Montana mortgages and home buyers, 2025
Incomes, down payments, rates, loan costs, denials and lenders across Montana's 56 counties, from official HMDA records.
HMDA 2025 data released June 23, 2026
In 2025, lenders reported 8,734 home-purchase mortgages for owner-occupied, single-family homes in Montana. The median buyer borrowed $365,000 on a home valued at $455,000 and reported a household income of $116,000.
Buyers financed a median 85.5% of the home's value (roughly 14.5% down), paid a median 6.625% on 30-year fixed conventional loans and faced median conventional loan costs of $6,560.
Lenders denied 7.7% of completed home-purchase applications.
Key facts
- Median conventional loan costs ($6,560) were 18% higher than the U.S. median ($5,570).
- VA loans were unusually common: 15.6% of purchase mortgages.
- 45.6% of buyers put at least 20% down (financed 80% or less), compared with 38.5% nationally.
- The most common age bracket among borrowers was 25–34 (32.4% of purchase loans).
- 44.5% of purchase mortgages had a single borrower with no co-applicant.
- The most-cited reason for denial was debt-to-income ratio (40.5% of denials with a stated reason).
The 2026 conforming limit is $832,750 for a one-unit home in every Montana county. See every Montana county's 2026 FHA and conforming loan limits.
Montana counties compared
Click a column to sort. Medians shown with at least 30 loans.
| County | Purchase loans | Median loan | Buyer income | Down payment | 30-yr rate | Loan costs | Denial rate | FHA limit |
|---|---|---|---|---|---|---|---|---|
| Beaverhead County | 68 | $335,000 | $112,000 | 10.0% | 6.625% | $6,710 | 10.4% | $541,287 |
| Big Horn County | 24 | — | — | — | — | — | 21.9% | $541,287 |
| Blaine County | 17 | — | — | — | — | — | — | $541,287 |
| Broadwater County | 102 | $475,000 | $137,000 | 18.6% | 6.625% | $6,870 | 7.9% | $541,287 |
| Carbon County | 84 | $345,000 | $111,000 | 20.0% | 6.625% | $7,190 | 8.5% | $754,400 |
| Carter County | 0 | — | — | — | — | — | — | $541,287 |
| Cascade County | 785 | $305,000 | $97,000 | 5.0% | 6.625% | $6,240 | 7.0% | $541,287 |
| Chouteau County | 24 | — | — | — | — | — | — | $541,287 |
| Custer County | 97 | $215,000 | $77,000 | 5.0% | 6.750% | $4,330 | 10.8% | $541,287 |
| Daniels County | 5 | — | — | — | — | — | — | $541,287 |
| Dawson County | 57 | $175,000 | $84,000 | 5.0% | — | — | 6.5% | $541,287 |
| Deer Lodge County | 73 | $265,000 | $90,000 | 5.0% | 6.500% | $5,380 | 9.8% | $541,287 |
| Fallon County | 12 | — | — | — | — | — | — | $541,287 |
| Fergus County | 63 | $285,000 | $89,000 | 11.0% | — | $6,230 | 14.5% | $541,287 |
| Flathead County | 859 | $465,000 | $133,000 | 20.0% | 6.625% | $7,310 | 9.5% | $615,250 |
| Gallatin County | 1,055 | $505,000 | $160,000 | 20.0% | 6.625% | $7,750 | 5.6% | $718,750 |
| Garfield County | 2 | — | — | — | — | — | — | $541,287 |
| Glacier County | 29 | — | — | — | — | — | 20.0% | $541,287 |
| Golden Valley County | 4 | — | — | — | — | — | — | $541,287 |
| Granite County | 21 | — | — | — | — | — | — | $541,287 |
| Hill County | 109 | $225,000 | $88,000 | 5.0% | 6.500% | $4,380 | 7.6% | $541,287 |
| Jefferson County | 114 | $375,000 | $129,000 | 20.0% | 6.624% | $7,080 | 7.1% | $541,287 |
| Judith Basin County | 6 | — | — | — | — | — | — | $541,287 |
| Lake County | 141 | $415,000 | $122,000 | 20.0% | 6.500% | $6,140 | 12.9% | $541,287 |
| Lewis and Clark County | 692 | $395,000 | $120,000 | 15.3% | 6.625% | $7,480 | 7.5% | $541,287 |
| Liberty County | 12 | — | — | — | — | — | — | $541,287 |
| Lincoln County | 149 | $315,000 | $98,000 | 9.4% | 6.740% | $6,190 | 14.1% | $541,287 |
| McCone County | 7 | — | — | — | — | — | — | $541,287 |
| Madison County | 74 | $445,000 | $143,000 | 24.1% | 6.625% | $6,800 | 15.7% | $541,287 |
| Meagher County | 8 | — | — | — | — | — | — | $541,287 |
