Compare mortgage rates and fees for leading lenders in Springfield, 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 Springfield.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Springfield. Plus, shopping lenders is free and there is no obligation.
December 11, 2019
The current average rate for a 30 year fixed rate mortgage in Springfield 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 Springfield, MO (Greene County) is $161,320
The median household income for Springfield, MO (Greene County) is $44,495
Based on current mortgage rates and a 10% down payment, you need to make $29,930 per year to buy the median priced home in Springfield
The home price you can afford to buy based on household income in Springfield is 149% of the median home value which means housing prices are average
Springfield (Greene County) ranks 112 out of 115 counties in Missouri and 2,565 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Springfield, MO is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Springfield (Greene County) below.
Conforming loan limits for Springfield, MO
FHA loan limits for Springfield, MO
VA loan limits for Springfield, 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