Compare mortgage rates and fees for leading lenders in Franklin, 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 Franklin.
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October 20, 2019
The current average rate for a 30 year fixed rate mortgage in Franklin 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 Franklin, MO is $179,893
The median household income for Franklin, MO is $55,495
Based on current mortgage rates and a 10% down payment, you need to make $33,376 per year to buy the median priced home in Franklin
The home price you can afford to buy based on household income in Franklin is 166% of the median home value which means housing prices are average
Franklin ranks 103 out of 115 counties in Missouri and 2,266 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Franklin, MO is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Franklin below.
Conforming loan limits for Franklin, MO
FHA loan limits for Franklin, MO
VA loan limits for Franklin, 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