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Roanoke city

Current Mortgage Rates in Roanoke city, Virginia

Compare mortgage rates and fees for leading lenders in Roanoke city, 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 Roanoke city.

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

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Mortgage Rates in Roanoke city, VA as of April 5, 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 Roanoke city, VA Mortgage Rates Compare?

April 5, 2020

The current average rate for a 30 year fixed rate mortgage in Roanoke city 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
Roanoke city, 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 Roanoke city, Virginia?

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

The median home value for Roanoke city, VA is $148,840

Based on current mortgage rates and a 10% down payment, you need to make $26,787 per year to buy the median priced home in Roanoke city

With this income, you could qualify for a $133,956 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 Roanoke city is $620

The median household income for Roanoke city, VA is $43,750

Based on this income, you can afford a home valued at approximately $243,089

The home price you can afford to buy based on household income in Roanoke city is 163% of the median home value which means housing prices are average. Roanoke city ranks 52 out of 133 counties in Virginia and 2,294 out of 3,142 counties in the United States for housing affordability.

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

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Loan Limits for Roanoke city, Virginia

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

Conforming loan limits for Roanoke city, VA

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

FHA loan limits for Roanoke city, VA

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

VA loan limits for Roanoke city, VA

1 unit: $510,400

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