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.
December 10, 2019
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%
The median home value for Niles, MI (Berrien County) is $160,627
The median household income for Niles, MI (Berrien County) is $48,573
Based on current mortgage rates and a 10% down payment, you need to make $29,801 per year to buy the median priced home in Niles
The home price you can afford to buy based on household income in Niles is 163% of the median home value which means housing prices are average
Niles (Berrien County) ranks 76 out of 83 counties in Michigan and 2,324 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
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
FHA loan limits for Niles, MI
VA loan limits for Niles, 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