Compare mortgage rates and fees for leading lenders in Schenectady, 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 Schenectady.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Schenectady. Plus, shopping lenders is free and there is no obligation.
December 12, 2019
The current average rate for a 30 year fixed rate mortgage in Schenectady 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 Schenectady, NY is $170,647
The median household income for Schenectady, NY is $63,189
Based on current mortgage rates and a 10% down payment, you need to make $31,660 per year to buy the median priced home in Schenectady
The home price you can afford to buy based on household income in Schenectady is 200% of the median home value which means housing prices are average
Schenectady ranks 31 out of 62 counties in New York and 1,596 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Schenectady, NY is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Schenectady below.
Conforming loan limits for Schenectady, NY
FHA loan limits for Schenectady, NY
VA loan limits for Schenectady, 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