Mortgage Rates in Lima, New York — March 2026
Updated March 2026 | Based on Lima market data and regional lending conditions
Lima is a smaller New York community of 22,755 where the housing market reflects local economic conditions. The current 30-year fixed rate here is 6.82% (0.17% above the national average). The median home price of $295,000 translates to roughly $1,962/month with 20% down — requiring an income of about $84,086, which exceeds the local median of $64,500.
Current Mortgage Rates in Lima, NY
Below are the current average mortgage rates available in the Lima 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 | 6.82% | 6.65% | +0.17% |
| 15-Year Fixed | 6.04% | 5.89% | +0.15% |
| 5/1 ARM | 6.29% | 6.15% | +0.14% |
| FHA | 6.53% | 6.25% | +0.28% |
| VA | 6.28% | 6.05% | +0.23% |
| Jumbo | 7.07% | 6.85% | +0.22% |
Lima Housing Market Overview
At $295,000, Lima offers more affordable housing than most U.S. metros. The local cost of living index is 109.6 (100 = national average), and the median household income of $64,500 still requires careful budgeting at current rate levels.
Monthly Payment Breakdown for Lima
Based on the median home price of $295,000 with 20% down ($59,000), here is what you can expect to pay monthly in Lima:
15-Year vs. 30-Year Mortgage in Lima
Choosing a 15-year mortgage in Lima at 6.04% instead of a 30-year at 6.82% would save you $195,660 in total interest over the life of the loan. However, your monthly payment would be $1,997 instead of $1,542 — an increase of $455 per month.
Calculate Your Lima 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 Lima
What are the current mortgage rates in Lima, NY?
As of March 2026, the average 30-year fixed mortgage rate in Lima, New York is 6.82%, while the 15-year fixed rate is 6.04%. FHA loans average 6.53% and VA loans 6.28%. These rates are 0.17% above the national average of 6.65%.
How much is a monthly mortgage payment in Lima?
Based on the median home price of $295,000 with 20% down, the estimated monthly mortgage payment in Lima is $1,542 for principal and interest. Including property taxes of $420/month, the total monthly housing cost is approximately $1,962.
What income do I need to buy a home in Lima?
Using the 28% rule, you would need an annual income of approximately $84,086 to afford the median-priced home in Lima at $295,000. The median household income in Lima is $64,500. This means most households would need to either earn above the median or consider homes below $295,000.
Is Lima a good place to buy a home in 2026?
Lima has a moderate cost of living with a cost of living index of 109.6 (national average = 100). The property tax rate in New York is 1.71%, which is above the national average. Lima has a population of 22,755 and offers a balanced lifestyle.
Mortgage Rates in Other New York Cities
Related Tools & Guides
Last updated: March 2026. Rates are approximate averages based on regional lending data for the Lima, New York area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.