Compare mortgage rates and fees for leading lenders in South Bend, 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 South Bend.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in South Bend. Plus, shopping lenders is free and there is no obligation.
September 21, 2020
The current average rate for a 30 year fixed rate mortgage in South Bend 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 South Bend. Understand how much you need to earn to afford a home in South Bend, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in South Bend 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 South Bend is right for you.
The median home value for South Bend, IN (St. Joseph County) is $148,876
Based on current mortgage rates and a 10% down payment, you need to make $26,794 per year to buy the median priced home in South Bend
With this income, you could qualify for a $133,989 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 South Bend is $621
The median household income for South Bend, IN (St. Joseph County) is $50,750
Based on this income, you can afford a home valued at approximately $281,987
The home price you can afford to buy based on household income in South Bend is 189% of the median home value which means housing prices are average. South Bend (St. Joseph County) ranks 75 out of 92 counties in Indiana and 1,780 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in South Bend, IN is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for South Bend (St. Joseph County) below.
Conforming loan limits for South Bend, IN
FHA loan limits for South Bend, IN
VA loan limits for South Bend, IN