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Compare Medina, OH mortgage rates and fees from top lenders. 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 lowest mortgage rates in Medina.
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Medina, OH Mortgage Rates as of September 30, 2023
Loan terms assume conforming mortgage amount on single family residence, 80% LTV ratio and minimum borrower credit score of 740. $150,000 minimum mortgage amount. Borrower is responsible for $1,055 lender fee. Loan terms are subject to change without notice.
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Compare Today's Medina, OH Mortgage Rates
September 30, 2023
Current mortgage rates in Medina, OH are % for a 30 year fixed rate loan, % for a 15 year fixed loan and % for a 5/1 adjustable rate mortgage (ARM)
Mortgage Program
Today's Medina, OH Rates
National Average
Comparison
30 Year Fixed Rate
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7.190%
15 Year Fixed Rate
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6.540%
5/1 Adjustable Rate Mortgage
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6.750%
How Affordable is Housing in Medina, Ohio?
Below we provide helpful information on the real estate market, home prices and housing affordability in Medina. Understand how much you need to earn to afford a home in Medina, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Medina 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 Medina is right for you.
The median home value for Medina, OH is $275,296
Based on current mortgage rates and a 10% down payment, you need to make $57,431 per year to buy the median priced home in Medina
With this income, you could qualify for a $247,766 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 Medina is $1,330
The median household income for Medina, OH is $87,911
Based on this income, you can afford a home valued at approximately $421,401
The home price you can afford to buy based on household income in Medina is 153% of the median home value which means housing prices are average.
Medina ranks 66 out of 88 counties in Ohio and 1,796 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Medina, OH is average
Loan Limits for Medina, Ohio
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Medina below.
Conforming loan limits for Medina, OH
1 unit:$726,200
2 units:$929,850
3 units:$1,123,900
4 units:$1,396,800
FHA loan limits for Medina, OH
1 unit:$472,030
2 units:$604,400
3 units:$730,525
4 units:$907,900
VA loan limits for Medina, OH
1 unit:$726,200
Additional Mortgage Resources for Medina, OH Residents