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Monroe

Compare Current Monroe, Michigan Mortgage Rates

Compare Monroe, 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 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.

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Monroe, MI Mortgage Rates as of May 23, 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 Monroe, MI Mortgage Rates

May 23, 2022

Current mortgage rates in Monroe, 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
Monroe, MI Rates
National
Average
Comparison
30 Year Fixed Rate
%
5.250%
15 Year Fixed Rate
%
4.430%
5/1 Adjustable Rate Mortgage
%
4.080%

How Affordable is Housing in Monroe, Michigan?

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, MI is $208,360

Based on current mortgage rates and a 10% down payment, you need to make $34,139 per year to buy the median priced home in Monroe

With this income, you could qualify for a $187,524 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 $791

The median household income for Monroe, MI is $67,921

Based on this income, you can afford a home valued at approximately $414,541

The home price you can afford to buy based on household income in Monroe is 199% of the median home value which means housing prices are average. Monroe ranks 57 out of 83 counties in Michigan and 1,750 out of 3,142 counties in the United States for housing affordability.

According to the FREEandCLEAR Housing Affordability Index, the housing market in Monroe, MI is average

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Loan Limits for Monroe, Michigan

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

Conforming loan limits for Monroe, MI

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

FHA loan limits for Monroe, MI

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

VA loan limits for Monroe, MI

1 unit: $647,200

Additional Mortgage Resources for Monroe, MI Residents

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