Compare mortgage rates and fees for leading lenders in Newark, 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 Newark.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Newark. 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 Newark 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 Newark, OH (Licking County) is $182,105
The median household income for Newark, OH (Licking County) is $61,574
Based on current mortgage rates and a 10% down payment, you need to make $33,786 per year to buy the median priced home in Newark
The home price you can afford to buy based on household income in Newark is 182% of the median home value which means housing prices are average
Newark (Licking County) ranks 78 out of 88 counties in Ohio and 1,933 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Newark, OH is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Newark (Licking County) below.
Conforming loan limits for Newark, OH
FHA loan limits for Newark, OH
VA loan limits for Newark, 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