Compare mortgage rates and fees for leading lenders in Palm Bay, 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 Palm Bay.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Palm Bay. Plus, shopping lenders is free and there is no obligation.
December 9, 2019
The current average rate for a 30 year fixed rate mortgage in Palm Bay 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 Palm Bay, FL (Brevard County) is $217,871
The median household income for Palm Bay, FL (Brevard County) is $53,112
Based on current mortgage rates and a 10% down payment, you need to make $40,422 per year to buy the median priced home in Palm Bay
The home price you can afford to buy based on household income in Palm Bay is 131% of the median home value which means housing prices are average
Palm Bay (Brevard County) ranks 46 out of 67 counties in Florida and 2,777 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Palm Bay, FL is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Palm Bay (Brevard County) below.
Conforming loan limits for Palm Bay, FL
FHA loan limits for Palm Bay, FL
VA loan limits for Palm Bay, FL
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