Mortgage Rates in Oak Park, Michigan — March 2026
Updated March 2026 | Based on Oak Park market data and regional lending conditions
Oak Park is a growing city in Michigan with a population of 29,319. The current 30-year fixed mortgage rate in Oak Park is 6.84%, which is 0.19% above the national average. With a median home price of $192,000 and a 20% down payment of $38,400, homebuyers can expect a monthly principal and interest payment of approximately $1,005.
Current Mortgage Rates in Oak Park, MI
Below are the current average mortgage rates available in the Oak Park 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 | 6.84% | 6.65% | +0.19% |
| 15-Year Fixed | 6.06% | 5.89% | +0.17% |
| 5/1 ARM | 6.3% | 6.15% | +0.15% |
| FHA | 6.54% | 6.25% | +0.29% |
| VA | 6.29% | 6.05% | +0.24% |
| Jumbo | 7.09% | 6.85% | +0.24% |
Oak Park Housing Market Overview
The Oak Park housing market offers relatively affordable housing compared to many major cities. The median household income in Oak Park is $58,800, and the cost of living index is 87.7 (national average = 100). Based on the 28% affordability rule, the median income in Oak Park is sufficient to afford the median-priced home.
Monthly Payment Breakdown for Oak Park
Based on the median home price of $192,000 with 20% down ($38,400), here is what you can expect to pay monthly in Oak Park:
15-Year vs. 30-Year Mortgage in Oak Park
Choosing a 15-year mortgage in Oak Park at 6.06% instead of a 30-year at 6.84% would save you $127,620 in total interest over the life of the loan. However, your monthly payment would be $1,301 instead of $1,005 — an increase of $296 per month.
Calculate Your Oak Park 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 Oak Park
What are the current mortgage rates in Oak Park, MI?
As of March 2026, the average 30-year fixed mortgage rate in Oak Park, Michigan is 6.84%, while the 15-year fixed rate is 6.06%. FHA loans average 6.54% and VA loans 6.29%. These rates are 0.19% above the national average of 6.65%.
How much is a monthly mortgage payment in Oak Park?
Based on the median home price of $192,000 with 20% down, the estimated monthly mortgage payment in Oak Park is $1,005 for principal and interest. Including property taxes of $238/month, the total monthly housing cost is approximately $1,243.
What income do I need to buy a home in Oak Park?
Using the 28% rule, you would need an annual income of approximately $53,271 to afford the median-priced home in Oak Park at $192,000. The median household income in Oak Park is $58,800. The median income is currently sufficient to meet this threshold.
Is Oak Park a good place to buy a home in 2026?
Oak Park offers a below-average cost of living with a cost of living index of 87.7 (national average = 100). The property tax rate in Michigan is 1.49%, which is near the national average. Oak Park has a population of 29,319 and offers a very affordable lifestyle.
Mortgage Rates in Other Michigan Cities
Related Tools & Guides
Last updated: March 2026. Rates are approximate averages based on regional lending data for the Oak Park, Michigan area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.