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Jackson

Compare Current Jackson, Michigan Mortgage Rates

Compare Jackson, MI 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 Jackson.

We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Jackson. Plus, shopping lenders is free and there is no obligation.

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Jackson, MI Mortgage Rates as of July 2, 2022
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Data provided by Icanbuy, LLC. 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 Jackson, MI Mortgage Rates

July 2, 2022

Current mortgage rates in Jackson, MI 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
Jackson, MI Rates
National
Average
Comparison
30 Year Fixed Rate
%
5.810%
15 Year Fixed Rate
%
4.920%
5/1 Adjustable Rate Mortgage
%
4.410%

How Affordable is Housing in Jackson, Michigan?

Below we provide helpful information on the real estate market, home prices and housing affordability in Jackson. Understand how much you need to earn to afford a home in Jackson, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Jackson 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 Jackson is right for you.

The median home value for Jackson, MI is $173,338

Based on current mortgage rates and a 10% down payment, you need to make $28,401 per year to buy the median priced home in Jackson

With this income, you could qualify for a $156,004 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 Jackson is $658

The median household income for Jackson, MI is $59,582

Based on this income, you can afford a home valued at approximately $363,646

The home price you can afford to buy based on household income in Jackson is 210% of the median home value which means housing prices are affordable. Jackson ranks 46 out of 83 counties in Michigan and 1,538 out of 3,142 counties in the United States for housing affordability.

According to the FREEandCLEAR Housing Affordability Index, the housing market in Jackson, MI is affordable

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Loan Limits for Jackson, Michigan

Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Jackson below.

Conforming loan limits for Jackson, MI

1 unit: $647,200
2 units: $828,700
3 units: $1,001,650
4 units: $1,244,850

FHA loan limits for Jackson, MI

1 unit: $420,680
2 units: $538,650
3 units: $651,050
4 units: $809,150

VA loan limits for Jackson, MI

1 unit: $647,200

Additional Mortgage Resources for Jackson, MI Residents

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