| Mineral County | 46 | $385,000 | $118,000 | 10.0% | — | — | 6.1% | $598,000 |
| Missoula County | 857 | $435,000 | $133,000 | 20.0% | 6.625% | $6,160 | 6.1% | $598,000 |
| Musselshell County | 25 | — | — | — | — | — | 16.7% | $541,287 |
| Park County | 113 | $395,000 | $119,000 | 20.0% | 6.500% | $6,540 | 5.7% | $563,500 |
| Petroleum County | 1 | — | — | — | — | — | — | $541,287 |
| Phillips County | 22 | — | — | — | — | — | — | $541,287 |
| Pondera County | 34 | $195,000 | $73,000 | — | — | — | 10.5% | $541,287 |
| Powder River County | 7 | — | — | — | — | — | — | $541,287 |
| Powell County | 32 | $275,000 | $100,000 | — | — | — | 13.5% | $541,287 |
| Prairie County | 6 | — | — | — | — | — | — | $541,287 |
| Ravalli County | 332 | $425,000 | $123,000 | 20.0% | 6.625% | $6,010 | 4.2% | $560,050 |
| Richland County | 76 | $255,000 | $113,000 | 5.1% | 6.874% | $4,930 | 8.4% | $541,287 |
| Roosevelt County | 27 | — | — | — | — | — | 12.9% | $541,287 |
| Rosebud County | 26 | — | — | — | — | — | 10.0% | $541,287 |
| Sanders County | 66 | $365,000 | $108,000 | 15.0% | 6.625% | $5,510 | 20.5% | $541,287 |
| Sheridan County | 17 | — | — | — | — | — | — | $541,287 |
| Silver Bow County | 310 | $285,000 | $99,000 | 5.0% | 6.625% | $6,060 | 6.7% | $541,287 |
| Stillwater County | 86 | $345,000 | $108,000 | 9.5% | 6.500% | $5,780 | 6.1% | $754,400 |
| Sweet Grass County | 14 | — | — | — | — | — | — | $541,287 |
| Teton County | 52 | $285,000 | $86,000 | 20.0% | — | $5,920 | 8.5% | $541,287 |
| Toole County | 31 | $165,000 | $80,000 | 8.1% | — | — | 13.9% | $541,287 |
| Treasure County | 1 | — | — | — | — | — | — | $541,287 |
| Valley County | 41 | $205,000 | $81,000 | 5.0% | — | — | 8.3% | $541,287 |
| Wheatland County | 9 | — | — | — | — | — | — | $541,287 |
| Wibaux County | 2 | — | — | — | — | — | — | $541,287 |
| Yellowstone County | 1,803 | $335,000 | $106,000 | 10.0% | 6.500% | $6,970 | 5.9% | $754,400 |
Who bought homes in Montana
Home-purchase mortgages for owner-occupied, single-family (1–4 unit) site-built homes, first liens, originated in 2025.
Values are medians; "middle half" is the 25th to 75th percentile.
Loan type
What the homes were for
All first-lien, closed-end purchase mortgages, including second homes and investors.
Borrower age
Debt-to-income ratio
Monthly debts (including the new payment) as a share of income, as used in underwriting.
What borrowing cost in Montana
Medians for 2025 home-purchase loans. Total loan costs are section D of the Loan Estimate/Closing Disclosure (lender and third-party loan charges, excluding taxes, prepaids and escrow). FHA and VA costs include the upfront mortgage insurance premium or VA funding fee, so compare like with like.
| Measure | Montana | U.S. |
|---|---|---|
| 30-year fixed rate · conventional | 6.625% | 6.625% |
| 30-year fixed rate · FHA | 5.990% | 6.250% |
| 30-year fixed rate · VA | 6.125% | 6.125% |
| 15-year fixed rate · conventional | 5.875% | 5.875% |
| Rate spread vs. APOR · conventional | +0.15 pts | +0.13 pts |
| Total loan costs · conventional | $6,560 | $5,570 |
| Total loan costs · FHA | $12,880 | $11,310 |
| Total loan costs · VA | $6,750 | $6,490 |
| Origination charges (all loan types) | $3,370 | $1,860 |
| Borrowers paying discount points | 56.8% | 51.3% |
| Points paid, when paid (% of loan) | 0.99% | 0.87% |
| Borrowers receiving lender credits | 29.7% | 33.1% |
| Adjustable-rate mortgages | 4.5% | 7.4% |
| Jumbo loans (above conforming limit) | 4.0% | 3.8% |
Medians are shown only when at least 30 loans report the field. Rates are those reported at closing; market rates changed during 2025, which the rate spread (APR minus the average prime offer rate on the lock date) adjusts for.
Approvals and denials
Montana: 748 of 9,671 completed home-purchase applications were denied (7.7%).
