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.
February 17, 2020
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%
Below we provide helpful information on the real estate market, home prices and housing affordability in Monroe. Understand how much you need to earn to afford a home in Monroe, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Monroe 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 Monroe is right for you.
The median home value for Monroe, LA (Ouachita County) is $157,521
Based on current mortgage rates and a 10% down payment, you need to make $28,350 per year to buy the median priced home in Monroe
With this income, you could qualify for a $141,768 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 Monroe is $657
The median household income for Monroe, LA (Ouachita County) is $42,271
Based on this income, you can afford a home valued at approximately $234,873
The home price you can afford to buy based on household income in Monroe is 149% of the median home value which means housing prices are average. Monroe (Ouachita County) ranks 58 out of 64 counties in Louisiana and 2,539 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