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Newark

Compare Current Newark, Ohio Mortgage Rates

Compare Newark, 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 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.

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Newark, OH Mortgage Rates as of May 24, 2022
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Data provided by Icanbuy, LLC. Payments do not include amounts for taxes and insurance premiums. Read through our lender table disclaimer for more information on rates and product details.
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Compare Today's Newark, OH Mortgage Rates

May 24, 2022

Current mortgage rates in Newark, 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
Newark, OH Rates
National
Average
Comparison
30 Year Fixed Rate
%
5.250%
15 Year Fixed Rate
%
4.430%
5/1 Adjustable Rate Mortgage
%
4.080%

How Affordable is Housing in Newark, Ohio?

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

The median home value for Newark, OH (Licking County) is $240,031

Based on current mortgage rates and a 10% down payment, you need to make $39,328 per year to buy the median priced home in Newark

With this income, you could qualify for a $216,028 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 Newark is $911

The median household income for Newark, OH (Licking County) is $71,352

Based on this income, you can afford a home valued at approximately $435,480

The home price you can afford to buy based on household income in Newark is 181% of the median home value which means housing prices are average. Newark (Licking County) ranks 82 out of 88 counties in Ohio and 2,095 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

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Loan Limits for Newark, Ohio

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

1 unit: $647,200
2 units: $828,700
3 units: $1,001,650
4 units: $1,244,850

FHA loan limits for Newark, OH

1 unit: $439,300
2 units: $562,350
3 units: $679,800
4 units: $844,800

VA loan limits for Newark, OH

1 unit: $647,200

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