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Monroe

Current Mortgage Rates in Monroe, North Carolina

Compare mortgage rates and fees for leading lenders in Monroe, NC. 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 Monroe.

We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Monroe. Plus, shopping lenders is free and there is no obligation.

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Mortgage Rates in Monroe, NC as of February 23, 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 Monroe, NC Mortgage Rates Compare?

February 23, 2020

The current average rate for a 30 year fixed rate mortgage in Monroe 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
Monroe, NC Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.650%
15 Year Fixed Rate
B.BBB%
3.090%
5/1 Adjustable Rate Mortgage
C.CCC%
3.390%

How Affordable is Housing in Monroe, North Carolina?

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

The median home value for Monroe, NC (Union County) is $262,980

Based on current mortgage rates and a 10% down payment, you need to make $47,330 per year to buy the median priced home in Monroe

With this income, you could qualify for a $236,682 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 Monroe is $1,096

The median household income for Monroe, NC (Union County) is $74,730

Based on this income, you can afford a home valued at approximately $415,225

The home price you can afford to buy based on household income in Monroe is 158% of the median home value which means housing prices are average. Monroe (Union County) ranks 56 out of 100 counties in North Carolina and 2,402 out of 3,142 counties in the United States for housing affordability.

According to the FREEandCLEAR Housing Affordability Index, the housing market in Monroe, NC is average

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Loan Limits for Monroe, North Carolina

Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Monroe (Union County) below.

Conforming loan limits for Monroe, NC

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

FHA loan limits for Monroe, NC

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

VA loan limits for Monroe, NC

1 unit: $510,400

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