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Norfolk

Current Mortgage Rates in Norfolk, Virginia

Compare mortgage rates and fees for leading lenders in Norfolk, 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 Norfolk.

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

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Mortgage Rates in Norfolk, VA as of February 20, 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 Norfolk, VA Mortgage Rates Compare?

February 20, 2020

The current average rate for a 30 year fixed rate mortgage in Norfolk 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
Norfolk, VA 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 Norfolk, Virginia?

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

The median home value for Norfolk, VA is $223,205

Based on current mortgage rates and a 10% down payment, you need to make $40,171 per year to buy the median priced home in Norfolk

With this income, you could qualify for a $200,884 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 Norfolk is $930

The median household income for Norfolk, VA is $49,713

Based on this income, you can afford a home valued at approximately $276,221

The home price you can afford to buy based on household income in Norfolk is 124% of the median home value which means housing prices are average. Norfolk ranks 111 out of 133 counties in Virginia and 2,825 out of 3,142 counties in the United States for housing affordability.

According to the FREEandCLEAR Housing Affordability Index, the housing market in Norfolk, VA is average

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Loan Limits for Norfolk, Virginia

Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Norfolk below.

Conforming loan limits for Norfolk, VA

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

FHA loan limits for Norfolk, VA

1 unit: $458,850
2 units: $587,400
3 units: $710,050
4 units: $882,400

VA loan limits for Norfolk, VA

1 unit: $510,400

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