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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 January 20, 2020
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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.
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How Do Today's Corning, NY Mortgage Rates Compare?

January 20, 2020

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%
3.690%
15 Year Fixed Rate
B.BBB%
3.150%
5/1 Adjustable Rate Mortgage
C.CCC%
3.350%

How Affordable is Housing in Corning, New York?

Below we provide helpful information on the real estate market, home prices and housing affordability in Corning. Understand how much you need to earn to afford a home in Corning, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Corning fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Corning is right for you.

The median home value for Corning, NY (Steuben County) is $110,568

Based on current mortgage rates and a 10% down payment, you need to make $19,899 per year to buy the median priced home in Corning

With this income, you could qualify for a $99,511 mortgage, assuming your monthly debt expense is reasonable

Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Corning is $461

The median household income for Corning, NY (Steuben County) is $52,898

Based on this income, you can afford a home valued at approximately $293,918

The home price you can afford to buy based on household income in Corning is 266% of the median home value which means housing prices are affordable. Corning (Steuben County) ranks 5 out of 62 counties in New York and 557 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: $510,400
2 units: $653,550
3 units: $789,950
4 units: $981,700

FHA loan limits for Corning, NY

1 unit: $331,760
2 units: $424,800
3 units: $513,450
4 units: $638,100

VA loan limits for Corning, NY

1 unit: $510,400

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