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Mortgage Rates in Montana

Updated March 20, 2023
Kimberly Rotter
By: Kimberly Rotter

Our Mortgages Expert

Nathan Alderman
Check IconFact Checked Nathan Alderman

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If you're purchasing a home in Montana, shopping around for the best mortgage rate is important. There are multiple factors mortgage lenders take into account when offering rates, and these include your credit score, your debt-to-income ratio, and your current income and employment status.

5 affordable places to live in Montana

Known for its open spaces, Montana is a unique place to settle. Here are some lower-cost options to consider.

1. Billings

As Montana's largest city, Billings has a lot to offer young professionals and families alike. The median home value in Billings is $221,100, according to Niche, which is considerably below the median home value for Montana on a whole -- $428,294, according to Zillow. Of note, reports the average property tax rate in Yellowstone County is 0.98% of a home's assessed value. The average property tax rate statewide is 0.83%.

2. Butte

About an hour south of Helena, Butte was once known as a major mining town. These days, its economy revolves around energy companies and healthcare. The median home value in Butte is $150,600, less than half of the median home value statewide. And the average property tax rate in Silver Bow County is 1.15% of a home's assessed value.

3. Great Falls

Known for its parks, well-rated schools, and proximity to waterfalls and hiking, Great Falls tends to draw families and young professionals. Housing is relatively inexpensive here, with a median home value of $176,500. The average property tax rate in Cascade County is 0.98% of a home's value. Both of these metrics may help contribute to Great Falls snagging the No. 14 spot on Niche's list of the best places to live in Montana.

4. Helena

Montana's capital is known for its restaurants, coffee shops, and parks -- and young professionals tend to flock here. The median home value in Helena is $244,300, while the average property tax rate in Lewis and Clark County is 1% of a home's assessed value.

5. Kalispell

About 20 minutes from Montana's famed Whitefish Mountain Resort and less than an hour from Glacier National Park, Kalispell is an outdoor enthusiast's haven. The median home value in Kalispell is $233,500, while the average property tax rate in Flathead County is below Montana's average despite all of those nearby amenities -- just 0.77% of a home's assessed value.

Though it's possible to buy an affordable home in Montana, another good way to keep your housing costs reasonable is to snag a low mortgage rate. To that end, work on boosting your credit score and lowering your debt-to-income ratio before you apply for a home loan.

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The Ascent's best mortgage lenders

If you want to uncover more about the best mortgage lenders for low rates and fees, our experts have created a shortlist of the top mortgage companies. Some of our experts have even used these lenders themselves to cut their costs.

Our Mortgages Experts