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Gary

Compare Current Gary, Indiana Mortgage Rates

Compare Gary, IN 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 Gary.

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

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Gary, IN Mortgage Rates as of February 20, 2024
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Input your information to receive personalized mortgage quotes from preferred lenders. Comparing proposals from multiple lenders is the best way to save money on your mortgage.

Rate data provided by RateUpdate.com. Displayed by ICB, a division of Mortgage Research Center, NMLS #1907, Equal Housing Opportunity. Payments do not include taxes or insurance premiums. Actual payments will be greater with taxes and insurance included. Read through our lender table disclaimer for more information on rates and product details.

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Compare Today's Gary, IN Mortgage Rates

February 20, 2024

Current mortgage rates in Gary, IN 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
Today's
Gary, IN Rates
National
Average
Comparison
30 Year Fixed Rate
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6.669%
15 Year Fixed Rate
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5.960%
5/1 Adjustable Rate Mortgage
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6.250%

How Affordable is Housing in Gary, Indiana?

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

The median home value for Gary, IN (Lake County) is $222,216

Based on current mortgage rates and a 10% down payment, you need to make $46,358 per year to buy the median priced home in Gary

With this income, you could qualify for a $199,994 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 Gary is $1,074

The median household income for Gary, IN (Lake County) is $62,340

Based on this income, you can afford a home valued at approximately $298,827

The home price you can afford to buy based on household income in Gary is 134% of the median home value which means housing prices are average. Gary (Lake County) ranks 87 out of 92 counties in Indiana and 2,238 out of 3,142 counties in the United States for housing affordability.

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

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Loan Limits for Gary, Indiana

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

Conforming loan limits for Gary, IN

1 unit: $726,200
2 units: $929,850
3 units: $1,123,900
4 units: $1,396,800

FHA loan limits for Gary, IN

1 unit: $472,030
2 units: $604,400
3 units: $730,525
4 units: $907,900

VA loan limits for Gary, IN

1 unit: $726,200

Additional Mortgage Resources for Gary, IN Residents

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