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Lancaster

Current Mortgage Rates in Lancaster, Ohio

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

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

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Mortgage Rates in Lancaster, OH as of August 5, 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 Lancaster, OH Mortgage Rates Compare?

August 5, 2020

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

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

The median home value for Lancaster, OH (Fairfield County) is $211,975

Based on current mortgage rates and a 10% down payment, you need to make $38,150 per year to buy the median priced home in Lancaster

With this income, you could qualify for a $190,777 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 Lancaster is $883

The median household income for Lancaster, OH (Fairfield County) is $66,890

Based on this income, you can afford a home valued at approximately $371,662

The home price you can afford to buy based on household income in Lancaster is 175% of the median home value which means housing prices are average. Lancaster (Fairfield County) ranks 80 out of 88 counties in Ohio and 2,054 out of 3,142 counties in the United States for housing affordability.

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

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Loan Limits for Lancaster, Ohio

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

Conforming loan limits for Lancaster, OH

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

FHA loan limits for Lancaster, OH

1 unit: $373,750
2 units: $478,450
3 units: $578,350
4 units: $718,750

VA loan limits for Lancaster, OH

1 unit: $510,400

Additional Mortgage Resources for Lancaster, OH Residents

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