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Covington

Current Mortgage Rates in Covington, Kentucky

Compare mortgage rates and fees for leading lenders in Covington, 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 Covington.

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

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Mortgage Rates in Covington, KY as of January 20, 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 Covington, KY Mortgage Rates Compare?

January 20, 2020

The current average rate for a 30 year fixed rate mortgage in Covington 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
Covington, KY 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 Covington, Kentucky?

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

The median home value for Covington, KY (Kenton County) is $177,022

Based on current mortgage rates and a 10% down payment, you need to make $31,859 per year to buy the median priced home in Covington

With this income, you could qualify for a $159,320 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 Covington is $738

The median household income for Covington, KY (Kenton County) is $61,880

Based on this income, you can afford a home valued at approximately $343,827

The home price you can afford to buy based on household income in Covington is 194% of the median home value which means housing prices are average. Covington (Kenton County) ranks 83 out of 120 counties in Kentucky and 1,695 out of 3,142 counties in the United States for housing affordability.

According to the FREEandCLEAR Housing Affordability Index, the housing market in Covington, KY is average

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Loan Limits for Covington, Kentucky

Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Covington (Kenton County) below.

Conforming loan limits for Covington, KY

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

FHA loan limits for Covington, KY

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

VA loan limits for Covington, KY

1 unit: $510,400

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