Compare mortgage rates and fees for leading lenders in Merced, CA. 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 Merced.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Merced. Plus, shopping lenders is free and there is no obligation.
April 4, 2020
The current average rate for a 30 year fixed rate mortgage in Merced 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 Merced. Understand how much you need to earn to afford a home in Merced, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Merced 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 Merced is right for you.
The median home value for Merced, CA is $305,745
Based on current mortgage rates and a 10% down payment, you need to make $55,026 per year to buy the median priced home in Merced
With this income, you could qualify for a $275,170 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 Merced is $1,274
The median household income for Merced, CA is $48,870
Based on this income, you can afford a home valued at approximately $271,539
The home price you can afford to buy based on household income in Merced is 89% of the median home value which means housing prices are expensive. Merced ranks 28 out of 58 counties in California and 3,049 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Merced, CA is expensive
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Merced below.
Conforming loan limits for Merced, CA
FHA loan limits for Merced, CA
VA loan limits for Merced, CA