Compare mortgage rates and fees for leading lenders in Lafayette, 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 Lafayette.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Lafayette. Plus, shopping lenders is free and there is no obligation.
July 10, 2020
The current average rate for a 30 year fixed rate mortgage in Lafayette 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%
Below we provide helpful information on the real estate market, home prices and housing affordability in Lafayette. Understand how much you need to earn to afford a home in Lafayette, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Lafayette 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 Lafayette is right for you.
The median home value for Lafayette, IN (Tippecanoe County) is $173,914
Based on current mortgage rates and a 10% down payment, you need to make $31,300 per year to buy the median priced home in Lafayette
With this income, you could qualify for a $156,523 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 Lafayette is $725
The median household income for Lafayette, IN (Tippecanoe County) is $53,245
Based on this income, you can afford a home valued at approximately $295,846
The home price you can afford to buy based on household income in Lafayette is 170% of the median home value which means housing prices are average. Lafayette (Tippecanoe County) ranks 88 out of 92 counties in Indiana and 2,168 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Lafayette, IN is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Lafayette (Tippecanoe County) below.
Conforming loan limits for Lafayette, IN
FHA loan limits for Lafayette, IN
VA loan limits for Lafayette, IN