Compare mortgage rates and fees for leading lenders in Monroe, LA. 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 Monroe.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Monroe. Plus, shopping lenders is free and there is no obligation.
November 13, 2019
The current average rate for a 30 year fixed rate mortgage in Monroe 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%
The median home value for Monroe, LA (Ouachita County) is $157,049
The median household income for Monroe, LA (Ouachita County) is $41,306
Based on current mortgage rates and a 10% down payment, you need to make $29,138 per year to buy the median priced home in Monroe
The home price you can afford to buy based on household income in Monroe is 142% of the median home value which means housing prices are average
Monroe (Ouachita County) ranks 60 out of 64 counties in Louisiana and 2,652 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Monroe, LA is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Monroe (Ouachita County) below.
Conforming loan limits for Monroe, LA
FHA loan limits for Monroe, LA
VA loan limits for Monroe, LA
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