207 Market Pulse
The southern Maine mortgage market, translated into buying power.
The Pulse tracks two named rate indices and turns them into an answer that actually matters: what a given monthly budget buys in the towns you care about. Rates alone are marketing. Buying power is a decision.
207 Market Pulse
Buying power right now.
At this week's market, a $2,800 monthly budget buys roughly $317,000 in Saco and $333,000 in Scarborough.
- Freddie Mac PMMS 30-year: 6.81% as of 2024-11-14 · source
- Optimal Blue OBMMI 30-year conforming: 6.87% as of 2024-11-15 · source
Market averages shown are sourced from the named indices and updated on their published schedule. These are market averages, not an offer or commitment to lend, and not a rate available to you. Your actual rate and payment depend on your credit score, down payment, qualifying income, loan type, loan amount, property type and occupancy, loan-to-value, points, and market conditions at lock. Rates change daily and are subject to change without notice. Figures are estimates for illustration only and do not constitute loan approval, a rate lock, or a guarantee. Travis Penny | NMLS #1649161 | Equal Housing Opportunity | nmlsconsumeraccess.org
What we track
Two indices, on their published schedules.
Freddie Mac Primary Mortgage Market Survey (PMMS). The PMMS 30-year fixed weekly average is the anchor rate the industry quotes against. It is released Thursdays and reflects average rates on prime conforming loans. Current value on this page: 6.81%, as of 2024-11-14. Source: freddiemac.com/pmms.
Optimal Blue Mortgage Market Indices (OBMMI). The OBMMI 30-year conforming index is a daily rate index built from actual lock data on the Optimal Blue secondary marketplace, which handles a large share of US mortgage volume. It moves faster than PMMS and often shows the trend a few days ahead. Current value on this page: 6.87%, as of 2024-11-15. Source: optimalblue.com.
Town data used
Buying power depends on the town you pick.
Property taxes are the big lever. Two southern Maine towns can list a house at the exact same price and produce monthly payments hundreds of dollars apart, because their mil rates are that different. The table below shows the values used in this build.
| Town | County | Mil rate | Median |
|---|---|---|---|
| Portland | Cumberland | $13.55 | $555,000 |
| South Portland | Cumberland | $14.51 | $525,000 |
| Scarborough | Cumberland | $14.71 | $685,000 |
| Cape Elizabeth | Cumberland | $17.02 | $875,000 |
| Falmouth | Cumberland | $16.72 | $875,000 |
| Yarmouth | Cumberland | $19.53 | $725,000 |
| Windham | Cumberland | $15.68 | $495,000 |
| Gorham | Cumberland | $19.03 | $525,000 |
| Westbrook | Cumberland | $18.30 | $470,000 |
| Kennebunk | York | $13.94 | $725,000 |
| Wells | York | $11.11 | $615,000 |
| York | York | $10.10 | $785,000 |
| Kittery | York | $13.44 | $615,000 |
| Saco | York | $19.86 | $495,000 |
| Biddeford | York | $19.32 | $465,000 |
| Old Orchard Beach | York | $14.68 | $555,000 |
| Lewiston | Androscoggin | $28.75 | $285,000 |
| Auburn | Androscoggin | $19.90 | $305,000 |
| Lisbon | Androscoggin | $26.20 | $285,000 |
| Bangor | Penobscot | $22.55 | $245,000 |
| Brunswick | Cumberland | $17.19 | $495,000 |
| Topsham | Sagadahoc | $17.94 | $445,000 |
| Augusta | Kennebec | $20.60 | $285,000 |
| Waterville | Kennebec | $25.06 | $225,000 |
| Sanford | York | $14.99 | $355,000 |
| Presque Isle | Aroostook | $25.72 | $185,000 |
Sources: Maine Revenue Services Property Tax Division / town assessor for mil rates; Maine Association of Realtors county single family report for medians.
FAQ
About the Pulse.
What are current mortgage rates in Maine?
Rates on this page reflect the most recent Freddie Mac Primary Mortgage Market Survey and the Optimal Blue OBMMI daily conforming index. The 30-year fixed is a national product, so headline rates are close to national. Your effective rate depends on credit, LTV, points, and program.
Where does Freddie Mac PMMS come from?
The Primary Mortgage Market Survey is a weekly average of 30-year conforming rate quotes released by Freddie Mac each Thursday. It is the industry's most-quoted rate anchor.
What is the difference between PMMS and OBMMI?
PMMS is a weekly average of quoted rates. OBMMI (Optimal Blue Mortgage Market Indices) is a daily index built from locked loans, so it moves faster and reflects what borrowers are actually paying.
Do mortgage rates in Maine differ from national averages?
The 30-year fixed is priced by the secondary market, so Maine's headline rate tracks national. Effective cost varies more with credit tier, points, LTV, and property type than with the state.
When will mortgage rates go down?
Nobody knows. Rates track the 10-year Treasury and lender spreads, both of which respond to inflation prints, Fed policy, and the secondary market. Buying the house that fits at today's payment and refinancing later if rates improve is usually the safer plan.
Market averages shown are sourced from the named indices and updated on their published schedule. These are market averages, not an offer or commitment to lend, and not a rate available to you. Your actual rate and payment depend on your credit score, down payment, qualifying income, loan type, loan amount, property type and occupancy, loan-to-value, points, and market conditions at lock. Rates change daily and are subject to change without notice. Figures are estimates for illustration only and do not constitute loan approval, a rate lock, or a guarantee. Travis Penny | NMLS #1649161 | Equal Housing Opportunity | nmlsconsumeraccess.org