Compare mortgage rates and fees for leading lenders in Norwich, CT. 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 Norwich.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Norwich. Plus, shopping lenders is free and there is no obligation.
December 10, 2019
The current average rate for a 30 year fixed rate mortgage in Norwich 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%
The median home value for Norwich, CT (New London County) is $251,609
The median household income for Norwich, CT (New London County) is $71,533
Based on current mortgage rates and a 10% down payment, you need to make $46,681 per year to buy the median priced home in Norwich
The home price you can afford to buy based on household income in Norwich is 153% of the median home value which means housing prices are average
Norwich (New London County) ranks 6 out of 8 counties in Connecticut and 2,497 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Norwich, CT is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Norwich (New London County) below.
Conforming loan limits for Norwich, CT
FHA loan limits for Norwich, CT
VA loan limits for Norwich, CT
US Census Bureau American Community Survey: https://www.census.gov/programs-surveys/acs
FHFA House Price Index: https://www.fhfa.gov/DataTools/Downloads/Pages/House-Price-Index-Datasets.aspx#qat
Income Growth: https://www.bls.gov
National Average Rates: http://www.freddiemac.com/pmms/
Conforming Loan Limits: https://www.fhfa.gov/DataTools/Downloads/Pages/Conforming-Loan-Limits.aspx
FHA Loan Limits: https://entp.hud.gov/idapp/html/hicostlook.cfm
VA Loan Limits: https://www.benefits.va.gov/homeloans/purchaseco_loan_limits.asp
FREEandCLEAR Housing Affordability Index