Compare mortgage rates and fees for leading lenders in Riverside, 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 Riverside.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Riverside. Plus, shopping lenders is free and there is no obligation.
July 6, 2020
The current average rate for a 30 year fixed rate mortgage in Riverside 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 Riverside. Understand how much you need to earn to afford a home in Riverside, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Riverside 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 Riverside is right for you.
The median home value for Riverside, CA is $409,528
Based on current mortgage rates and a 10% down payment, you need to make $73,704 per year to buy the median priced home in Riverside
With this income, you could qualify for a $368,575 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 Riverside is $1,707
The median household income for Riverside, CA is $64,130
Based on this income, you can afford a home valued at approximately $356,327
The home price you can afford to buy based on household income in Riverside is 87% of the median home value which means housing prices are expensive. Riverside ranks 33 out of 58 counties in California and 3,058 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Riverside, CA is expensive
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Riverside below.
Conforming loan limits for Riverside, CA
FHA loan limits for Riverside, CA
VA loan limits for Riverside, CA