Compare mortgage rates and fees for leading lenders in Columbia, MO. 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 Columbia.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Columbia. 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 Columbia 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 Columbia, MO (Boone County) is $189,904
The median household income for Columbia, MO (Boone County) is $53,595
Based on current mortgage rates and a 10% down payment, you need to make $35,233 per year to buy the median priced home in Columbia
The home price you can afford to buy based on household income in Columbia is 152% of the median home value which means housing prices are average
Columbia (Boone County) ranks 111 out of 115 counties in Missouri and 2,514 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Columbia, MO is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Columbia (Boone County) below.
Conforming loan limits for Columbia, MO
FHA loan limits for Columbia, MO
VA loan limits for Columbia, MO
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