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Niles

Current Mortgage Rates in Niles, Michigan

Compare mortgage rates and fees for leading lenders in Niles, 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 Niles.

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

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Mortgage Rates in Niles, MI as of September 24, 2020
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Data provided by Brown Bag Marketing, Inc. Payments do not include amounts for taxes and insurance premiums. Read through our lender table disclaimer for more on rates and product details.
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How Do Today's Niles, MI Mortgage Rates Compare?

September 24, 2020

The current average rate for a 30 year fixed rate mortgage in Niles 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%

Mortgage Program
Today's
Niles, MI Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.650%
15 Year Fixed Rate
B.BBB%
3.090%
5/1 Adjustable Rate Mortgage
C.CCC%
3.390%

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 $170,747

Based on current mortgage rates and a 10% down payment, you need to make $30,730 per year to buy the median priced home in Niles

With this income, you could qualify for a $153,672 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 $712

The median household income for Niles, MI (Berrien County) is $49,707

Based on this income, you can afford a home valued at approximately $276,192

The home price you can afford to buy based on household income in Niles is 162% of the median home value which means housing prices are average. Niles (Berrien County) ranks 74 out of 83 counties in Michigan and 2,318 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

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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: $510,400
2 units: $653,550
3 units: $789,950
4 units: $981,700

FHA loan limits for Niles, MI

1 unit: $331,760
2 units: $424,800
3 units: $513,450
4 units: $638,100

VA loan limits for Niles, MI

1 unit: $510,400

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