Compare mortgage rates and fees for leading lenders in Muskegon, 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 Muskegon.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Muskegon. Plus, shopping lenders is free and there is no obligation.
October 23, 2019
The current average rate for a 30 year fixed rate mortgage in Muskegon 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 Muskegon, MI is $134,168
The median household income for Muskegon, MI is $47,486
Based on current mortgage rates and a 10% down payment, you need to make $24,892 per year to buy the median priced home in Muskegon
The home price you can afford to buy based on household income in Muskegon is 191% of the median home value which means housing prices are average
Muskegon ranks 54 out of 83 counties in Michigan and 1,773 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Muskegon, MI is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Muskegon below.
Conforming loan limits for Muskegon, MI
FHA loan limits for Muskegon, MI
VA loan limits for Muskegon, 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