Mortgage Rates in Canyon, Texas — March 2026
Updated March 2026 | Based on Canyon market data and regional lending conditions
Canyon is a growing city in Texas with a population of 15,810. The current 30-year fixed mortgage rate in Canyon is 6.64%, which is 0.01% below the national average. With a median home price of $223,000 and a 20% down payment of $44,600, homebuyers can expect a monthly principal and interest payment of approximately $1,144.
Current Mortgage Rates in Canyon, TX
Below are the current average mortgage rates available in the Canyon 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 | 5.9% | 5.89% | +0.01% |
| 5/1 ARM | 6.18% | 6.15% | +0.03% |
| FHA | 6.45% | 6.25% | +0.2% |
| VA | 6.2% | 6.05% | +0.15% |
| Jumbo | 6.89% | 6.85% | +0.04% |
Canyon Housing Market Overview
The Canyon housing market offers relatively affordable housing compared to many major cities. The median household income in Canyon is $58,500, and the cost of living index is 84.2 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $63,771 to comfortably afford the median-priced home in Canyon, which exceeds the current median household income.
Monthly Payment Breakdown for Canyon
Based on the median home price of $223,000 with 20% down ($44,600), here is what you can expect to pay monthly in Canyon:
15-Year vs. 30-Year Mortgage in Canyon
Choosing a 15-year mortgage in Canyon at 5.9% instead of a 30-year at 6.64% would save you $142,560 in total interest over the life of the loan. However, your monthly payment would be $1,496 instead of $1,144 — an increase of $352 per month.
Calculate Your Canyon 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 Canyon
What are the current mortgage rates in Canyon, TX?
As of March 2026, the average 30-year fixed mortgage rate in Canyon, Texas is 6.64%, while the 15-year fixed rate is 5.9%. 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 Canyon?
Based on the median home price of $223,000 with 20% down, the estimated monthly mortgage payment in Canyon is $1,144 for principal and interest. Including property taxes of $344/month, the total monthly housing cost is approximately $1,488.
What income do I need to buy a home in Canyon?
Using the 28% rule, you would need an annual income of approximately $63,771 to afford the median-priced home in Canyon at $223,000. The median household income in Canyon is $58,500. This means most households would need to either earn above the median or consider homes below $223,000.
Is Canyon a good place to buy a home in 2026?
Canyon offers a below-average cost of living with a cost of living index of 84.2 (national average = 100). The property tax rate in Texas is 1.85%, which is above the national average. Canyon has a population of 15,810 and offers a very affordable lifestyle.
Mortgage Rates in Other Texas Cities
Related Tools & Guides
Last updated: March 2026. Rates are approximate averages based on regional lending data for the Canyon, Texas area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.