The average mortgage rate in Idaho is currently 8.07% for the 30-year fixed loan term.
Here are the interest rates offered to Idaho residents looking to buy or refinance a home as of 03/07/2023:
- 30-year fixed purchase: 8.07%
- 30-year fixed refi: 6.25%
- 15-year fixed purchase: 6.98%
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The average fixed rate on a 30-year mortgage declined for the third consecutive week, retreating below 7% for the first time since February. Mortgage rates are highly volatile ahead of the busy spring homebuying season.
Mortgage interest rates are twice as high as they were at the beginning of 2022, which continues to have a tangible effect on mortgage affordability and consumer housing sentiment. Mortgage rates are still widely expected to fall through 2023 but have stayed stubbornly high in the first quarter of the year. Here are the current mortgage rates, without discount points unless otherwise noted, as of March 30:
- 30-year fixed: 6.92% (down from 7% a week ago).
- 20-year fixed: 6.71% (down from 6.78% a week ago).
- 15-year fixed: 6.12% (down from 6.2% a week ago).
- 10-year fixed: 6.29% (up from 6.25% a week ago).
- 5/1 ARM: 5.66% (down from 5.71% a week ago).
- 7/1 ARM: 5.77% (down from 5.86% a week ago).
- 10/1 ARM: 6.11% (down from 6.14% a week ago).
- 30-year jumbo loans: 6.99% (down from 7.06% a week ago).
- 30-year FHA loans: 5.84% with 0.06 point (down from 6% a week ago).
- VA purchase loans: 6.02% with 0.05 point (down from 6.21% a week ago).
The Idaho Housing and Finance Association offers many programs to aid Idaho homebuyers. Programs include breaks on mortgage insurance, down payment assistance, closing cost assistance and federal tax credits.
- Available to: Eligible Idaho homebuyers.
- Income limits: Vary based on county and loan type (see income limits).
- First-time homebuyers only? No.
- Benefits: A Freddie Mac gift of up to 1% of the loan amount to be used for down payment or closing cost assistance, 97% maximum loan-to-value ratio and the potential for lower mortgage insurance depending on the loan type.
- Available to: Eligible Idaho homebuyers.
- Income limits: Vary based on county and loan type (see income limits).
- First-time homebuyers only? No.
- Benefits: Up to 97% loan-to-value ratio and possible lower mortgage insurance.
- Available to: Eligible Idaho homebuyers.
- Income limits: May apply up to $110,000.
- First-time homebuyers only? No.
- Benefits: A 10-year fixed-rate second mortgage to assist with closing costs or the down payment of up to 3.5% of the sales price.
- Available to: Eligible Idaho homebuyers.
- Income limits: May apply up to $110,000.
- First-time homebuyers only? No.
- Benefits: A 0% interest seven-year forgivable loan of up to 3.5% of the sales price for down payment and/or closing cost assistance.
- Available to: First-time homebuyers, targeted areas or someone who has not owned a primary residence in the last three years.
- Income limits: Vary by county (see income limits).
- First-time homebuyers only? No.
- Benefits: A federal income tax credit of up to 35% of the interest paid with a cap of $2,000 per year.
U.S. News selects the Best Loan Companies by evaluating affordability, borrower eligibility criteria and customer service. Those with the highest overall scores are considered the best lenders.
To calculate each score, we use data about the lender and its loan offerings, giving greater weight to factors that matter most to borrowers. For mortgage lenders, we take into account each company’s customer service ratings, interest rates, loan product availability, minimum down payment, minimum FICO score and online features.
The weight each scoring factor receives is based on a nationwide survey on what borrowers look for in a lender.
To receive a rating, lenders must offer qualifying loans nationwide and have a good reputation within the industry. Read more about our methodology.
To recap, here are the picks:
