Mortgage Rates in Palmyra, Missouri — March 2026
Updated March 2026 | Based on Palmyra market data and regional lending conditions
Palmyra is a smaller Missouri community of 23,151 where home prices remain well below the national median, making homeownership more attainable. The current 30-year fixed rate here is 6.73% (0.08% above the national average). The median home price of $197,500 translates to roughly $1,188/month with 20% down — requiring an income of about $50,914, which exceeds the local median of $50,500.
Current Mortgage Rates in Palmyra, MO
Below are the current average mortgage rates available in the Palmyra 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 | 6.73% | 6.65% | +0.08% |
| 15-Year Fixed | 5.98% | 5.89% | +0.09% |
| 5/1 ARM | 6.24% | 6.15% | +0.09% |
| FHA | 6.49% | 6.25% | +0.24% |
| VA | 6.24% | 6.05% | +0.19% |
| Jumbo | 6.98% | 6.85% | +0.13% |
Palmyra Housing Market Overview
At $197,500, Palmyra offers more affordable housing than most U.S. metros. The local cost of living index is 93.3 (100 = national average), and the median household income of $50,500 still requires careful budgeting at current rate levels.
Monthly Payment Breakdown for Palmyra
Based on the median home price of $197,500 with 20% down ($39,500), here is what you can expect to pay monthly in Palmyra:
15-Year vs. 30-Year Mortgage in Palmyra
Choosing a 15-year mortgage in Palmyra at 5.98% instead of a 30-year at 6.73% would save you $128,520 in total interest over the life of the loan. However, your monthly payment would be $1,332 instead of $1,023 — an increase of $309 per month.
Calculate Your Palmyra 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 Palmyra
What are the current mortgage rates in Palmyra, MO?
As of March 2026, the average 30-year fixed mortgage rate in Palmyra, Missouri is 6.73%, while the 15-year fixed rate is 5.98%. FHA loans average 6.49% and VA loans 6.24%. These rates are 0.08% above the national average of 6.65%.
How much is a monthly mortgage payment in Palmyra?
Based on the median home price of $197,500 with 20% down, the estimated monthly mortgage payment in Palmyra is $1,023 for principal and interest. Including property taxes of $165/month, the total monthly housing cost is approximately $1,188.
What income do I need to buy a home in Palmyra?
Using the 28% rule, you would need an annual income of approximately $50,914 to afford the median-priced home in Palmyra at $197,500. The median household income in Palmyra is $50,500. This means most households would need to either earn above the median or consider homes below $197,500.
Is Palmyra a good place to buy a home in 2026?
Palmyra offers a below-average cost of living with a cost of living index of 93.3 (national average = 100). The property tax rate in Missouri is 1%, which is near the national average. Palmyra has a population of 23,151 and offers a very affordable lifestyle.
Mortgage Rates in Other Missouri Cities
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Last updated: March 2026. Rates are approximate averages based on regional lending data for the Palmyra, Missouri area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.