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Elkhart

Current Mortgage Rates in Elkhart, Indiana

Compare mortgage rates and fees for leading lenders in Elkhart, 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 Elkhart.

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

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Mortgage Rates in Elkhart, IN as of September 22, 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 Elkhart, IN Mortgage Rates Compare?

September 22, 2019

The current average rate for a 30 year fixed rate mortgage in Elkhart 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
Elkhart, IN Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.600%
15 Year Fixed Rate
B.BBB%
3.050%
5/1 Adjustable Rate Mortgage
C.CCC%
3.360%

How Affordable is Housing in Elkhart, Indiana?

The median home value for Elkhart, IN is $157,571

The median household income for Elkhart, IN is $54,052

Based on current mortgage rates and a 10% down payment, you need to make $29,234 per year to buy the median priced home in Elkhart

The home price you can afford to buy based on household income in Elkhart is 185% of the median home value which means housing prices are average

Elkhart ranks 81 out of 92 counties in Indiana and 1,882 out of 3,142 counties in the United States for housing affordability.

According to the FREEandCLEAR Housing Affordability Index, the housing market in Elkhart, IN is average

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Loan Limits for Elkhart, Indiana

Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Elkhart below.

Conforming loan limits for Elkhart, IN

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

FHA loan limits for Elkhart, IN

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

VA loan limits for Elkhart, IN

1 unit: $484,350

Additional Mortgage Resources for Elkhart, 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