Compare mortgage rates and fees for leading lenders in Portsmouth, 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 Portsmouth.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Portsmouth. Plus, shopping lenders is free and there is no obligation.
July 8, 2020
The current average rate for a 30 year fixed rate mortgage in Portsmouth 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 Portsmouth. Understand how much you need to earn to afford a home in Portsmouth, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Portsmouth 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 Portsmouth is right for you.
The median home value for Portsmouth, VA is $191,318
Based on current mortgage rates and a 10% down payment, you need to make $34,432 per year to buy the median priced home in Portsmouth
With this income, you could qualify for a $172,187 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 Portsmouth is $797
The median household income for Portsmouth, VA is $51,390
Based on this income, you can afford a home valued at approximately $285,538
The home price you can afford to buy based on household income in Portsmouth is 149% of the median home value which means housing prices are average. Portsmouth ranks 80 out of 133 counties in Virginia and 2,538 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Portsmouth, VA is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Portsmouth below.
Conforming loan limits for Portsmouth, VA
FHA loan limits for Portsmouth, VA
VA loan limits for Portsmouth, VA