Many or all of the products here are from our partners that pay us a commission. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.
Purchasing a new home in North Dakota is a major financial commitment. So if you're looking to become a home buyer, you'll want to shop for the best mortgage rates. Because interest rates and loan terms vary, it's a good idea to get quotes from several mortgage lenders. You can check out today's mortgage rates in North Dakota below.
For today, January 27th, 2022, the current average mortgage rate in North Dakota for a 30-year fixed-rate mortgage is 3.710%, the average rate for a 15-year fixed-rate mortgage is 2.813%, and the average rate for a 5/1 adjustable-rate mortgage (ARM) is 4.958%. Rates are quoted as annual percentage rate (APR) .
Current Mortgage and Refinance Rates in North Dakota
Rates As of Jan 27, 2022
| Product | Interest Rate | Average Points/Credits |
|---|---|---|
| Fixed 30 Year | 3.710% | -0.284 |
| Fixed 30 Year - FHA | 3.499% | -0.427 |
| Fixed 30 Year - VA | 3.594% | 0.690 |
| Fixed 30 Year | 3.803% | 0.378 |
| Fixed 20 Year | 3.266% | 0.593 |
| Fixed 15 Year | 2.940% | 0.441 |
5 affordable places to live in North Dakota
Choosing an affordable place for your home purchase can keep costs down. Here are five places with a low cost of living in North Dakota.
1. Jamestown
This North Dakota town has a population of just over 15,000, and around six in 10 people who live there own their homes, according to Niche. The median home value of $136,700 is well below the national median value of $184,700. Jamestown ranks eighth in North Dakota for cost of living, with only smaller towns ranking more affordable. It's home to attractions including Fort Seward Park, the Stutsman County Memorial Museum, and the National Buffalo Museum. Property taxes in Stutsman County are relatively expensive, however, averaging 1.54% of assessed fair market value, according to Tax Rates.org.
2. Williston
Williston is another inexpensive North Dakota town, although its population is about twice that of Jamestown. Williston is ranked 15th for lowest cost of living in North Dakota, and it also ranks sixth for most diverse. However, just 48% of people own their homes here, perhaps because the median home value of $249,400 is well above the national average. Property taxes are a bit cheaper here than Jamestown -- Williams County has an average tax rate of just 1.49% of a property's assessed fair market value.
3. West Fargo
West Fargo is a suburb of Fargo, and ranks 20th for best place to buy a house in North Dakota out of 47 ranked areas. It's also known for having some of the best public schools in the state, and is in the top 20 among best places to raise a family. Homes are more expensive than the national median here, at a median of $228,100. Still, 68% of West Fargo residents are owners rather than renters. Property taxes in Cass County are some of the highest in the U.S., at an average of 1.87% of assessed fair market value. Although taxes are higher than in some of the other places on our list, West Fargo offers residents the chance to enjoy plenty of local attractions, including Rendezvous Park and the Red River Zoo.
4. Dickinson
This North Dakota town has a population of just over 22,700, and has been identified as one of the best places for young professionals, as one of the most diverse places in North Dakota, and as home to some of the best public schools in the state. Property values are above the national average here as well, with a median home price of $235,300. As in West Fargo, most people own their homes, with just 46% of residents renting. Property taxes are relatively expensive here, with an average rate of 1.39% of assessed fair market value in Stark County.
5. Mandan
Mandan comes in 25th out of 47 places with the lowest cost of living in North Dakota. It's also one of the top 10 places to retire, and one of the top 20 most-diverse locales in the state. The median home value here is less than that of some of the other places on our list at $207,100, but still above the national median. Property taxes are fairly high, at 1.79% of assessed fair market value. Despite these costs, 65% of Mandan residents own their homes.
Whether you choose one of these locations or another place to buy your North Dakota home, remember to shop around for the best mortgage rates to keep your monthly payments as low as possible.
Mortgage Calculator: How Much House Can I Afford?
Home I Can Afford
{{ getValueResult }}
Total Mortgage Cost
{{ getTotalValue }}
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.
Share This Page
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team. The Motley Fool has a Disclosure Policy. The Author and/or The Motley Fool may have an interest in companies mentioned.
