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Portsmouth

Compare Current Portsmouth, Virginia Mortgage Rates

Compare Portsmouth, VA mortgage rates and fees from top lenders. 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 lowest 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.

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Portsmouth, VA Mortgage Rates as of July 2, 2022
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Data provided by Icanbuy, LLC. Payments do not include amounts for taxes and insurance premiums. Read through our lender table disclaimer for more information on rates and product details.
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Compare Today's Portsmouth, VA Mortgage Rates

July 2, 2022

Current mortgage rates in Portsmouth, VA are % for a 30 year fixed rate loan, % for a 15 year fixed loan and % for a 5/1 adjustable rate mortgage (ARM)

Mortgage Program
Today's
Portsmouth, VA Rates
National
Average
Comparison
30 Year Fixed Rate
%
5.810%
15 Year Fixed Rate
%
4.920%
5/1 Adjustable Rate Mortgage
%
4.410%

How Affordable is Housing in Portsmouth, Virginia?

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 $205,422

Based on current mortgage rates and a 10% down payment, you need to make $33,658 per year to buy the median priced home in Portsmouth

With this income, you could qualify for a $184,880 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 $779

The median household income for Portsmouth, VA is $56,395

Based on this income, you can afford a home valued at approximately $344,192

The home price you can afford to buy based on household income in Portsmouth is 168% of the median home value which means housing prices are average. Portsmouth ranks 63 out of 133 counties in Virginia and 2,352 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

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Loan Limits for Portsmouth, Virginia

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

1 unit: $647,200
2 units: $828,700
3 units: $1,001,650
4 units: $1,244,850

FHA loan limits for Portsmouth, VA

1 unit: $488,750
2 units: $625,700
3 units: $756,300
4 units: $939,900

VA loan limits for Portsmouth, VA

1 unit: $647,200

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