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Maine Mortgage and Refinance Rates

Written by

Andrew Dehan

Edited by

Alice Holbrook

Edited by

Alice Holbrook

On Friday, February 21, 2025, the national average 30-year fixed mortgage APR is 6.94%. The national average 30-year fixed refinance APR is 6.90%, according ... to Bankrate's latest survey of the nation's largest mortgage lenders.

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Current mortgage rates in Maine

As of Friday, February 21, 2025, current mortgage interest rates in Maine are 7.13% for a 30-year fixed mortgage and 6.38% for a 15-year fixed mortgage.

Mortgage rates in Maine — and across the country — remained relatively high throughout 2024, although they did reach a low of around 6 percent in September. Since then, however, they’ve been on the rise again, typically hovering around 7 percent. The rising cost of real estate in Maine, coupled with higher interest rates, is making homeownership less affordable for many homebuyers in the state.

Refinance rates in Maine

While Maine refinance rates are also going up, it hasn’t stopped homeowners from refinancing their homes. In October 2024, 1,438 Maine homeowners refinanced, an increase of 29 percent year-over-year, according to property data provider ATTOM. However, if you can, it’s best to wait until mortgage refinance rates decrease to trade in your old loan.

Maine mortgage rate trends

Since early 2025, Maine mortgage rates have hovered around 7 percent. While many experts predict that rates will decrease this year, it’s unclear when and by how much.

Not only are current mortgage rates in Maine increasing, but the cost of housing is also going up. According to data from ATTOM, the median home price in Maine in October 2024 was up more than 7 percent year-over-year.

However, the cost of real estate and rising mortgage rates could be deterring homebuyers in the Pine Tree State. According to October 2024 ATTOM data, the number of homes sold in the state was down nearly 22 percent year-over-year, and the number of purchase loans dropped by about 10 percent.

National mortgage rates by loan type

Product	Interest Rate	APR
30-Year Fixed Rate	6.90%	6.94%
15-Year Fixed Rate	6.19%	6.26%
5-1 ARM	6.20%	6.95%
30-Year Fixed Rate FHA	6.87%	6.92%
30-Year Fixed Rate VA	6.67%	6.72%
30-Year Fixed Rate Jumbo	7.02%	7.08%

Rates as of Friday, February 21, 2025 at 6:30 AM

Product	Interest Rate	APR
30-Year Fixed Rate	6.86%	6.90%
15-Year Fixed Rate	6.14%	6.22%
5-1 ARM	6.17%	6.93%
30-Year Fixed Rate FHA	6.86%	6.91%
30-Year Fixed Rate VA	6.47%	6.51%
30-Year Fixed Rate Jumbo	6.95%	7.00%

Rates as of Friday, February 21, 2025 at 6:30 AM

Bankrate’s goal is to help readers maximize their money and navigate life’s financial journey. We are responsible for providing readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. We maintain a clear separation between our advertisers and our editorial coverage. Our mission is to offer information to help readers make the best financial decision.
Bankrate has been the authority in personal finance since it was founded in 1976 as the “Bank Rate Monitor,” a print publication for the banking industry. Bankrate has been surveying and collecting historical mortgage rate information from the nation’s largest lenders for more than 30 years.

Mortgage statistics for Maine

Known for its jagged coastlines and fabulous seafood, Maine is the northeasternmost state in the U.S. The state’s population is poised to grow slightly, up 1.7 percent, by 2030. If you want to make Maine your home, here are key statistics about the housing market there:

Median home value (as of Jan. 2025): $391,297 (Zillow)
Median days to pending (as of Jan. 2025): 33 (Zillow)
Homes with price drops (as of Jan. 2025): 17.8% (Redfin)
Homeownership rate (as of 2023): 75.5% (Census Bureau via St. Louis FRED)
Loan funding rate (2023): 58% (Home Mortgage Disclosure Act)
Average mortgage loan size (2023): $292,610 (Home Mortgage Disclosure Act)

Mortgage options in Maine

There are a variety of mortgage options available to homebuyers in Maine. Here are some of the most common:

Maine conventional mortgages: To qualify for a conventional mortgage, you’ll need a minimum credit score of 620 and a debt-to-income (DTI) ratio of no more than 45 percent. If you make a down payment of less than 20 percent, you’ll need to pay private mortgage insurance (PMI) premiums, as well.
Maine FHA loans: If your credit history disqualifies you from a conventional mortgage, you might be able to obtain a loan insured by the Federal Housing Administration (FHA). If you have a credit score of at least 580, you could make a down payment 3.5 percent. FHA loan rates are typically lower than conventional mortgage rates.
Maine VA loans: If you’re a veteran or active-duty member of the military, you might qualify for a mortgage guaranteed by the Department of Veterans Affairs (VA). A VA loan doesn’t typicallly require a down payment or mortgage insurance, but you do need to pay a funding fee, which ranges from 1.25 percent to 3.30 percent. VA loan rates are often lower compared to other types of home loans.

First-time homebuyer programs in Maine

MaineHousing, the state’s housing authority, offers a variety of programs that can help you get an affordable mortgage with a low or no down payment. Here’s a closer look:

First Home Loan Program: If you’re a first-time homebuyer or haven’t owned a home in the past three years, you might qualify for a low-interest, fixed-rate mortgage through Maine Housing. These mortgages have low- or no-down-payment options. Household income limits apply (although most Maine residents don’t exceed them), and a minimum credit score of 640 is required.
First Generation Program: If you and your parents or legal guardians have never owned a home, you may be eligible for a low-interest fixed-rate mortgage, down payment and closing cost assistance.
Salute ME and Salute Home Again: MaineHousing offers a rate discount of 0.5 percent for retired and active-duty military personnel on the 30-year First Home loan for active-duty and retired military personnel, as well as veterans.

How to find the best mortgage rate in Maine for you

Step 1: Strengthen your credit score - Before you start looking for a lender and applying for a loan, review your credit history and take steps to improve your credit score, such as paying down existing debt.
Step 2: Determine your budget - Have a good understanding of how much house you can afford before you go shopping.
Step 3: Know your mortgage options - There are a few different types of mortgages.
Step 4: Compare rates and terms from several lenders - Rate-shop with at least three different lenders to get the best deal on rates, fees and terms.
Step 5: Get preapproved for a mortgage - Getting a mortgage preapproval is the only way to get accurate loan pricing for your specific situation. Plus, it will show sellers you’re serious when you make an offer.

Learn more about how to get a mortgage.

Additional Maine mortgage resources

Maine first-time homebuyer resources: Get more help becoming a homeowner.
Maine loan limits by county: Learn the conforming loan limit for your city or town.
Best homeowners insurance in Maine for 2024: Read our guide to find the right insurance rate and coverage for your home.
Maine mortgage lenders: Learn what kind of mortgage offer you can get from these Oregon mortgage lenders.

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.