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North Dakota Mortgage Rates today

Are you planning to acquire a house in the city of Lakes through a North Dakota housing assistance plan? Are you hoping to find the best North Dakota mortgage rates? Look at none other than Total Mortgage—your best bet at uncovering your own home sweet home. Our team is well-versed in simplifying first-time home buyer N.D. loans, enabling you to snap up the one most suited to you. Allow our mavens to peruse countless mortgage rates and down payment assistance programs, facilitating entrance to your dream home.

If you have any questions about securing the best mortgage rates in North Dakota, please contact us today. We are here to assist you in finding the mortgage rates that best suit your needs.

Compare today's mortgage rates for North Dakota

The mortgage rates in North Dakota are 6.500% for a 30-year fixed mortgage and 6.000% for a 15-year fixed mortgage. These rates are effective as of June 23 2024 12:30pm EST.

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6.000% RATE

6.704% APR

$3,038/mo

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Based on the assumed loan amount of $360,000 and 20% down payment

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6.500% RATE

6.965% APR

$2,275/mo

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Based on the assumed loan amount of $360,000 and 20% down payment

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6.000% RATE

7.035% APR

$2,345/mo

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Based on the assumed loan amount of $360,000 and 20% down payment

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6.000% RATE

7.471% APR

$2,158/mo

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Based on the assumed loan amount of $360,000 and 20% down payment

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5.875% RATE

6.496% APR

$2,156/mo

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Based on the assumed loan amount of $360,000 and 20% down payment

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Latest revision - June 23 2024 12:30pm EST.
We update the table twice every day with the current mortgage rates.

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Frequently Asked Questions

What is the average mortgage rate in North Dakota?

 

North Dakota mortgage rates, representing the percentages charged by lenders for home loans and refinancing, directly impact the expenses borne by homeowners in the Peace Garden State. These ever-fluctuating interest levels establish the repayment responsibilities shouldered by residents seeking to purchase property or reap the benefits of today's favorable conditions.

What are the current mortgage rates in North Dakota?

 

For current mortgage rates in North Dakota, check our automatically refreshed rates, which reappear on our digital pages twice daily. We assure visitors of instantaneous reflections of the mortgage market's pulse, enabling confident decision-making regarding taking out a loan.

How do North Dakota interest rates affect mortgages in the state?

 

Whether elevated or reduced, the rates defining lending in North Dakota ultimately determine the affordability of property ownership for citizens of the state. While high rates lead to more significant long-term expenses due to larger payments, low rates bring affordability to the housing industry by reducing financial pressures and assisting households in achieving the American goal of home ownership.

Where can North Dakota residents find the best mortgage rates?

 

North Dakota residents should thoroughly compare each offered mortgage rate, monthly payment, and associated expenses to make an informed choice. Consider your eligibility and costs. Some products charge numerous fees that substantially impact your bottom line.

How can North Dakota borrowers lock in a favorable home interest rate?

North Dakota buyers can lock in a favorable home loan percentage by discussing rate-locking choices with their representatives. Freezing the quoted rate for a set time protects against unpredictable shifts that may arise while purchasing a property.

How does the North Dakota real estate market impact mortgage rates?

 

The state of the real estate industry significantly affects the average mortgage rate in North Dakota. Factors like neighborhood home prices, demand for housing, and financial conditions dictate prevailing loan percentages here. The market can rise and fall, so monitor conditions administrators review when setting borrowing costs.

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North Dakota First-Time Homebuyer Programs

NDHFA FirstHome program

The North Dakota first-time home buyer program provides competitive conventional, FHA, VA, and USDA financing for first-time homebuyers meeting specific qualifications. Purchase limits hinge on property type, starting at $481,176 for a single-family home and climbing higher for multi-unit dwellings.

Income restrictions tied to county and household size also apply. For example, a solitary applicant or couple buying a home in populous Cass County, the site of metropolitan Fargo, faces a present limit of $104,100. Larger families there, topping three individuals, encounter a ceiling of $119,715.

Supplementary rules remain in effect: Contributing no less than $500 to the purchase and employing the acquired abode as your chief place of residence. These criteria govern all NDHFA loan programs.

Remember that the lowest credit score may prove necessary for any NDHFA loan approval. An NDHFA-affiliated mortgage lender can offer guidance on qualifying.

