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Gary

Current Mortgage Rates in Gary, Indiana

Compare mortgage rates and fees for leading lenders in Gary, 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 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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Mortgage Rates in Gary, IN as of January 23, 2020
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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.
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How Do Today's Gary, IN Mortgage Rates Compare?

January 23, 2020

The current average rate for a 30 year fixed rate mortgage in Gary 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
Gary, IN Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.650%
15 Year Fixed Rate
B.BBB%
3.090%
5/1 Adjustable Rate Mortgage
C.CCC%
3.390%

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 $173,595

Based on current mortgage rates and a 10% down payment, you need to make $31,243 per year to buy the median priced home in Gary

With this income, you could qualify for a $156,236 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 $724

The median household income for Gary, IN (Lake County) is $55,431

Based on this income, you can afford a home valued at approximately $307,994

The home price you can afford to buy based on household income in Gary is 177% of the median home value which means housing prices are average. Gary (Lake County) ranks 82 out of 92 counties in Indiana and 2,009 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: $510,400
2 units: $653,550
3 units: $789,950
4 units: $981,700

FHA loan limits for Gary, IN

1 unit: $368,000
2 units: $471,100
3 units: $569,450
4 units: $707,700

VA loan limits for Gary, IN

1 unit: $510,400

Additional Mortgage Resources for Gary, IN Residents

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