Compare mortgage rates and fees for leading lenders in Lansing, MI. 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 Lansing.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Lansing. Plus, shopping lenders is free and there is no obligation.
October 22, 2019
The current average rate for a 30 year fixed rate mortgage in Lansing 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 Lansing, MI (Ingham County) is $148,109
The median household income for Lansing, MI (Ingham County) is $50,610
Based on current mortgage rates and a 10% down payment, you need to make $27,479 per year to buy the median priced home in Lansing
The home price you can afford to buy based on household income in Lansing is 184% of the median home value which means housing prices are average
Lansing (Ingham County) ranks 63 out of 83 counties in Michigan and 1,896 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Lansing, MI is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Lansing (Ingham County) below.
Conforming loan limits for Lansing, MI
FHA loan limits for Lansing, MI
VA loan limits for Lansing, MI
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