Compare mortgage rates and fees for leading lenders in Newport News, VA. 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 Newport News.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Newport News. Plus, shopping lenders is free and there is no obligation.
February 24, 2020
The current average rate for a 30 year fixed rate mortgage in Newport News 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 Newport News. Understand how much you need to earn to afford a home in Newport News, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Newport News 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 Newport News is right for you.
The median home value for Newport News, VA is $210,210
Based on current mortgage rates and a 10% down payment, you need to make $37,832 per year to buy the median priced home in Newport News
With this income, you could qualify for a $189,189 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 Newport News is $876
The median household income for Newport News, VA is $53,873
Based on this income, you can afford a home valued at approximately $299,339
The home price you can afford to buy based on household income in Newport News is 142% of the median home value which means housing prices are average. Newport News ranks 92 out of 133 counties in Virginia and 2,629 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Newport News, VA is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Newport News below.
Conforming loan limits for Newport News, VA
FHA loan limits for Newport News, VA
VA loan limits for Newport News, VA