Compare mortgage rates and fees for leading lenders in Salem, OR. 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 Salem.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Salem. Plus, shopping lenders is free and there is no obligation.
July 16, 2020
The current average rate for a 30 year fixed rate mortgage in Salem 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 Salem. Understand how much you need to earn to afford a home in Salem, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Salem 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 Salem is right for you.
The median home value for Salem, OR (Marion County) is $298,712
Based on current mortgage rates and a 10% down payment, you need to make $53,760 per year to buy the median priced home in Salem
With this income, you could qualify for a $268,841 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 Salem is $1,245
The median household income for Salem, OR (Marion County) is $56,769
Based on this income, you can afford a home valued at approximately $315,430
The home price you can afford to buy based on household income in Salem is 106% of the median home value which means housing prices are average. Salem (Marion County) ranks 20 out of 36 counties in Oregon and 2,959 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Salem, OR is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Salem (Marion County) below.
Conforming loan limits for Salem, OR
FHA loan limits for Salem, OR
VA loan limits for Salem, OR