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Idaho Mortgage and Refinance Rates
Current mortgage rates in Idaho
As of Tuesday, January 21, 2025, current mortgage interest rates in Idaho are 7.05% for a 30-year fixed mortgage and 6.40% for a 15-year fixed mortgage.
Refinance rates in Idaho
Refinance rates in Idaho and nationally have not made refinancing appealing for many, with rates still significantly above the low rates of the pandemic. But if interest rates drop to the low 6s or below in 2025, more homeowners might consider refinancing.
If you’re remodeling your home or need funds for another purpose, a cash-out refinance might be an option. You might also explore a home equity line of credit (HELOC).
Idaho mortgage rate trends
Mortgage rates in Idaho and the nation at large stayed in the 6 to 7 percent range throughout much of 2024. Despite the multiple rate cuts made by the Federal Reserve in 2024, rates rose steadily and 2025 started with rates above 7 percent. Many economists predict much of the same for the rest of 2025: rates settling between 6 and 7 percent.
High mortgage rates and home prices have worsened the home affordability problem nationwide. However, if you’re buying a house in Idaho, the good news is the market has begun cooling somewhat. As of November 2024, home prices were down 2.6 percent compared to the same time last year, according to Redfin data.
National mortgage rates by loan type
If you’d like to see how mortgage rates in Idaho compare to U.S. averages, here’s a look at the current national average rates for various loan types:
| Product | Interest Rate | APR |
|---|---|---|
| 30-Year Fixed Rate | 7.11% | 7.16% |
| 15-Year Fixed Rate | 6.41% | 6.49% |
| 5-1 ARM | 6.87% | 7.32% |
| 30-Year Fixed Rate FHA | 7.34% | 7.38% |
| 30-Year Fixed Rate VA | 7.04% | 7.07% |
| 30-Year Fixed Rate Jumbo | 7.21% | 7.26% |
Rates as of Tuesday, January 21, 2025 at 6:30 AM
Mortgage options in Idaho
If you’re looking for a mortgage in Idaho, consider these options:
- Idaho conventional mortgages: For a conventional mortgage in Idaho, you’ll generally need a debt-to-income (DTI) ratio of no more than 45 percent and a credit score of at least 620. The minimum down payment is typically 3 percent (at that level, you’ll need to pay private mortgage insurance, or PMI, premiums, as well).
- Idaho FHA loans: If you have a lower credit score, a loan insured by the Federal Housing Administration (FHA) might be a better option. You can get an FHA loan with a credit score of 580 and a down payment of 3.5 percent.
- Idaho VA loans: If you’re a qualifying veteran, an active-duty member of the military or a surviving spouse, you can get a mortgage guaranteed by the Department of Veterans Affairs (VA). VA loans don't require a down payment or mortgage insurance, but you do need to pay a funding fee.
- Idaho USDA loans: Since Idaho is largely a rural state, there are a lot of properties eligible for loans backed by the United States Department of Agriculture (USDA). Like VA loans, USDA loans don’t require a down payment. However, you’ll need to meet area-specific income requirements.
How to find the best mortgage rate in Idaho for you
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Step 1: Strengthen your credit score
Long before you start looking for a mortgage lender and applying for a loan, give your finances a checkup, and improve your standing if needed. This means pulling your credit score and credit reports. You’re entitled to a free credit report from each of the three main reporting bureaus (Experian, Equifax and TransUnion), which you can get through AnnualCreditReport.com.
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Step 2: Determine your budget
Get a handle on how much house you can afford. One rule of thumb many buyers use to figure out their price range is the 28/36 rule. Keep in mind that a mortgage lender could qualify you for a loan over your budget, but that would leave no room for unexpected expenses.
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Step 3: Know your mortgage options
There are different types of mortgages, including conventional loans with as little as 3 percent down and government-backed loans.
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Step 4: Compare rates and terms from multiple lenders
Don’t settle on the first lender you talk to. Rate-shop with different lenders — banks, credit unions, online lenders and local independents — to ensure you’re getting the best deal on rates, fees and terms.
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Step 5: Get preapproved for a mortgage
Get a mortgage preapproval with three or four different lenders. This’ll help you understand exactly what loan amount you’d qualify for if you were to apply, and prepare you to make offers on homes.
Mortgage statistics for Idaho
Known for scenic views — including the Shoshone Falls and Hell’s Canyon — the Gem State has more than spuds to offer. If you’re thinking about buying a home in Idaho, check out these statistics:
- Median home value (as of Dec. 2024): $450,519 (Zillow)
- Median days to pending (as of Dec. 2024): 41 (Zillow)
- Homes with price drops (as of Nov. 2024): 26.9% (Redfin)
- Homeownership rate (as of Q3 2024): 72.2% (Census Bureau)
First-time homebuyer programs in Idaho
Idaho Housing, the state’s housing finance authority, offers many programs to assist with buying a home, including down payment and closing costs assistance. Here are some of the options available:
- Idaho Housing loan: Idaho Housing offers low-interest-rate loans for qualifying buyers. To qualify for a loan, you’ll need to have an annual household income under $170,000. Along with low mortgage rates, you can also qualify for down payment assistance and pay low or no mortgage insurance.
- Down payment assistance — second mortgage: Along with an Idaho Housing loan to buy your home, you can apply for a second mortgage of up to 7 percent of the home’s sale price to pay for some of the down payment or closing costs. This loan is repaid over 15 years at a rate that’s 2 percent higher than your primary mortgage rate. In addition, you must complete a homebuyer education course and pay at least 0.5 percent of the home purchase price yourself.
Additional Idaho mortgage resources
- Idaho first-time homebuyer resources: Find out what assistance you may qualify for when buying your first home in Idaho.
- Idaho loan limits by county: Here are the maximum loan limits in Idaho for FHA and conventional loans.
- Idaho mortgage lenders: Learn what kind of mortgage offer you can get from these Idaho mortgage lenders.
- How to buy a house in Idaho: Read our guide to learn the ins and outs of buying a home in Idaho.
- Best homeowners insurance in Idaho for 2025: After your principal and interest, your homeowners insurance is a major part of your mortgage payment. Our guide can help you find the right rate and coverage for your home.
Meet our Bankrate experts
Written by: Andrew Dehan, Writer, Home Lending
I’ve covered mortgages, real estate and personal finance since 2020. At Bankrate, I’m focused on all of the factors that affect mortgage rates and home equity. I enjoy distilling data and expert advice into takeaways borrowers can use. Prior to Bankrate, I wrote and edited for Rocket Mortgage/Quicken Loans. My work has been published by Business Insider, Forbes Advisor, SmartAsset, Crain’s Business and more.
Edited by: Laurie Dupnock, Editor, Home Lending
I’ve spent five years in writing and editing roles, and I now focus on mortgage, mortgage relief, homebuying and mortgage refinancing topics. I’m most interested in providing resources for aspiring first-time homeowners to help demystify the homebuying process. In 2021, I earned a Poynter ACES Certificate in Editing. I have an MA in English.