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.
October 22, 2019
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%
The median home value for Cleveland, OH (Cuyahoga County) is $141,182
The median household income for Cleveland, OH (Cuyahoga County) is $48,148
Based on current mortgage rates and a 10% down payment, you need to make $26,194 per year to buy the median priced home in Cleveland
The home price you can afford to buy based on household income in Cleveland is 184% of the median home value which means housing prices are average
Cleveland (Cuyahoga County) ranks 77 out of 88 counties in Ohio and 1,902 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
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
FHA loan limits for Cleveland, OH
VA loan limits for Cleveland, OH
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