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Corning

Current Mortgage Rates in Corning, New York

Compare mortgage rates and fees for leading lenders in Corning, NY. 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 Corning.

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

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Mortgage Rates in Corning, NY as of October 14, 2019
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Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. Click for more information on rates and product details.

How Do Today's Corning, NY Mortgage Rates Compare?

October 14, 2019

The current average rate for a 30 year fixed rate mortgage in Corning 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
Corning, NY Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.600%
15 Year Fixed Rate
B.BBB%
3.050%
5/1 Adjustable Rate Mortgage
C.CCC%
3.360%

How Affordable is Housing in Corning, New York?

The median home value for Corning, NY (Steuben County) is $102,473

The median household income for Corning, NY (Steuben County) is $51,690

Based on current mortgage rates and a 10% down payment, you need to make $19,012 per year to buy the median priced home in Corning

The home price you can afford to buy based on household income in Corning is 272% of the median home value which means housing prices are affordable

Corning (Steuben County) ranks 5 out of 62 counties in New York and 497 out of 3,142 counties in the United States for housing affordability.

According to the FREEandCLEAR Housing Affordability Index, the housing market in Corning, NY is affordable

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Loan Limits for Corning, New York

Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Corning (Steuben County) below.

Conforming loan limits for Corning, NY

1 unit: $484,350
2 units: $620,200
3 units: $749,650
4 units: $931,600

FHA loan limits for Corning, NY

1 unit: $314,827
2 units: $403,125
3 units: $487,250
4 units: $605,525

VA loan limits for Corning, NY

1 unit: $484,350

Additional Mortgage Resources for Corning, NY Residents

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Sources

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