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.
October 23, 2019
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%
The median home value for Lancaster, OH (Fairfield County) is $200,165
The median household income for Lancaster, OH (Fairfield County) is $65,363
Based on current mortgage rates and a 10% down payment, you need to make $37,137 per year to buy the median priced home in Lancaster
The home price you can afford to buy based on household income in Lancaster is 176% of the median home value which means housing prices are average
Lancaster (Fairfield County) ranks 81 out of 88 counties in Ohio and 2,069 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
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
FHA loan limits for Lancaster, OH
VA loan limits for Lancaster, 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