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Lorain

Current Mortgage Rates in Lorain, Ohio

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

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

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Mortgage Rates in Lorain, OH as of December 11, 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 Lorain, OH Mortgage Rates Compare?

December 11, 2019

The current average rate for a 30 year fixed rate mortgage in Lorain 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
Lorain, OH Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.690%
15 Year Fixed Rate
B.BBB%
3.150%
5/1 Adjustable Rate Mortgage
C.CCC%
3.350%

How Affordable is Housing in Lorain, Ohio?

The median home value for Lorain, OH is $154,370

The median household income for Lorain, OH is $56,668

Based on current mortgage rates and a 10% down payment, you need to make $28,640 per year to buy the median priced home in Lorain

The home price you can afford to buy based on household income in Lorain is 198% of the median home value which means housing prices are average

Lorain ranks 62 out of 88 counties in Ohio and 1,633 out of 3,142 counties in the United States for housing affordability.

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

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Loan Limits for Lorain, Ohio

Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Lorain below.

Conforming loan limits for Lorain, OH

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

FHA loan limits for Lorain, OH

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

VA loan limits for Lorain, OH

1 unit: $484,350

Additional Mortgage Resources for Lorain, 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