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Sherman

Current Mortgage Rates in Sherman, Texas

Compare mortgage rates and fees for leading lenders in Sherman, TX. 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 Sherman.

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

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Mortgage Rates in Sherman, TX as of February 24, 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 Sherman, TX Mortgage Rates Compare?

February 24, 2020

The current average rate for a 30 year fixed rate mortgage in Sherman 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
Sherman, TX 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 Sherman, Texas?

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

The median home value for Sherman, TX (Grayson County) is $167,251

Based on current mortgage rates and a 10% down payment, you need to make $30,101 per year to buy the median priced home in Sherman

With this income, you could qualify for a $150,526 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 Sherman is $697

The median household income for Sherman, TX (Grayson County) is $55,562

Based on this income, you can afford a home valued at approximately $308,720

The home price you can afford to buy based on household income in Sherman is 185% of the median home value which means housing prices are average. Sherman (Grayson County) ranks 199 out of 254 counties in Texas and 1,872 out of 3,142 counties in the United States for housing affordability.

According to the FREEandCLEAR Housing Affordability Index, the housing market in Sherman, TX is average

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Loan Limits for Sherman, Texas

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

Conforming loan limits for Sherman, TX

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

FHA loan limits for Sherman, TX

1 unit: $331,760
2 units: $424,800
3 units: $513,450
4 units: $638,100

VA loan limits for Sherman, TX

1 unit: $510,400

Additional Mortgage Resources for Sherman, TX Residents

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