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South Bend

Current Mortgage Rates in South Bend, Indiana

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.

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Mortgage Rates in South Bend, IN as of November 13, 2019
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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.

How Do Today's South Bend, IN Mortgage Rates Compare?

November 13, 2019

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%

Mortgage Program
Today's
South Bend, IN Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.690%
15 Year Fixed Rate
B.BBB%
3.150%
5/1 Adjustable Rate Mortgage
C.CCC%
3.350%

How Affordable is Housing in South Bend, Indiana?

The median home value for South Bend, IN (St. Joseph County) is $139,007

The median household income for South Bend, IN (St. Joseph County) is $49,592

Based on current mortgage rates and a 10% down payment, you need to make $25,790 per year to buy the median priced home in South Bend

The home price you can afford to buy based on household income in South Bend is 192% 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 1,741 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

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Loan Limits for South Bend, Indiana

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

1 unit: $484,350
2 units: $620,200
3 units: $749,650
4 units: $931,600

FHA loan limits for South Bend, IN

1 unit: $314,827
2 units: $403,125
3 units: $487,250
4 units: $605,525

VA loan limits for South Bend, IN

1 unit: $484,350

Additional Mortgage Resources for South Bend, IN Residents

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Sources

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