If you’re ready to buy a home in North Dakota, you’ll want to secure the best mortgage rate possible. A high or low credit score, your level of income, the size of your down payment, and your debt-to-income ratio all impact your final mortgage rate.
Help yourself secure the best mortgage in North Dakota by checking your credit before you apply for a home loan. Also be sure to get all of your documentation in order to present to a reputable mortgage lender so you can get preapproved.
Here’s a quick look at current North Dakota mortgage rates:
| Loan Program | Mortgage Rate | APR* | 1 Day Change |
|---|---|---|---|
| Conventional 30 year fixed | 6.607% | 6.699% | +0.07% |
| Conventional 15 year fixed | 6.031% | 6.182% | +0.09% |
| Conventional 5 year ARM | 6.875% | 7.527% | -0.19% |
Data source: ©Zillow, Inc. Use is subject to the Terms of Use
Ready to buy a home in North Dakota? This is a great time to find your dream home in the Peace Garden State. Here’s what you need to know:
North Dakota is a sparsely populated state, with barely 700,000 people calling the region home. It’s a scattered population with one out of three or four living in the state’s largest five cities:
Next, find out how much home you can afford. North Dakota ranks 25th in US homes for sale at average price, and 30th for homes over $1,000,000. Getting preapproved can help you know what your budget is before you go house hunting.
The state’s housing finance agency, the North Dakota Mortgage Finance Authority (known as MFA) helped nearly 2,900 families with first-time homebuyer loan programs in 2020. The most popular program is the MFA FIRSTHome loan, which can mean an extremely low down payment and closing costs.
Requirements for the MFA FIRSTHome loan include:
Do you want to take advantage of favorable North Dakota mortgage rates and refinance your home in North Dakota? You can likely do any of the following:
You may qualify for a streamlined refinance if you have a certain type of loan. Ask your lender for more information.
Use our free mortgage calculator tools to estimate your monthly mortgage payments based on your unique loan scenario. See how your monthly payment changes by making updates to your home price, down payment, interest rate, and loan term.
Wondering what your monthly mortgage payment might be? Plug in your data to get an instant mortgage payment estimate.
Military service can mean eligibility for a no-down payment mortgage. Find out if you qualify for a VA home loan.
Designed for first-time and low-income homebuyers, an FHA loan could put you on the path to home ownership fast.
Seeking to refinance? Find out how much you can save in interest over the term of your home loan by refinancing now.
Each step-by-step guide is designed to shepherd you through a process from start to finish. Know what to expect and how to proceed, no matter where you are in your home buying journey.