Mortgage rates in Idaho aren’t that different from other places in the U.S., according to data compiled twice a week by the Consumer Financial Protection Bureau from lenders across the country.

These interest rates lenders can offer you are affected by the following factors:

Federal funds rate: Many lenders base their prime rate on the target federal funds rate set by the Federal Reserve. The federal funds rate is set by policymakers on the Federal Reserve Board who make decisions based on economic conditions, inflation, and other economic indicators.
Market conditions: The more demand there is for mortgages, the more a lender can charge.

The above are based on factors beyond your control. However, the interest rate you qualify for is also based on several factors that are within your control:

Your credit: The higher your credit score, the better rate you’ll be likely to qualify for.
Loan-to-value ratio (LTV): The larger your down payment, the lower your LTV is. Lenders tend to see less risk if you have more stake in your property. If you put down more than 20%, you’ll also avoid paying for private mortgage insurance (PMI).
Loan term: Shorter loan terms (such as a 15- or 20-year mortgage) generally come with lower interest rates.
Interest rate type: You’ll get a different annual percentage rate (APR) when you’re looking at fixed vs. variable interest rates. Keep in mind: If you opt for a lower APR that’s variable or an interest rate that has an introductory offer for a lower APR, that interest rate is likely to change over the course of the loan.
Loan type: Your interest rate will also vary based on what type of loan you get (conventional, USDA, VA, FHA, or jumbo).

Compare Current Mortgage Rates in Idaho

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