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Niagara

Current Mortgage Rates in Niagara, New York

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.

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Mortgage Rates in Niagara, NY as of January 19, 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 Niagara, NY Mortgage Rates Compare?

January 19, 2020

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%

Mortgage Program
Today's
Niagara, 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 Niagara, New York?

Below we provide helpful information on the real estate market, home prices and housing affordability in Niagara. Understand how much you need to earn to afford a home in Niagara, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Niagara 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 Niagara is right for you.

The median home value for Niagara, NY is $141,640

Based on current mortgage rates and a 10% down payment, you need to make $25,492 per year to buy the median priced home in Niagara

With this income, you could qualify for a $127,476 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 Niagara is $590

The median household income for Niagara, NY is $54,479

Based on this income, you can afford a home valued at approximately $302,702

The home price you can afford to buy based on household income in Niagara is 214% of the median home value which means housing prices are affordable. Niagara ranks 25 out of 62 counties in New York and 1,300 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

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Loan Limits for Niagara, New York

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

1 unit: $510,400
2 units: $653,550
3 units: $789,950
4 units: $981,700

FHA loan limits for Niagara, NY

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

VA loan limits for Niagara, NY

1 unit: $510,400

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