Current Mortgage Rates in Boone, Kentucky

Compare mortgage rates and fees for leading lenders in Boone, KY. 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 Boone.

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

Mortgage Rates in Boone, KY as of September 29, 2020
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Data provided by Brown Bag Marketing, Inc. Payments do not include amounts for taxes and insurance premiums. Read through our lender table disclaimer for more on rates and product details.


How Do Today's Boone, KY Mortgage Rates Compare?

September 29, 2020

The current average rate for a 30 year fixed rate mortgage in Boone 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
Boone, KY Rates
30 Year Fixed Rate
15 Year Fixed Rate
5/1 Adjustable Rate Mortgage

How Affordable is Housing in Boone, Kentucky?

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

The median home value for Boone, KY is $212,938

Based on current mortgage rates and a 10% down payment, you need to make $38,323 per year to buy the median priced home in Boone

With this income, you could qualify for a $191,645 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 Boone is $888

The median household income for Boone, KY is $76,705

Based on this income, you can afford a home valued at approximately $426,201

The home price you can afford to buy based on household income in Boone is 200% of the median home value which means housing prices are affordable. Boone ranks 79 out of 120 counties in Kentucky and 1,572 out of 3,142 counties in the United States for housing affordability.

According to the FREEandCLEAR Housing Affordability Index, the housing market in Boone, KY is affordable


Loan Limits for Boone, Kentucky

Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Boone below.

Conforming loan limits for Boone, KY

1 unit: $510,400
2 units: $653,550
3 units: $789,950
4 units: $981,700

FHA loan limits for Boone, KY

1 unit: $331,760
2 units: $424,800
3 units: $513,450
4 units: $638,100

VA loan limits for Boone, KY

1 unit: $510,400

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