Mortgage Tips: Current Rates & Qualifying Amounts

Today's 5 year fixed rates range from 4.79%-5.24%, depending on the type of mortgage (purchase vs. refinance) and whether it's insured/high ratio or uninsured/conventional, and the length of amortization. This makes the avg 5 year fixed rate approx 5.015%. 

 

Here's qualifying examples for that rate using different income amounts with a 25 yr amortization and the current stress test:

$100k income = $463,397 mortgage

$150k income = $695,095 mortgage

$200k income = $926,794 mortgage

$250k income = $1,158,493 mortgage

 

Here's qualifying examples for that rate using different income amounts with a 30 yr amortization and the current stress test:

$100k income = $492,738 mortgage

$150k income = $739,108 mortgage

$200k income = $985,477 mortgage

$250k income = $1,231,847 mortgage

 

*These estimates are for illustration purposes only. Other factors impact what an individual qualifies for. Contact me for details.