Denial rate
| Application | Montana | U.S. |
|---|---|---|
| Home purchase | 7.7% | 8.5% |
| Conventional | 6.9% | 7.1% |
| FHA | 10.3% | 12.5% |
| VA | 8.0% | 8.0% |
| USDA | 15.3% | 12.5% |
| Refinance | 13.9% | 17.9% |
| Cash-out refinance | 30.5% | 33.6% |
Main reason for purchase denials
First reason the lender reported.
Denial rate = denied ÷ (originated + approved but not accepted + denied). Withdrawn and incomplete applications are excluded. Differences between places reflect who applies, not only lender behavior.
Refinancing in Montana
Top mortgage lenders in Montana
| # | Lender | Loans | Share | Denial rate | 30-yr rate* | Spread* | Costs* |
|---|---|---|---|---|---|---|---|
| 1 | United Wholesale Mortgage (UWM) | 1,198 | 9.1% | 5.3% | 6.624% | +0.14 | $6,730 |
| 2 | Stockman Bank of Montana | 1,033 | 7.9% | 2.7% | 6.500% | +0.14 | $6,360 |
| 3 | Rocket Mortgage, LLC | 890 | 6.8% | 15.8% | 6.750% | +0.22 | $6,290 |
| 4 | Glacier Bank | 679 | 5.2% | 20.8% | 6.375% | +0.14 | $7,750 |
| 5 | Evergreen Moneysource Mortgage Company | 676 | 5.1% | 1.1% | 6.625% | +0.22 | $8,970 |
| 6 | Opportunity Bank of Montana | 537 | 4.1% | 4.7% | 6.625% | +0.07 | $5,260 |
| 7 | CrossCountry Mortgage, Inc. | 457 | 3.5% | 1.9% | 6.750% | +0.33 | $6,310 |
| 8 | Veterans United Home Loans | 422 | 3.2% | 7.7% | — | — | — |
| 9 | Guild Mortgage Company | 394 | 3.0% | 3.5% | 6.625% | +0.10 | $7,130 |
| 10 | Rate | 360 | 2.7% | 4.2% | 6.625% | +0.08 | $6,420 |
| 11 | Freedom Mortgage Corporation | 325 | 2.5% | 13.6% | — | — | — |
| 12 | Kind Lending, LLC | 244 | 1.9% | 20.9% | 6.750% | +0.19 | $5,890 |
| 13 | U.S. Bank, N.A. | 227 | 1.7% | 10.1% | 6.500% | +0.02 | $5,170 |
| 14 | Pennymac Loan Services, LLC | 200 | 1.5% | 8.3% | 6.624% | +0.18 | $6,540 |
| 15 | Lower, LLC | 180 | 1.4% | 5.0% | 6.624% | +0.25 | $6,500 |
| 16 | Cornerstone Capital Bank, SSB | 162 | 1.2% | 0.7% | 6.625% | +0.13 | $10,070 |
| 17 | Fairway Independent Mortgage Corporation | 162 | 1.2% | 5.3% | 6.625% | +0.32 | $6,940 |
| 18 | Churchill Mortgage Corporation | 148 | 1.1% | 0.0% | 6.375% | +0.05 | $7,800 |
| 19 | The Yellowstone Bank | 146 | 1.1% | 3.0% | — | — | — |
| 20 | Synergy One Lending, Inc. | 145 | 1.1% | 3.5% | 6.875% | +0.24 | $6,590 |
| 21 | Primelending, a Plainscapital Company | 144 | 1.1% | 0.9% | 6.750% | +0.18 | $5,980 |
| 22 | Union Home Mortgage Corp. | 138 | 1.1% | 3.7% | 6.625% | +0.18 | $9,560 |
| 23 | Newrez LLC | 123 | 0.9% | 2.0% | 6.625% | +0.16 | $7,460 |
| 24 | Calcon Mutual Mortgage LLC | 122 | 0.9% | 7.3% | 5.375% | +0.10 | $11,410 |
| 25 | Wells Fargo Bank, N.A. | 120 | 0.9% | 17.6% | 6.500% | −0.06 | $4,950 |
Largest lenders in Montana by 2025 originations. Loans = home-purchase, refinance and cash-out originations (2025); share = share of those loans here; denial rate = home-purchase applications. *Medians for conventional home-purchase loans, shown with at least 20 loans; spread = APR minus the average prime offer rate at rate lock (percentage points); costs = total loan costs (section D).
Metro areas in Montana
- Billings, MT · 1,973 purchases
- Bozeman, MT · 1,055 purchases
- Helena, MT · 908 purchases
- Missoula, MT · 903 purchases
- Great Falls, MT · 785 purchases
Source: FFIEC/CFPB HMDA 2025 public LAR; FHFA and HUD 2026 loan limits. Methodology