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Compare Current Covington, Kentucky Mortgage Rates
Compare Covington, KY mortgage rates and fees from top lenders. 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 lowest 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.
Loan terms assume conforming mortgage amount on single family residence, 80% LTV ratio and minimum borrower credit score of 740. $150,000 minimum mortgage amount. Borrower is responsible for $1,055 lender fee. Loan terms are subject to change without notice.
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Compare Today's Covington, KY Mortgage Rates
July 27, 2024
Current mortgage rates in Covington, KY are % for a 30 year fixed rate loan, % for a 15 year fixed loan and % for a 5/1 adjustable rate mortgage (ARM)
Mortgage Program
Today's Covington, KY Rates
National Average
Comparison
30 Year Fixed Rate
%
6.669%
15 Year Fixed Rate
%
5.960%
5/1 Adjustable Rate Mortgage
%
6.250%
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 $239,532
Based on current mortgage rates and a 10% down payment, you need to make $49,970 per year to buy the median priced home in Covington
With this income, you could qualify for a $215,578 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 $1,157
The median household income for Covington, KY (Kenton County) is $71,195
Based on this income, you can afford a home valued at approximately $341,275
The home price you can afford to buy based on household income in Covington is 142% of the median home value which means housing prices are average.
Covington (Kenton County) ranks 108 out of 120 counties in Kentucky and 2,074 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
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:$726,200
2 units:$929,850
3 units:$1,123,900
4 units:$1,396,800
FHA loan limits for Covington, KY
1 unit:$472,030
2 units:$604,400
3 units:$730,525
4 units:$907,900
VA loan limits for Covington, KY
1 unit:$726,200
Additional Mortgage Resources for Covington, KY Residents