NDHFA HomeAccess program

The NDHFA's HomeAccess program is more than just aimed at first-time home buyers in South Dakota and North Dakota. Like its FirstHome counterpart, it provides competitive interest rates and down payment assistance opportunities.

This option caters more specifically to select demographics:

  • Single parents raising children primarily in their care, veterans honorably discharged from military service.
  • Whether the applicant or their spouse, those permanently disabled or living with a dependent with a permanent disability who resides with them, and applicants at least sixty-five years of age or supporting a spouse of that age under their roof.
  • Borrowers must also satisfy income restrictions and conform to maximum purchase prices established under the FirstHome program to qualify.
  • Though benefits are comparable to FirstHome's, HomeAccess slightly widens the door to accommodate these targeted groups through tailored financial incentives as they pursue homeownership.

NDHFA North Dakota Roots

The NDHFA's North Dakota Roots program provides alternatives for initial homeowners whose earnings surpass the constraints of the FirstHome initiative. Initially aimed at people relocating to the Peace Garden state, this North Dakota housing assistance program supplies either a reduced-rate interest loan or market-rate lending with help for down payments and closing expenses. While establishing no ceilings for acquisition prices independently, its financial backing adheres to the Government Housing Finance Agency's conforming loan restrictions binding on most traditional home loans.

NDHFA Targeted Area Loan

Suppose you desire to obtain a home in either Cass County or Sioux County. In that case, you may qualify for a Targeted Area Loan provided by the North Dakota Housing Finance Agency. This low-interest mortgage option is available regardless of whether you are a first-time buyer seeking your initial property. However, income thresholds and maximum purchase prices apply just as with other NDHFA programs.

North Dakota down payment assistance

The North Dakota Housing Finance Agency offers two key down payment assistance options, both potentially pairable with an NDHFA mortgage. However, those seeking a three- or four-unit property would be ineligible for this aid.

NDHFA Down Payment and Closing Cost Assistance (DCA)

Qualified applicants who meet first-time home buyer M.N. income limits and complete homebuyer education before closing can obtain the Down Payment and Closing Cost Assistance program from NDHFA. Solely single-family homes or two-unit duplexes may be purchased, with the duplex requiring occupancy of one unit as a primary residence.

NDHFA Start

NDHFA Start also provides help with down payment and closing costs. Unlike DCA, the program is eligible only for single-family dwellings or duplexes intended for owner-occupation. It requires buyers to earn below specific amounts and finish homeownership preparation before finalizing contracts.

Other first-time homebuyer loan programs

While North Dakota and the feds offer financing alternatives for first-time purchasers, myriad national strategies exist as well. Two government-affiliated institutions, Fannie Mae and Freddie Mac, back conventional loans requiring just 3% down. Federally insured programs such as FHA loans also demand a mere 3.5% at signing.

Eligible veterans, active armed forces, and surviving spouses may qualify for aid, the U.S. Department of Veterans Affairs ensures. Their loans carry perks like zero dollars due at closing and no need for individual mortgage insurance.

In designated rural areas, Agriculture Department loans—sometimes called rural evolution or R.D. loans—are additionally available. The USDA website can help you check property qualification for this option.



Today's Rates

Mortgage rates are volatile and subject to change without notice. All rates shown are for 30-day rate locks with two and a half points for a single family owner-occupied primary residence with 750 or higher FICO and 80 LTV over a 30-year loan term except where otherwise noted and are subject to mortgage approval with full documentation of income. The APR for a 30-year and 15-year conventional fixed-rate mortgage loans are calculated using a loan amount of $360,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, a $10 flood certification fee, and a $82 credit report fee.* 15-year conventional mortgage rates are calculated with a 15-year loan term.* The APR for jumbo mortgage rates is calculated using a loan amount of $500,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, $10 flood certification fee, and a $82 credit report fee.* The APR for FHA mortgage rates is calculated using a loan amount of $360,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, $10 flood certification fee, and a $82 credit report fee. Some rates and fees may vary by state.* The APR for adjustable rate mortgages (ARMs) is calculated using a loan amount of $360,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, $10 flood certification fee and a $82 credit report fee. Some rates and fees may vary by state. Products are subject to availability on a state-by-state basis. By refinancing your existing loan, your total finance charge may be higher over the life of the loan.