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Akron

Current Mortgage Rates in Akron, Ohio

Compare mortgage rates and fees for leading lenders in Akron, OH. 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 Akron.

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

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Mortgage Rates in Akron, OH as of August 18, 2019
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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.

How Do Today's Akron, OH Mortgage Rates Compare?

August 18, 2019

The current average rate for a 30 year fixed rate mortgage in Akron 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
Akron, OH Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.600%
15 Year Fixed Rate
B.BBB%
3.050%
5/1 Adjustable Rate Mortgage
C.CCC%
3.360%

How Affordable is Housing in Akron, Ohio?

The median home value for Akron, OH (Summit County) is $150,962

The median household income for Akron, OH (Summit County) is $54,920

Based on current mortgage rates and a 10% down payment, you need to make $28,008 per year to buy the median priced home in Akron

The home price you can afford to by based on household income in Akron is 196% of the median home value which means housing prices are average

Akron (Summit County) ranks 65 out of 88 counties in Ohio and 1,671 out of 3,142 counties in the United States for housing affordability.

According to the FREEandCLEAR Housing Affordability Index, the housing market in Akron, OH is average

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Loan Limits for Akron, Ohio

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

Conforming loan limits for Akron, OH

1 unit: $484,350
2 units: $620,200
3 units: $749,650
4 units: $931,600

FHA loan limits for Akron, OH

1 unit: $314,827
2 units: $403,125
3 units: $487,250
4 units: $605,525

VA loan limits for Akron, OH

1 unit: $484,350

Additional Mortgage Resources for Akron, OH Residents

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Sources

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