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.
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%
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
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
FHA loan limits for Elkhart, IN
VA loan limits for Elkhart, IN
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