Compare mortgage rates and fees for leading lenders in Jackson, 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 Jackson.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Jackson. Plus, shopping lenders is free and there is no obligation.
July 5, 2020
The current average rate for a 30 year fixed rate mortgage in Jackson 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%
Below we provide helpful information on the real estate market, home prices and housing affordability in Jackson. Understand how much you need to earn to afford a home in Jackson, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Jackson 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 Jackson is right for you.
The median home value for Jackson, TN (Madison County) is $153,473
Based on current mortgage rates and a 10% down payment, you need to make $27,621 per year to buy the median priced home in Jackson
With this income, you could qualify for a $138,126 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 Jackson is $640
The median household income for Jackson, TN (Madison County) is $46,927
Based on this income, you can afford a home valued at approximately $260,745
The home price you can afford to buy based on household income in Jackson is 170% of the median home value which means housing prices are average. Jackson (Madison County) ranks 47 out of 95 counties in Tennessee and 2,172 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Jackson, TN is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Jackson (Madison County) below.
Conforming loan limits for Jackson, TN
FHA loan limits for Jackson, TN
VA loan limits for Jackson, TN