Great Falls, Montana Mortgage Refinance Interest Rates
Discover the latest mortgage interest rates to make informed decisions about your home refinancing.
Interest rate over time in Great Falls, Montana
Timeframe
Daily refinance averages provided by the Mortgage Research Center.
Compare mortgage rates in Great Falls, Montana
Showing results for: 15-Year Fixed refinance offers for Single Family or Townhome properties in MT, total loan amount of $228,000.
| Lender | APR / Rate | Monthly Payment | |
|---|---|---|---|
Rate data provided by RateUpdate.com. Displayed by Mortgage Research Center, NMLS #1907, Equal Housing Opportunity. Rates and fees are estimates and subject to change without notice. Payments do not include taxes and insurance premiums. Actual payments may be higher. Not all lenders participate in this marketplace. Loan availability and terms may vary by state and lender. Lender offers, including badges like “Lowest APR” or “Lowest Payment,” are based only on results displayed here and may not reflect the absolute lowest offer available in the market. Rate and product details
Should You Refinance in Great Falls?
13.4% annual appreciation
· Data updated 3/29/2026With Great Falls's hot housing market and 13.4% annual appreciation, homeowners may have built significant equity. This could make refinancing particularly attractive, potentially eliminating PMI or accessing equity for home improvements.
Local Market Context
Great Falls, Montana homes have a median value of $186,300, with 13.4% year-over-year appreciation. Homeowners have likely built substantial equity, creating opportunities for cash-out refinancing or eliminating PMI. Strong appreciation means better loan-to-value ratios when refinancing.
Estimated Monthly Payment in Great Falls
Based on the median home price of $186,300 with 20% down at 6.48% (30-year fixed):
| Principal & Interest | $940.07/mo |
| Property Tax | $130/mo |
| Homeowner's Insurance (est.) | $125/mo |
| Estimated Total (PITI) | $1,195/mo |
Rate Savings Scenarios for Great Falls
How your monthly principal & interest payment changes at different rates (20% down on $186,300 median home):
| Interest Rate | Monthly P&I | vs. Current Rate |
|---|---|---|
| Current rate (6.48%) | $940 | — |
| 5.98% (–0.5%) | $892 | –$48/mo |
| 5.48% (–1.0%) | $844 | –$96/mo |
Down Payment Impact in Great Falls
Monthly principal & interest at 6.48% for different down payments on the $186,300 median home:
| Down Payment | Loan Amount | Monthly P&I |
|---|---|---|
| 10% down ($18,630) | $167,670 | $1,058 |
| 15% down ($27,945) | $158,355 | $999 |
| 20% down ($37,260) | $149,040 | $940 |
Property Tax Impact
Property taxes in Great Falls, Montana average 0.84% of home value, which is moderate compared to the national average. When refinancing, it's important to remember that your total monthly payment includes these taxes (approximately $130 per month for a median-valued home). A lower interest rate might reduce your principal and interest payment, but your property tax portion stays the same.
Montana ranks 30th (low) nationally for property taxes, which directly affects your total monthly payment when buying or refinancing.
Cost of Living Context
Great Falls's cost of living is 2% below the national average (index: 98), meaning housing costs tend to run lower than typical — which may allow for higher purchasing power when buying or refinancing.
Calculate Your Exact Refinance Savings
Get a personalized analysis based on your specific mortgage details, compare multiple offers, and see your break-even point.
Use Refinance CalculatorSmart Refinancing Strategies for Great Falls Homeowners
Hey Great Falls! Our local market offers steady, reliable, and highly accessible growth. This stability is a huge advantage when calculating your equity and planning your budget.
FHA to Conventional & Your LTV
Great Falls is a fantastic market for families and military personnel, meaning many of you started out with an FHA or VA loan. Refinancing relies heavily on your Loan-to-Value (LTV) ratio.
With your home value growing a healthy 13.4%, your equity is building safely. Once your LTV drops under 80%, refinancing into a Conventional loan will permanently remove your FHA mortgage insurance premium.
Property Tax Tip for Great Falls Homeowners
An annual tax bill of just ~$1,500 keeps your escrow minimal. When refinancing, your primary focus should be securing the lowest possible fixed interest rate to maximize your monthly savings.
Hero & Housing Programs for Great Falls
The Montana Board of Housing (MBOH) is your local partner for affordable housing. Look into their Veterans’ Home Loan program, which offers the state's lowest interest rate specifically reserved for those who served (perfect for Malmstrom AFB families)!
With 13.4% Annual Home Value Growth in Great Falls, When Should I Refinance?
Great Falls's strong 13.4% appreciation rate creates excellent refinancing opportunities. If your home has appreciated significantly since purchase, you likely have substantial equity gains. Refinance when you can lower your rate by at least 0.75-1%, eliminate PMI if your loan-to-value ratio dropped below 80%, or tap into equity for high-value improvements. In hot markets like Great Falls, many homeowners build enough equity to refinance within 2-3 years of purchase, especially if they bought with less than 20% down.
How Much Equity Do I Need to Refinance My Great Falls Home?
Most lenders require at least 20% equity (80% loan-to-value) for conventional refinancing, though some programs allow refinancing with as little as 5% equity. Given Great Falls's median home value of $186,300, that means you'd need approximately $37,260 in equity. With 13.4% annual appreciation, homeowners who purchased 2-3 years ago have likely crossed the 20% threshold through both appreciation and principal paydown, making now an ideal time to eliminate PMI and secure better rates.
Should I Do Cash-Out Refinancing in Great Falls's Hot Market?
Cash-out refinancing can be strategic in Great Falls where homes are appreciating 13.4% annually. If you've built substantial equity, you can access cash while still maintaining 20% equity to avoid PMI. Popular uses include high-ROI home improvements (kitchen, bath remodels), debt consolidation at lower interest rates, or investment opportunities. However, calculate your new monthly payment including the 0.84% property tax rate on your current home value. Cash-out refis typically have slightly higher rates than rate-and-term refinances, so ensure the benefits outweigh the costs.
What Are Typical Refinancing Closing Costs in Great Falls?
Refinancing closing costs in Great Falls typically range from 2-5% of your loan amount, covering appraisal fees ($400-600), title insurance, origination fees (0.5-1% of loan), and other lender charges. On a median-priced home of $186,300, expect to pay approximately $4,471 in closing costs. Calculate your break-even point by dividing closing costs by monthly savings. If you save $200/month with $4,471 in costs, you break even in about 22months. Consider no-closing-cost refinances if you don't plan to stay long-term.
How Does Great Falls's 0.84% Property Tax Rate Affect My Refinance Decision?
Property taxes in Great Falls average 0.84% of home value, meaning approximately $130/month on a median-valued home. When you refinance to a lower rate, remember that your principal and interest payment decreases, but your property tax portion remains constant. If you're refinancing a $186,300home from 7% to 6%, you'll save about $140/month on P&I, but your total PITI payment reduction will be less once you factor in the unchanged property tax component. Focus on the total payment savings, not just the rate reduction.