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Lower Merion

Current Mortgage Rates in Lower Merion, Pennsylvania

Compare mortgage rates and fees for leading lenders in Lower Merion, PA. 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 Lower Merion.

We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Lower Merion. Plus, shopping lenders is free and there is no obligation.

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Mortgage Rates in Lower Merion, PA as of March 31, 2020
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Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. Click for more information on rates and product details.
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How Do Today's Lower Merion, PA Mortgage Rates Compare?

March 31, 2020

The current average rate for a 30 year fixed rate mortgage in Lower Merion 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%

Mortgage Program
Today's
Lower Merion, PA Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.650%
15 Year Fixed Rate
B.BBB%
3.090%
5/1 Adjustable Rate Mortgage
C.CCC%
3.390%

How Affordable is Housing in Lower Merion, Pennsylvania?

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

The median home value for Lower Merion, PA (Montgomery County) is $345,961

Based on current mortgage rates and a 10% down payment, you need to make $62,264 per year to buy the median priced home in Lower Merion

With this income, you could qualify for a $311,365 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 Lower Merion is $1,442

The median household income for Lower Merion, PA (Montgomery County) is $89,424

Based on this income, you can afford a home valued at approximately $496,872

The home price you can afford to buy based on household income in Lower Merion is 144% of the median home value which means housing prices are average. Lower Merion (Montgomery County) ranks 63 out of 67 counties in Pennsylvania and 2,611 out of 3,142 counties in the United States for housing affordability.

According to the FREEandCLEAR Housing Affordability Index, the housing market in Lower Merion, PA is average

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Loan Limits for Lower Merion, Pennsylvania

Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Lower Merion (Montgomery County) below.

Conforming loan limits for Lower Merion, PA

1 unit: $510,400
2 units: $653,550
3 units: $789,950
4 units: $981,700

FHA loan limits for Lower Merion, PA

1 unit: $408,250
2 units: $522,600
3 units: $631,750
4 units: $785,100

VA loan limits for Lower Merion, PA

1 unit: $510,400

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