Compare Current Richmond, Kentucky Mortgage Rates

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.

Richmond, KY Mortgage Rates as of May 18, 2024
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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, insurance premiums or private mortgage insurance if applicable. Actual payments will be greater with taxes and insurance included. 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

May 18, 2024

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
Richmond, KY Rates
30 Year Fixed Rate
15 Year Fixed Rate
5/1 Adjustable Rate Mortgage

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

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