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.
August 19, 2019
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%
The median home value for Salem, OR (Marion County) is $277,356
The median household income for Salem, OR (Marion County) is $55,474
Based on current mortgage rates and a 10% down payment, you need to make $51,458 per year to buy the median priced home in Salem
The home price you can afford to by based on household income in Salem is 108% of the median home value which means housing prices are average
Salem (Marion County) ranks 21 out of 36 counties in Oregon and 2,956 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
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