Mortgage Rates in Memphis, Florida — March 2026
Updated March 2026 | Based on Memphis market data and regional lending conditions
Memphis is a smaller Florida community of 32,464 where the housing market reflects local economic conditions. The current 30-year fixed rate here is 6.78% (0.13% above the national average). The median home price of $350,000 translates to roughly $2,079/month with 20% down — requiring an income of about $89,100, which exceeds the local median of $60,000.
Current Mortgage Rates in Memphis, FL
Below are the current average mortgage rates available in the Memphis 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 | 6.78% | 6.65% | +0.13% |
| 15-Year Fixed | 6.01% | 5.89% | +0.12% |
| 5/1 ARM | 6.27% | 6.15% | +0.12% |
| FHA | 6.51% | 6.25% | +0.26% |
| VA | 6.26% | 6.05% | +0.21% |
| Jumbo | 7.03% | 6.85% | +0.18% |
Memphis Housing Market Overview
Housing in Memphis sits near the national average at $350,000. With a median household income of $60,000 and a cost of living index of 102.1, some buyers may need to look at lower price points or consider larger down payments.
Monthly Payment Breakdown for Memphis
Based on the median home price of $350,000 with 20% down ($70,000), here is what you can expect to pay monthly in Memphis:
15-Year vs. 30-Year Mortgage in Memphis
Choosing a 15-year mortgage in Memphis at 6.01% instead of a 30-year at 6.78% would save you $230,400 in total interest over the life of the loan. However, your monthly payment would be $2,364 instead of $1,822 — an increase of $542 per month.
Calculate Your Memphis 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 Memphis
What are the current mortgage rates in Memphis, FL?
As of March 2026, the average 30-year fixed mortgage rate in Memphis, Florida is 6.78%, while the 15-year fixed rate is 6.01%. FHA loans average 6.51% and VA loans 6.26%. These rates are 0.13% above the national average of 6.65%.
How much is a monthly mortgage payment in Memphis?
Based on the median home price of $350,000 with 20% down, the estimated monthly mortgage payment in Memphis is $1,822 for principal and interest. Including property taxes of $257/month, the total monthly housing cost is approximately $2,079.
What income do I need to buy a home in Memphis?
Using the 28% rule, you would need an annual income of approximately $89,100 to afford the median-priced home in Memphis at $350,000. The median household income in Memphis is $60,000. This means most households would need to either earn above the median or consider homes below $350,000.
Is Memphis a good place to buy a home in 2026?
Memphis has a moderate cost of living with a cost of living index of 102.1 (national average = 100). The property tax rate in Florida is 0.88%, which is near the national average. Memphis has a population of 32,464 and offers a balanced lifestyle.
Mortgage Rates in Other Florida Cities
Related Tools & Guides
Last updated: March 2026. Rates are approximate averages based on regional lending data for the Memphis, Florida area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.