HELENA –The Montana Board of Housing says that mortgage rates for its first-time home buyer program have reached historical lows.
The agency says rates on the 30-year mortgages are now 3.875 percent. Officials say they are hoping the offer helps stimulate the housing market in Montana.
Traditional mortgages have also reached the lowest level on records dating to 1971. According to Freddie Mac, the average rate on the 30-year fixed mortgage fell this week to 4.15 percent.
The Montana Board of Housing says its loans are geared toward moderate income Montanans either buying their first home or who have not owned a home in the past three years and have little money for a down payment. The loans are made and serviced in Montana.