Compare mortgage rates and fees for leading lenders in Conway, AR. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lender offering the best mortgage rates in Conway.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Conway. Plus, shopping lenders is free and there is no obligation.
July 8, 2020
The current average rate for a 30 year fixed rate mortgage in Conway is A.AAA%, the rate for a 15 year fixed rate mortgage is B.BBB% and the rate for a 5/1 adjustable rate mortgage (ARM) is C.CCC%
Below we provide helpful information on the real estate market, home prices and housing affordability in Conway. Understand how much you need to earn to afford a home in Conway, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Conway fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Conway is right for you.
The median home value for Conway, AR (Faulkner County) is $177,822
Based on current mortgage rates and a 10% down payment, you need to make $32,003 per year to buy the median priced home in Conway
With this income, you could qualify for a $160,040 mortgage, assuming your monthly debt expense is reasonable
Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Conway is $741
The median household income for Conway, AR (Faulkner County) is $53,065
Based on this income, you can afford a home valued at approximately $294,850
The home price you can afford to buy based on household income in Conway is 166% of the median home value which means housing prices are average. Conway (Faulkner County) ranks 71 out of 75 counties in Arkansas and 2,251 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Conway, AR is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Conway (Faulkner County) below.
Conforming loan limits for Conway, AR
FHA loan limits for Conway, AR
VA loan limits for Conway, AR