Maine Mortgage Rates for September 2019

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In Maine, the current average for a 30-year fixed-rate mortgage is 4.03%. The 15-year fixed-rate mortgage averages at 3.63%, while the 5/1 adjustable-rate mortgage (ARM) average is 3.74%.

Loan typeAverage rateWeekly change3-month change
30-year fixed4.03%–0.02%–0.29%
15-year fixed3.63%–0.02%–0.24%
5/1 ARM3.74%+0.00%–0.18%
Rates for a $200,000 loan with 20% down payment

When you're thinking about buying a home or refinancing your mortgage, checking interest rates is a natural place to start. The high cost of homes today combined with a slowly rising rate environment make home loans a serious financial commitment. Our research on mortgage rates in Maine should give you a better idea of the quotes you should expect from local lenders.

Best Mortgage Rates in Maine

In Maine, the current low for a 30-year mortgage rate is 3.38%. A 15-year mortgage can go as low as 2.88%, while the best rate for a 5/1 ARM is 2.88%.

While your personal credit score and financial history play a big part in determining the mortgage rate you're quoted, external factors can also move the needle. In Maine, there's a difference of 287 basis points between the highest and lowest rates on a 30-year home loan. The resulting cost difference can be substantial: for a loan of $200,000 with 20% down, you'd pay $99,847 less in interest at the best rate compared to the highest.

Current Mortgage Rate Forecast for Maine

Mortgage rates across Maine and the rest of the country may not rise as much as quickly in 2019 as previously anticipated. The Federal Reserve's Open Market Committee (FOMC) recently announced that it would "be patient" and adopt a data-dependent approach when considering future rate hikes.

Line graph of average U.S. 30-year mortgage rates vs. effective federal funds rate since 2014

This is a marked step away from the forecast at the end of 2018, when the FOMC last raised the target rate by 25 basis points. Currently set at a range of 2.25%-2.50%, the target federal funds rate represents the overnight borrowing rate that banks pay to fund their operations. Due to the correlation of the federal funds rate with consumer loans and deposit accounts, the FOMC's periodic announcements are viewed as indicators of possible rate trends in the U.S. economy.

For shoppers in Maine, the news of steadying rates might be met with a sigh of relief, especially in front of the upcoming homebuying season. In times of rising rates, borrowers often rush to secure financing before loan costs get too high, which can end in a less-than-ideal result for all parties involved. With the FOMC announcing its intent to closely monitor economic conditions before continuing with future rate hikes, homebuyers can take comfort in the knowledge that mortgage rates are less likely to skyrocket while they're still searching for the right home.

Rates at Maine's Most Popular Mortgage Lenders

Banks have traditionally been the most popular mortgage providers in Maine and other states, but their market share has fallen in recent years as tech-focused direct lenders have moved in. We looked at rates from some of Maine's biggest mortgage companies to see how they compare to the state average and each other.

Column graph comparing 30-year mortgage rates at major Maine banks

Maine's local mortgage rate market is unusually diverse. While major lenders in other states match each other quite closely, we saw a range of rates at Maine's top five banks. This suggests that Mainers may see slightly more benefit from rate shopping than homebuyers in other regions. However, no amount of shopping will compensate for poor credit or high debt. Taking care of your finances is a more effective way to find better mortgage rates than canvassing dozens of lenders.

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Comparing Home Loan Rates by City

Depending on where in Maine you live, it's possible that you'll see differences in mortgage rates. While there may not be as much variation as there is with property values, we checked the average home loan rate in each of Maine's biggest metro areas to check whether homeowners spend more or less on mortgage interest in any part of the state.

MSAAverage mortgage rateMedian home value
Portland-South Portland4.59%$268,028
Bangor4.63%$148,681
Augusta-Waterville4.71%$160,810
Lewiston-Auburn4.66%$153,841
Average rate is for a 30-year mortgage with a 20% down payment.

As the data show, mortgage rates stay the same no matter where in Maine you live. Property values are another story. The median value of an owner-occupied home in Portland was 44% higher than in Bangor. More expensive homes mean higher mortgage balances, which in turn lead to greater monthly bills. It's certainly possible to spend less on a mortgage by choosing the right city—but you shouldn't expect your savings to come from a better interest rate.

Evaluating Your Mortgage Options: An Example in Maine

Besides rate and price, the type of home loan you get can also affect the month-to-month cost of your house. To see this, we can look at the example of a family in Maine that's buying a $200,000 house. If they make a 20% down payment, they'll have a loan balance of $160,000 going into the mortgage. From here, the numbers can vary widely according to which mortgage the family chooses.

On a traditional 30-year mortgage, the principal and interest owed each month would equal $767. Compare this to the monthly costs on a 5/1 ARM loan, which only come out to $741 at Maine's current average rate of 3.74%.

The kind of loan you need will depend on your own goals. For instance, a 5/1 ARM loan does tend to come with a lower interest rate at first. After the initial five-year period, that rate adjusts periodically in response to a predetermined index rate. This means that if you hold an ARM beyond its initial fixed rate period, your payments may increase over time, inflating your costs.

