Palm Bay

Compare Current Palm Bay, Florida Mortgage Rates

Compare Palm Bay, FL mortgage rates and fees from top lenders. 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 lowest 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.

Palm Bay, FL Mortgage Rates as of June 25, 2022
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Data provided by Icanbuy, LLC. Payments do not include amounts for taxes and insurance premiums. Read through our lender table disclaimer for more information on rates and product details.


Compare Today's Palm Bay, FL Mortgage Rates

June 25, 2022

Current mortgage rates in Palm Bay, FL are % for a 30 year fixed rate loan, % for a 15 year fixed loan and % for a 5/1 adjustable rate mortgage (ARM)

Mortgage Program
Palm Bay, FL Rates
30 Year Fixed Rate
15 Year Fixed Rate
5/1 Adjustable Rate Mortgage

How Affordable is Housing in Palm Bay, Florida?

Below we provide helpful information on the real estate market, home prices and housing affordability in Palm Bay. Understand how much you need to earn to afford a home in Palm Bay, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Palm Bay 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 Palm Bay is right for you.

The median home value for Palm Bay, FL (Brevard County) is $302,077

Based on current mortgage rates and a 10% down payment, you need to make $49,494 per year to buy the median priced home in Palm Bay

With this income, you could qualify for a $271,869 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 Palm Bay is $1,146

The median household income for Palm Bay, FL (Brevard County) is $61,939

Based on this income, you can afford a home valued at approximately $378,034

The home price you can afford to buy based on household income in Palm Bay is 125% of the median home value which means housing prices are average. Palm Bay (Brevard County) ranks 51 out of 67 counties in Florida and 2,845 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


Loan Limits for Palm Bay, Florida

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

1 unit: $647,200
2 units: $828,700
3 units: $1,001,650
4 units: $1,244,850

FHA loan limits for Palm Bay, FL

1 unit: $420,680
2 units: $538,650
3 units: $651,050
4 units: $809,150

VA loan limits for Palm Bay, FL

1 unit: $647,200

Additional Mortgage Resources for Palm Bay, FL Residents

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