Mortgage Rates in Chesapeake, Virginia — March 2026
Updated March 2026 | Based on Chesapeake market data and regional lending conditions
Chesapeake is a mid-sized city in Virginia with a population of 249,422. The current 30-year fixed mortgage rate in Chesapeake is 6.67%, which is 0.02% above the national average. With a median home price of $335,000 and a 20% down payment of $67,000, homebuyers can expect a monthly principal and interest payment of approximately $1,724.
Current Mortgage Rates in Chesapeake, VA
Below are the current average mortgage rates available in the Chesapeake 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 | 6.67% | 6.65% | +0.02% |
| 15-Year Fixed | 5.91% | 5.89% | +0.02% |
| 5/1 ARM | 6.17% | 6.15% | +0.02% |
| FHA | 6.27% | 6.25% | +0.02% |
| VA | 6.07% | 6.05% | +0.02% |
| Jumbo | 6.87% | 6.85% | +0.02% |
Chesapeake Housing Market Overview
The Chesapeake housing market reflects moderate demand with prices near the national average. The median household income in Chesapeake is $78,440, and the cost of living index is 97.5 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $83,443 to comfortably afford the median-priced home in Chesapeake, which exceeds the current median household income.
Monthly Payment Breakdown for Chesapeake
Based on the median home price of $335,000 with 20% down ($67,000), here is what you can expect to pay monthly in Chesapeake:
15-Year vs. 30-Year Mortgage in Chesapeake
Choosing a 15-year mortgage in Chesapeake at 5.91% instead of a 30-year at 6.67% would save you $215,820 in total interest over the life of the loan. However, your monthly payment would be $2,249 instead of $1,724 — an increase of $525 per month.
Calculate Your Chesapeake 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 Chesapeake
What are the current mortgage rates in Chesapeake, VA?
As of March 2026, the average 30-year fixed mortgage rate in Chesapeake, Virginia is 6.67%, while the 15-year fixed rate is 5.91%. FHA loans average 6.27% and VA loans 6.07%. These rates are 0.02% above the national average of 6.65%.
How much is a monthly mortgage payment in Chesapeake?
Based on the median home price of $335,000 with 20% down, the estimated monthly mortgage payment in Chesapeake is $1,724 for principal and interest. Including property taxes of $223/month, the total monthly housing cost is approximately $1,947.
What income do I need to buy a home in Chesapeake?
Using the 28% rule, you would need an annual income of approximately $83,443 to afford the median-priced home in Chesapeake at $335,000. The median household income in Chesapeake is $78,440. This means most households would need to either earn above the median or consider homes below $335,000.
Is Chesapeake a good place to buy a home in 2026?
Chesapeake offers a below-average cost of living with a cost of living index of 97.5 (national average = 100). The property tax rate in Virginia is 0.8%, which is below the national average. Chesapeake has a population of 249,422 and offers a balanced lifestyle.
Mortgage Rates in Other Virginia Cities
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Last updated: March 2026. Rates are approximate averages based on regional lending data for the Chesapeake, Virginia area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.