or education costs. Cash-out refinance rates tend to be higher than rate-and-term refi rates.
  • Conventional refinance: Since conventional refinances aren’t backed by a specific government program, you can expect to see higher rates than you might with a federally insured program.
  • FHA refinance: Like all FHA offerings, FHA refinances are insured by the Federal Housing Administration (FHA). The loans are attractive to borrowers because they have more lenient qualifying criteria than conventional mortgage programs. Plus, FHA rates are usually significantly lower than conventional rates — in Maine, you can expect to save almost a full percentage point. That said, in exchange for these benefits, you’ll likely have more red tape to deal with during the underwriting process, like needing to meet stricter appraisal guidelines than you would for a conventional loan.
  • VA refinance: Guaranteed by the U.S. Department of Veterans Affairs (VA), VA loan refinances are one of the most valuable benefits available to active-duty service members, veterans and certain military spouses. As a rule of thumb, these programs provide qualified military borrowers with affordable interest rates and relaxed eligibility guidelines.

Current 30-year fixed mortgage refinance rates are averaging: 7.31%

The current average rate for a 15-year fixed mortgage refinance is: 6.76%

Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners on the previous day 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.
See whether refinancing makes sense for you using our mortgage refinance calculator.

  What is the current mortgage rates forecast for 2024?

Mainers are likely happy to hear that this year’s mortgage rate forecast has rates trending downward. After rising to a staggering 7.79% in October 2023, rates began to fall. Fortunately for borrowers, they dropped by more than a full percentage point at the end of the year — and our 2024 housing market predictions anticipate that this movement will continue. That change can mainly be attributed to a series of projected rate cuts by the Federal Reserve during the latter half of the year.

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

Borrowers should know that multiple variables determine mortgage rates. Current market conditions, for example, will have a huge impact. Still, there are some steps you can take on your own to secure the best mortgage rate possible, including:

  1. Raising your credit score: Those with excellent credit scores are traditionally given the lowest interest rates. To that end, if your credit score needs some work, think about investing some time in improving your score before you apply for a home loan. Making that effort will likely help you save money on interest charges over the life of the loan.
  2. Bringing down your debt-to-income (DTI) ratio: Your DTI ratio measures the percentage of your income that goes toward paying off debt. It helps lenders gauge how well you’ll be able to manage staying current with a mortgage payment. Lenders generally expect to see a maximum 43% DTI ratio. But if your ratio is above that, you can lower it in one of two ways: either by increasing your income or paying down your debts.
  3. Buying a single-family home: If your goal is to secure the lowest interest rate possible, think about purchasing a single-family home. As a rule, rates for these properties are lower than the rates for manufactured homes, multifamily homes, vacation homes and investment properties.
  4. Purchasing mortgage points: Mortgage points let you pay a portion of your overall interest charges upfront in order to secure a lower mortgage rate for your entire loan term. You can typically reduce your rate by up to 0.25 percentage points with this method.
  5. Shopping around for a mortgage: Getting loan estimates from a handful of lenders is another way to make sure you’re offered the best rate. LendingTree data suggests that shopping around can help you save thousands of dollars on your home loan.
  Read more about our picks for the best mortgage lenders.
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When should I lock in my mortgage rate?

After you’ve been approved for your home loan, be sure to ask your lender about a mortgage rate lock. This important step ensures your rate will stay the same until you make it to the closing table.

2024 Maine home loan programs

It can be difficult to shoulder the upfront costs of buying a home. However, fortunately for would-be homebuyers in the “Pine Tree State,” MaineHousing offers a handful of programs aimed at making homeownership more accessible for its residents. Here are four options worth considering:

First Home Loan Program

Available to Maine’s first-time homebuyers, the First Home Loan Program combines low-interest, fixed-rate home loans with a variety of initiatives meant to make buying a home more affordable. These initiatives include a down payment assistance (DPA) program, unemployment protection and financing options for home improvements.

  Who qualifies?

Borrowers must:

  Be a first-time homebuyer (may not have owned a home within the last three years)
 Meet certain income and purchase price limits
 Ensure your mortgage payment doesn’t exceed 30% to 33% of your total monthly income

First Generation Program

Meant specifically for applicants whose parents or guardians didn’t own a home while they were growing up, MaineHousing’s First Generation Program combines similar benefits to its First Home Loan program with financial literacy and homebuyer education classes to encourage long-term homeownership. This program also offers qualified borrowers access to up to $10,000 in down payment assistance funds and a 1.00% discount on their mortgage rate.

  Who qualifies?

Borrowers must:

  Have parents/guardians who may not have owned a home or have been in foster care
 Contribute at least 1% of the down payment from their own funds
 Meet certain income and purchase price limits

Salute ME & Salute Home Again

MaineHousing offers two home loan programs aimed at celebrating the state’s veterans and active-duty service members. Salute ME offers qualified first-time homebuyers a 0.50% discount on the First Home Loan Program’s affordable mortgage rates. Meanwhile, Salute Home Again waives Salute ME’s first-time homebuyer requirement and opens up the program to military members who have owned a home before.

  Who qualifies?

Borrowers must:

  Be/have been an active-duty service member, veteran or other qualified military personnel

Pre-1976 Mobile Home Replacement Initiative

This initiative combines a MaineHousing mortgage loan with a $35,000 grant to help residents replace their older mobile homes with a newer, Energy Star®-certified manufactured home on the same land as the existing structure. The home must be used as a permanent residence and grant recipients must live in the home for at least 10 years.

  Who qualifies?

Borrowers must:

  Replace their manufactured home with an Energy Star®-certified manufactured home that is purchased through a licensed Maine retailer
 Have a manufactured home that is anchored to a permanent foundation and connected to utilities
 Meet income and purchase price limits

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Learn about different types of ME mortgage loans

 Maine conventional loans: Borrowers who have higher credit scores may want to consider choosing a conventional loan. They’re typically the most sought-after mortgage loans because they adhere to the minimum qualifying requirements set by Fannie Mae and Freddie Mac.

 Maine FHA loans: Meanwhile, FHA qualifying requirements are slightly more flexible than the eligibility criteria for conventional loans. Borrowers with credit scores as low as 500 can qualify, as long as they’re able to make a 10% down payment. However, if you have at least a 580 credit score, you’re able to make just a 3.5% down payment.

 Maine VA loans: Maine’s qualified military borrowers should likely focus on applying for a VA loan. These loans have many unique benefits, including the fact that they don’t require a down payment or mortgage insurance. That said, individual lenders may still set some of their own qualifying criteria.

 Maine streamline refinances: In some cases, you can replace your home loan without needing to jump through all the hoops associated with a traditional refinance. For example, the FHA streamline refinance program and the VA interest rate reduction refinance loan (IRRRL) program both allow eligible homeowners to refinance their existing government-backed mortgages, while also benefiting from a streamlined application process.

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