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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 August 18, 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 Covington, KY Mortgage Rates Compare?

August 18, 2019

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%
3.600%
15 Year Fixed Rate
B.BBB%
3.050%
5/1 Adjustable Rate Mortgage
C.CCC%
3.360%

How Affordable is Housing in Covington, Kentucky?

The median home value for Covington, KY (Kenton County) is $168,593

The median household income for Covington, KY (Kenton County) is $60,468

Based on current mortgage rates and a 10% down payment, you need to make $31,279 per year to buy the median priced home in Covington

The home price you can afford to by based on household income in Covington is 193% of the median home value which means housing prices are average

Covington (Kenton County) ranks 83 out of 120 counties in Kentucky and 1,717 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: $484,350
2 units: $620,200
3 units: $749,650
4 units: $931,600

FHA loan limits for Covington, KY

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

VA loan limits for Covington, KY

1 unit: $484,350

Additional Mortgage Resources for Covington, KY 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