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Lakeland

Current Mortgage Rates in Lakeland, Florida

Compare mortgage rates and fees for leading lenders in Lakeland, FL. 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 Lakeland.

We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Lakeland. Plus, shopping lenders is free and there is no obligation.

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Mortgage Rates in Lakeland, FL as of December 7, 2019
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Input your information to receive personalized mortgage quotes from preferred lenders. Comparing proposals from multiple lenders is the best way to save money on your mortgage.

Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. Click for more information on rates and product details.

How Do Today's Lakeland, FL Mortgage Rates Compare?

December 7, 2019

The current average rate for a 30 year fixed rate mortgage in Lakeland 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%

Mortgage Program
Today's
Lakeland, FL Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.690%
15 Year Fixed Rate
B.BBB%
3.150%
5/1 Adjustable Rate Mortgage
C.CCC%
3.350%

How Affordable is Housing in Lakeland, Florida?

The median home value for Lakeland, FL (Polk County) is $173,220

The median household income for Lakeland, FL (Polk County) is $47,394

Based on current mortgage rates and a 10% down payment, you need to make $32,138 per year to buy the median priced home in Lakeland

The home price you can afford to buy based on household income in Lakeland is 147% of the median home value which means housing prices are average

Lakeland (Polk County) ranks 38 out of 67 counties in Florida and 2,577 out of 3,142 counties in the United States for housing affordability.

According to the FREEandCLEAR Housing Affordability Index, the housing market in Lakeland, FL is average

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Loan Limits for Lakeland, Florida

Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Lakeland (Polk County) below.

Conforming loan limits for Lakeland, FL

1 unit: $484,350
2 units: $620,200
3 units: $749,650
4 units: $931,600

FHA loan limits for Lakeland, FL

1 unit: $314,827
2 units: $403,125
3 units: $487,250
4 units: $605,525

VA loan limits for Lakeland, FL

1 unit: $484,350

Additional Mortgage Resources for Lakeland, FL Residents

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Sources

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