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Compare Niles, 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 Niles.
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Loan terms assume conforming mortgage amount on single family residence, 80% LTV ratio and minimum borrower credit score of 740. $150,000 minimum mortgage amount. Borrower is responsible for $1,055 lender fee. Loan terms are subject to change without notice.
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Compare Today's Niles, MI Mortgage Rates
July 27, 2024
Current mortgage rates in Niles, 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 Niles, MI Rates
National Average
Comparison
30 Year Fixed Rate
%
6.669%
15 Year Fixed Rate
%
5.960%
5/1 Adjustable Rate Mortgage
%
6.250%
How Affordable is Housing in Niles, Michigan?
Below we provide helpful information on the real estate market, home prices and housing affordability in Niles. Understand how much you need to earn to afford a home in Niles, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Niles 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 Niles is right for you.
The median home value for Niles, MI (Berrien County) is $221,662
Based on current mortgage rates and a 10% down payment, you need to make $46,242 per year to buy the median priced home in Niles
With this income, you could qualify for a $199,496 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 Niles is $1,071
The median household income for Niles, MI (Berrien County) is $58,375
Based on this income, you can afford a home valued at approximately $279,820
The home price you can afford to buy based on household income in Niles is 126% of the median home value which means housing prices are average.
Niles (Berrien County) ranks 79 out of 83 counties in Michigan and 2,399 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Niles, MI is average
Loan Limits for Niles, Michigan
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Niles (Berrien County) below.
Conforming loan limits for Niles, MI
1 unit:$726,200
2 units:$929,850
3 units:$1,123,900
4 units:$1,396,800
FHA loan limits for Niles, MI
1 unit:$472,030
2 units:$604,400
3 units:$730,525
4 units:$907,900
VA loan limits for Niles, MI
1 unit:$726,200
Additional Mortgage Resources for Niles, MI Residents