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Compare Richmond, 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 Richmond.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Richmond. Plus, shopping lenders is free and there is no obligation.
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Richmond, KY Mortgage Rates as of November 29, 2023
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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Rate data provided by RateUpdate.com. Displayed by ICB, a division of Mortgage Research Center, NMLS #1907, Equal Housing Opportunity. Payments do not include taxes or insurance premiums. Actual payments will be greater with taxes and insurance included. Rate and product details.
Data provided by Icanbuy. Payments do not include amounts for taxes and insurance premiums. Read through our lender table disclaimer for more information on rates and product details.
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Compare Today's Richmond, KY Mortgage Rates
November 29, 2023
Current mortgage rates in Richmond, 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 Richmond, KY Rates
National Average
Comparison
30 Year Fixed Rate
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7.440%
15 Year Fixed Rate
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6.760%
5/1 Adjustable Rate Mortgage
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6.750%
How Affordable is Housing in Richmond, Kentucky?
Below we provide helpful information on the real estate market, home prices and housing affordability in Richmond. Understand how much you need to earn to afford a home in Richmond, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Richmond 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 Richmond is right for you.
The median home value for Richmond, KY (Madison County) is $229,644
Based on current mortgage rates and a 10% down payment, you need to make $47,907 per year to buy the median priced home in Richmond
With this income, you could qualify for a $206,679 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 Richmond is $1,109
The median household income for Richmond, KY (Madison County) is $53,190
Based on this income, you can afford a home valued at approximately $254,968
The home price you can afford to buy based on household income in Richmond is 111% of the median home value which means housing prices are average.
Richmond (Madison County) ranks 119 out of 120 counties in Kentucky and 2,664 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Richmond, KY is average
Loan Limits for Richmond, Kentucky
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Richmond (Madison County) below.
Conforming loan limits for Richmond, KY
1 unit:$726,200
2 units:$929,850
3 units:$1,123,900
4 units:$1,396,800
FHA loan limits for Richmond, KY
1 unit:$472,030
2 units:$604,400
3 units:$730,525
4 units:$907,900
VA loan limits for Richmond, KY
1 unit:$726,200
Additional Mortgage Resources for Richmond, KY Residents