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Compare Current Lower Merion, Pennsylvania Mortgage Rates
Compare Lower Merion, PA 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 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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Lower Merion, PA Mortgage Rates as of April 29, 2024
Loan terms assume conforming mortgage amount on single family residence, 80% LTV ratio and minimum borrower credit score of 740. $150,000 minimum mortgage amount. Borrower is responsible for $1,055 lender fee. Loan terms are subject to change without notice.
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Compare Today's Lower Merion, PA Mortgage Rates
April 29, 2024
Current mortgage rates in Lower Merion, PA 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 Lower Merion, PA Rates
National Average
Comparison
30 Year Fixed Rate
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6.669%
15 Year Fixed Rate
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5.960%
5/1 Adjustable Rate Mortgage
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6.250%
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 $413,990
Based on current mortgage rates and a 10% down payment, you need to make $86,365 per year to buy the median priced home in Lower Merion
With this income, you could qualify for a $372,591 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 $2,000
The median household income for Lower Merion, PA (Montgomery County) is $104,398
Based on this income, you can afford a home valued at approximately $500,432
The home price you can afford to buy based on household income in Lower Merion is 121% of the median home value which means housing prices are average.
Lower Merion (Montgomery County) ranks 61 out of 67 counties in Pennsylvania and 2,489 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
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:$726,200
2 units:$929,850
3 units:$1,123,900
4 units:$1,396,800
FHA loan limits for Lower Merion, PA
1 unit:$529,000
2 units:$677,200
3 units:$818,600
4 units:$1,017,300
VA loan limits for Lower Merion, PA
1 unit:$726,200
Additional Mortgage Resources for Lower Merion, PA Residents