Mortgage Rates in Cheney, Washington — March 2026
Updated March 2026 | Based on Cheney market data and regional lending conditions
Cheney is a growing city in Washington with a population of 12,390. The current 30-year fixed mortgage rate in Cheney is 6.64%, which is 0.01% below the national average. With a median home price of $507,000 and a 20% down payment of $101,400, homebuyers can expect a monthly principal and interest payment of approximately $2,601.
Current Mortgage Rates in Cheney, WA
Below are the current average mortgage rates available in the Cheney 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 | 6.64% | 6.65% | -0.01% |
| 15-Year Fixed | 5.91% | 5.89% | +0.02% |
| 5/1 ARM | 6.19% | 6.15% | +0.04% |
| FHA | 6.45% | 6.25% | +0.2% |
| VA | 6.2% | 6.05% | +0.15% |
| Jumbo | 6.89% | 6.85% | +0.04% |
Cheney Housing Market Overview
The Cheney housing market is competitive with prices well above the national median. The median household income in Cheney is $70,700, and the cost of living index is 109.2 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $128,871 to comfortably afford the median-priced home in Cheney, which exceeds the current median household income.
Monthly Payment Breakdown for Cheney
Based on the median home price of $507,000 with 20% down ($101,400), here is what you can expect to pay monthly in Cheney:
15-Year vs. 30-Year Mortgage in Cheney
Choosing a 15-year mortgage in Cheney at 5.91% instead of a 30-year at 6.64% would save you $323,820 in total interest over the life of the loan. However, your monthly payment would be $3,403 instead of $2,601 — an increase of $802 per month.
Calculate Your Cheney 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 Cheney
What are the current mortgage rates in Cheney, WA?
As of March 2026, the average 30-year fixed mortgage rate in Cheney, Washington is 6.64%, while the 15-year fixed rate is 5.91%. FHA loans average 6.45% and VA loans 6.2%. These rates are 0.01% below the national average of 6.65%.
How much is a monthly mortgage payment in Cheney?
Based on the median home price of $507,000 with 20% down, the estimated monthly mortgage payment in Cheney is $2,601 for principal and interest. Including property taxes of $406/month, the total monthly housing cost is approximately $3,007.
What income do I need to buy a home in Cheney?
Using the 28% rule, you would need an annual income of approximately $128,871 to afford the median-priced home in Cheney at $507,000. The median household income in Cheney is $70,700. This means most households would need to either earn above the median or consider homes below $507,000.
Is Cheney a good place to buy a home in 2026?
Cheney has a moderate cost of living with a cost of living index of 109.2 (national average = 100). The property tax rate in Washington is 0.96%, which is near the national average. Cheney has a population of 12,390 and offers a balanced lifestyle.
Mortgage Rates in Other Washington Cities
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Last updated: March 2026. Rates are approximate averages based on regional lending data for the Cheney, Washington area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.