If the family in our example can afford to spend more every month, they might choose a 15-year loan with higher monthly payments but much lower lifetime costs of interest. At Maine's current rates, this bumps the monthly cost up to $1,155 but reduces total interest over 15 years to $47,730. Compare this to $115,989 spent on interest in a 30-year loan.

In Maine, the current average for a 30-year fixed-rate mortgage is 4.03%. The 15-year fixed-rate mortgage averages at 3.63%, while the 5/1 adjustable-rate mortgage (ARM) average is 3.74%.

Loan typeAverage rateWeekly change3-month change
30-year fixed4.03%–0.02%–0.29%
15-year fixed3.63%–0.02%–0.24%
5/1 ARM3.74%+0.00%–0.18%
Rates for a $200,000 loan with 20% down payment

When you're thinking about buying a home or refinancing your mortgage, checking interest rates is a natural place to start. The high cost of homes today combined with a slowly rising rate environment make home loans a serious financial commitment. Our research on mortgage rates in Maine should give you a better idea of the quotes you should expect from local lenders.

In Maine, the current low for a 30-year mortgage rate is 3.38%. A 15-year mortgage can go as low as 2.88%, while the best rate for a 5/1 ARM is 2.88%.

While your personal credit score and financial history play a big part in determining the mortgage rate you're quoted, external factors can also move the needle. In Maine, there's a difference of 287 basis points between the highest and lowest rates on a 30-year home loan. The resulting cost difference can be substantial: for a loan of $200,000 with 20% down, you'd pay $99,847 less in interest at the best rate compared to the highest.

Mortgage rates across Maine and the rest of the country may not rise as much as quickly in 2019 as previously anticipated. The Federal Reserve's Open Market Committee (FOMC) recently announced that it would "be patient" and adopt a data-dependent approach when considering future rate hikes.

Line graph of average U.S. 30-year mortgage rates vs. effective federal funds rate since 2014

This is a marked step away from the forecast at the end of 2018, when the FOMC last raised the target rate by 25 basis points. Currently set at a range of 2.25%-2.50%, the target federal funds rate represents the overnight borrowing rate that banks pay to fund their operations. Due to the correlation of the federal funds rate with consumer loans and deposit accounts, the FOMC's periodic announcements are viewed as indicators of possible rate trends in the U.S. economy.

For shoppers in Maine, the news of steadying rates might be met with a sigh of relief, especially in front of the upcoming homebuying season. In times of rising rates, borrowers often rush to secure financing before loan costs get too high, which can end in a less-than-ideal result for all parties involved. With the FOMC announcing its intent to closely monitor economic conditions before continuing with future rate hikes, homebuyers can take comfort in the knowledge that mortgage rates are less likely to skyrocket while they're still searching for the right home.

Banks have traditionally been the most popular mortgage providers in Maine and other states, but their market share has fallen in recent years as tech-focused direct lenders have moved in. We looked at rates from some of Maine's biggest mortgage companies to see how they compare to the state average and each other.

Column graph comparing 30-year mortgage rates at major Maine banks

Maine's local mortgage rate market is unusually diverse. While major lenders in other states match each other quite closely, we saw a range of rates at Maine's top five banks. This suggests that Mainers may see slightly more benefit from rate shopping than homebuyers in other regions. However, no amount of shopping will compensate for poor credit or high debt. Taking care of your finances is a more effective way to find better mortgage rates than canvassing dozens of lenders.

Get Multiple Mortgage Offers at Once
Get Multiple Mortgage Offers at Once
LendingTree can help you find and compare mortgage rates, all without affecting your credit.
LendingTree is our ultimate parent company
See Offers

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Depending on where in Maine you live, it's possible that you'll see differences in mortgage rates. While there may not be as much variation as there is with property values, we checked the average home loan rate in each of Maine's biggest metro areas to check whether homeowners spend more or less on mortgage interest in any part of the state.

MSAAverage mortgage rateMedian home value
Portland-South Portland4.59%$268,028
Bangor4.63%$148,681
Augusta-Waterville4.71%$160,810
Lewiston-Auburn4.66%$153,841
Average rate is for a 30-year mortgage with a 20% down payment.

As the data show, mortgage rates stay the same no matter where in Maine you live. Property values are another story. The median value of an owner-occupied home in Portland was 44% higher than in Bangor. More expensive homes mean higher mortgage balances, which in turn lead to greater monthly bills. It's certainly possible to spend less on a mortgage by choosing the right city—but you shouldn't expect your savings to come from a better interest rate.

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Get Multiple Mortgage Offers at Once
LendingTree can help you find and compare mortgage rates, all without affecting your credit.
See Offers

on LendingTree's secure website. NMLS #1136: terms and conditions apply

Powered by
LendingTree is our ultimate parent company
Get Multiple Mortgage Offers at Once
Get Multiple Mortgage Offers at Once
LendingTree can help you find and compare mortgage rates, all without affecting your credit.
LendingTree is our ultimate parent company
See Offers

on LendingTree's secure website. NMLS #1136: terms and conditions apply

Powered by
LendingTree is our ultimate parent company