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Maine Mortgage Rates

Updated: February 23, 2024

Compare today's rates for Mortgage Refinance in ME

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Mortgage rates for Maine go down to 2.71%

Friday, February 23, 2024

Mortgage rates for Maine on Lender411 for 30-year fixed-rate mortgages are at 2.71%. That dropped from 3.00% to 2.71%. The 15-year fixed rates are now at 2.56%. The 5/1 ARM mortgage for Maine is now at 4.56%.

If you are looking for up to the minute Maine mortgage rates, you’ve come to the right place.  Finding the lowest rates is easy when you have access to our vast network of trusted mortgage professionals in Maine. Talk to multiple mortgage lenders in ME to compare rate quotes and understand your options.

Maine Mortgage Refinance

Why is it critical to find the lowest rate when refinancing?  Simply put, this is the entire goal of a refinance.  The lower your new rate, the more money you’ll save. While there are many ways to secure a refinance loan, the best option is the no cost refi, which allows you to switch to a new mortgage with a lower rate without paying the fees associated with closing a new loan.  This can literally save you thousands of dollars.

Home Loans in Maine

The loan types available in Maine are much like those available elsewhere.  One of the most widely available mortgage loan types is the 30 year fixed rate mortgage.  As the name implies, this loan comes with a fixed interest rate.  This is considered the most financially sound mortgage by many borrowers. Some opt for the 15-year fixed option.

The adjustable rate mortgage (ARM) is another common loan type.  You can also pursue a jumbo loan, interest-only loan, balloon mortgage, or other specialized loan type.  Whether or not one of these loans fits you will depend entirely on your needs and the requirements of your lender.  Government backed loans, such as the FHA loan and the VA loan, are available to those who qualify.

Maine Coastal Home

About Maine

Maine is known for its rugged coast, hills, forests, and, of course, its seafood.  Maine has warm but not hot summers, followed by cold and sometimes severe winters.  Maine's economy thrives on its agricultural outputs as well as the seafood industry, with major cities including Portland, Lewiston, and Bangor.

Maine has a strong lumber and wood products industry.  Tourism also plays a major role in the state’s income.  Sport hunters and fishers flock to Maine for the ample opportunities it provides. If you are looking for a scenic, quiet place to call home, Maine may be a good place for you to own your next home.

 To learn more about homeownership in Maine or research ME home buying programs, visit the Maine HUD portal.

If you want to keep researching your options, click on any of the following links.

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