Compare mortgage rates and fees for leading lenders in El Reno, OK. 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 El Reno.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in El Reno. Plus, shopping lenders is free and there is no obligation.
September 25, 2020
The current average rate for a 30 year fixed rate mortgage in El Reno 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%
Below we provide helpful information on the real estate market, home prices and housing affordability in El Reno. Understand how much you need to earn to afford a home in El Reno, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in El Reno 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 El Reno is right for you.
The median home value for El Reno, OK (Canadian County) is $182,269
Based on current mortgage rates and a 10% down payment, you need to make $32,804 per year to buy the median priced home in El Reno
With this income, you could qualify for a $164,042 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 El Reno is $760
The median household income for El Reno, OK (Canadian County) is $73,002
Based on this income, you can afford a home valued at approximately $405,627
The home price you can afford to buy based on household income in El Reno is 223% of the median home value which means housing prices are affordable. El Reno (Canadian County) ranks 56 out of 77 counties in Oklahoma and 1,127 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in El Reno, OK is affordable
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for El Reno (Canadian County) below.
Conforming loan limits for El Reno, OK
FHA loan limits for El Reno, OK
VA loan limits for El Reno, OK