Compare mortgage rates and fees for leading lenders in Putnam, 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 Putnam.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Putnam. Plus, shopping lenders is free and there is no obligation.
December 16, 2019
The current average rate for a 30 year fixed rate mortgage in Putnam 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 Putnam, NY is $378,045
The median household income for Putnam, NY is $102,653
Based on current mortgage rates and a 10% down payment, you need to make $70,139 per year to buy the median priced home in Putnam
The home price you can afford to buy based on household income in Putnam is 146% of the median home value which means housing prices are average
Putnam ranks 49 out of 62 counties in New York and 2,592 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Putnam, NY is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Putnam below.
Conforming loan limits for Putnam, NY
FHA loan limits for Putnam, NY
VA loan limits for Putnam, 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