Compare mortgage rates and fees for leading lenders in Niagara, 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 Niagara.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Niagara. 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 Niagara 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 Niagara, NY is $131,270
The median household income for Niagara, NY is $53,235
Based on current mortgage rates and a 10% down payment, you need to make $24,355 per year to buy the median priced home in Niagara
The home price you can afford to buy based on household income in Niagara is 219% of the median home value which means housing prices are affordable
Niagara ranks 24 out of 62 counties in New York and 1,222 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Niagara, NY is affordable
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Niagara below.
Conforming loan limits for Niagara, NY
FHA loan limits for Niagara, NY
VA loan limits for Niagara, NY
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