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Anderson

Current Mortgage Rates in Anderson, Indiana

Compare mortgage rates and fees for leading lenders in Anderson, IN. 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 Anderson.

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

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Mortgage Rates in Anderson, IN as of December 11, 2019
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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 Anderson, IN Mortgage Rates Compare?

December 11, 2019

The current average rate for a 30 year fixed rate mortgage in Anderson 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
Anderson, IN 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 Anderson, Indiana?

The median home value for Anderson, IN (Madison County) is $105,127

The median household income for Anderson, IN (Madison County) is $46,821

Based on current mortgage rates and a 10% down payment, you need to make $19,504 per year to buy the median priced home in Anderson

The home price you can afford to buy based on household income in Anderson is 240% of the median home value which means housing prices are affordable

Anderson (Madison County) ranks 34 out of 92 counties in Indiana and 861 out of 3,142 counties in the United States for housing affordability.

According to the FREEandCLEAR Housing Affordability Index, the housing market in Anderson, IN is affordable

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Loan Limits for Anderson, Indiana

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

Conforming loan limits for Anderson, IN

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

FHA loan limits for Anderson, IN

1 unit: $343,850
2 units: $440,200
3 units: $532,100
4 units: $661,250

VA loan limits for Anderson, IN

1 unit: $484,350

Additional Mortgage Resources for Anderson, IN 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