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Cleveland

Current Mortgage Rates in Cleveland, Ohio

Compare mortgage rates and fees for leading lenders in Cleveland, 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 Cleveland.

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

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Mortgage Rates in Cleveland, OH as of July 3, 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 Cleveland, OH Mortgage Rates Compare?

July 3, 2020

The current average rate for a 30 year fixed rate mortgage in Cleveland 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
Cleveland, OH 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 Cleveland, Ohio?

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

The median home value for Cleveland, OH (Cuyahoga County) is $150,500

Based on current mortgage rates and a 10% down payment, you need to make $27,086 per year to buy the median priced home in Cleveland

With this income, you could qualify for a $135,450 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 Cleveland is $627

The median household income for Cleveland, OH (Cuyahoga County) is $49,273

Based on this income, you can afford a home valued at approximately $273,777

The home price you can afford to buy based on household income in Cleveland is 182% of the median home value which means housing prices are average. Cleveland (Cuyahoga County) ranks 77 out of 88 counties in Ohio and 1,917 out of 3,142 counties in the United States for housing affordability.

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

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Loan Limits for Cleveland, Ohio

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

Conforming loan limits for Cleveland, OH

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

FHA loan limits for Cleveland, OH

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

VA loan limits for Cleveland, OH

1 unit: $510,400

Additional Mortgage Resources for Cleveland, OH Residents

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