Mortgage Rates in Cave Spring, Virginia — March 2026
Updated March 2026 | Based on Cave Spring market data and regional lending conditions
Cave Spring is a growing city in Virginia with a population of 24,941. The current 30-year fixed mortgage rate in Cave Spring is 6.69%, which is 0.04% above the national average. With a median home price of $299,000 and a 20% down payment of $59,800, homebuyers can expect a monthly principal and interest payment of approximately $1,542.
Current Mortgage Rates in Cave Spring, VA
Below are the current average mortgage rates available in the Cave Spring area as of March 2026. Rates vary by lender, credit score, and loan-to-value ratio. Use our free calculator above to see your personalized estimate.
| Loan Type | Rate | National Avg | Difference |
|---|---|---|---|
| 30-Year Fixed | 6.69% | 6.65% | +0.04% |
| 15-Year Fixed | 5.94% | 5.89% | +0.05% |
| 5/1 ARM | 6.22% | 6.15% | +0.07% |
| FHA | 6.47% | 6.25% | +0.22% |
| VA | 6.22% | 6.05% | +0.17% |
| Jumbo | 6.94% | 6.85% | +0.09% |
Cave Spring Housing Market Overview
The Cave Spring housing market offers relatively affordable housing compared to many major cities. The median household income in Cave Spring is $77,500, and the cost of living index is 102.9 (national average = 100). Based on the 28% affordability rule, the median income in Cave Spring is sufficient to afford the median-priced home.
Monthly Payment Breakdown for Cave Spring
Based on the median home price of $299,000 with 20% down ($59,800), here is what you can expect to pay monthly in Cave Spring:
15-Year vs. 30-Year Mortgage in Cave Spring
Choosing a 15-year mortgage in Cave Spring at 5.94% instead of a 30-year at 6.69% would save you $193,140 in total interest over the life of the loan. However, your monthly payment would be $2,011 instead of $1,542 — an increase of $469 per month.
Calculate Your Cave Spring Mortgage Payment
Use our free calculator to get a personalized estimate based on your loan amount, interest rate, and term.
Open Free CalculatorFrequently Asked Questions About Mortgages in Cave Spring
What are the current mortgage rates in Cave Spring, VA?
As of March 2026, the average 30-year fixed mortgage rate in Cave Spring, Virginia is 6.69%, while the 15-year fixed rate is 5.94%. FHA loans average 6.47% and VA loans 6.22%. These rates are 0.04% above the national average of 6.65%.
How much is a monthly mortgage payment in Cave Spring?
Based on the median home price of $299,000 with 20% down, the estimated monthly mortgage payment in Cave Spring is $1,542 for principal and interest. Including property taxes of $192/month, the total monthly housing cost is approximately $1,734.
What income do I need to buy a home in Cave Spring?
Using the 28% rule, you would need an annual income of approximately $74,314 to afford the median-priced home in Cave Spring at $299,000. The median household income in Cave Spring is $77,500. The median income is currently sufficient to meet this threshold.
Is Cave Spring a good place to buy a home in 2026?
Cave Spring has a moderate cost of living with a cost of living index of 102.9 (national average = 100). The property tax rate in Virginia is 0.77%, which is below the national average. Cave Spring has a population of 24,941 and offers a balanced lifestyle.
Mortgage Rates in Other Virginia Cities
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Last updated: March 2026. Rates are approximate averages based on regional lending data for the Cave Spring, Virginia area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.