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Compare Current Cleveland, Tennessee Mortgage Rates
Compare Cleveland, TN 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 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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Cleveland, TN Mortgage Rates as of February 8, 2023
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 Cleveland, TN Mortgage Rates
February 8, 2023
Current mortgage rates in Cleveland, TN 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 Cleveland, TN Rates
National Average
Comparison
30 Year Fixed Rate
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6.090%
15 Year Fixed Rate
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5.140%
5/1 Adjustable Rate Mortgage
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5.125%
How Affordable is Housing in Cleveland, Tennessee?
Below we provide helpful information on the real estate market, home prices and housing affordability in Cleveland. Understand how much you need to earn to afford a home in Cleveland, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Cleveland 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 Cleveland is right for you.
The median home value for Cleveland, TN (Bradley County) is $206,956
Based on current mortgage rates and a 10% down payment, you need to make $33,909 per year to buy the median priced home in Cleveland
With this income, you could qualify for a $186,260 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 Cleveland is $785
The median household income for Cleveland, TN (Bradley County) is $56,711
Based on this income, you can afford a home valued at approximately $346,125
The home price you can afford to buy based on household income in Cleveland is 167% of the median home value which means housing prices are average.
Cleveland (Bradley County) ranks 63 out of 95 counties in Tennessee and 2,361 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
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:$647,200
2 units:$828,700
3 units:$1,001,650
4 units:$1,244,850
FHA loan limits for Cleveland, TN
1 unit:$420,680
2 units:$538,650
3 units:$651,050
4 units:$809,150
VA loan limits for Cleveland, TN
1 unit:$647,200
Additional Mortgage Resources for Cleveland, TN Residents