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Cleveland

Current Mortgage Rates in Cleveland, Tennessee

Compare mortgage rates and fees for leading lenders in Cleveland, TN. 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 Cleveland.

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

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Mortgage Rates in Cleveland, TN as of November 11, 2019
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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.

How Do Today's Cleveland, TN Mortgage Rates Compare?

November 11, 2019

The current average rate for a 30 year fixed rate mortgage in Cleveland 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
Cleveland, TN Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.690%
15 Year Fixed Rate
B.BBB%
3.150%
5/1 Adjustable Rate Mortgage
C.CCC%
3.350%

How Affordable is Housing in Cleveland, Tennessee?

The median home value for Cleveland, TN (Bradley County) is $184,869

The median household income for Cleveland, TN (Bradley County) is $47,799

Based on current mortgage rates and a 10% down payment, you need to make $34,299 per year to buy the median priced home in Cleveland

The home price you can afford to buy based on household income in Cleveland is 139% of the median home value which means housing prices are average

Cleveland (Bradley County) ranks 89 out of 95 counties in Tennessee and 2,689 out of 3,142 counties in the United States for housing affordability.

According to the FREEandCLEAR Housing Affordability Index, the housing market in Cleveland, TN is average

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Loan Limits for Cleveland, Tennessee

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

Conforming loan limits for Cleveland, TN

1 unit: $484,350
2 units: $620,200
3 units: $749,650
4 units: $931,600

FHA loan limits for Cleveland, TN

1 unit: $314,827
2 units: $403,125
3 units: $487,250
4 units: $605,525

VA loan limits for Cleveland, TN

1 unit: $484,350

Additional Mortgage Resources for Cleveland, TN Residents

Mortgage Rates for Tennessee Cities

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Spring Hill Mortgage Rates

Sources

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