When you’re shopping for a mortgage, you probably want the best rates available. But with so many lenders, brokers, and mortgage programs, finding the best mortgage rates can be a challenge. Fortunately, in many parts of the country, such as Maine, the housing market has been steadily improving.

If you are now looking to buy a home and want the best chance of securing a mortgage, the following article will help you understand the factors that make mortgage rates in Maine – and the state’s economy – so favorable.

Maine’s Housing Market is Improving

The housing market in Maine remains strong despite being one of the hardest-hit areas during the Great Recession. Just like most parts of the country, the state has seen its home building activity rebound in recent years. This has helped to stabilize the state’s housing inventory and keep home prices from falling further.

Additionally, the local economies have improved over the past few years. This can be seen in the state’s strong economic growth, which is well above the national average. While the state also benefited from out-migration, many Mainers have begun to return home. All of these trends have made it easier for homebuyers to find financing and have helped to drive up mortgage rates.

The State’s Economy is Improving

The state’s economy has been slowly recovering over the past few years. Unemployment has been trending downward for quite some time now, and the state has seen steady job gains. This has led to an increase in both home sales and incomes. Income growth is also strong in Maine.

Compared to the rest of the country, the median income in the state is well above the national average. This also helps to make mortgage rates in the state higher than they would be otherwise. However, while income is up, it is not growing as fast as the cost of living. This means that while mortgage rates are high, they are likely to stay high for the foreseeable future.

Maine Mortgage Rates Are High Compared to the Rest of the Country

Mortgage rates are generally the lowest where competition among lenders is high. As with any market, mortgage rates are also affected by many external factors. One of these factors is the state’s economic landscape. As mentioned above, the local economies have improved in recent years. This has led to more competition among mortgage lenders and has driven up mortgage rates.

The state’s strong economy and the increasing demand for housing have also made it more expensive for lenders to finance mortgages. One way to get a better idea of Maine Rates is to compare them to other states.

When comparing rates from lender to lender, you might be surprised to find that your mortgage rates are actually above average. However, if you are comparing rates from state to state, you will likely find that Maine’s rates are below average.

Get The Best Rates in Maine Now!

Mortgage rates in Maine are better than the national average because the state’s economy has been improving, and it is also expensive to finance loans. You can get a better idea of your mortgage rates by comparing them to other states. You can also look at the types of loans offered by different lenders. And finally, you may want to consider taking a fixed-rate loan even if rates are low.