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Richmond

Current Mortgage Rates in Richmond, Kentucky

Compare mortgage rates and fees for leading lenders in Richmond, 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 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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Mortgage Rates in Richmond, KY as of September 28, 2020
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Data provided by Brown Bag Marketing, Inc. Payments do not include amounts for taxes and insurance premiums. Read through our lender table disclaimer for more on rates and product details.
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How Do Today's Richmond, KY Mortgage Rates Compare?

September 28, 2020

The current average rate for a 30 year fixed rate mortgage in Richmond 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
Richmond, KY Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.650%
15 Year Fixed Rate
B.BBB%
3.090%
5/1 Adjustable Rate Mortgage
C.CCC%
3.390%

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 $177,578

Based on current mortgage rates and a 10% down payment, you need to make $31,960 per year to buy the median priced home in Richmond

With this income, you could qualify for a $159,821 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 $740

The median household income for Richmond, KY (Madison County) is $49,224

Based on this income, you can afford a home valued at approximately $273,508

The home price you can afford to buy based on household income in Richmond is 154% of the median home value which means housing prices are average. Richmond (Madison County) ranks 118 out of 120 counties in Kentucky and 2,463 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

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

FHA loan limits for Richmond, KY

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

VA loan limits for Richmond, KY

1 unit: $510,400

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