Mortgage Rates in El Paso, Texas — March 2026
Updated March 2026 | Based on El Paso market data and regional lending conditions
El Paso is a major metropolitan area in Texas with a population of 678,815. The current 30-year fixed mortgage rate in El Paso is 6.7%, which is 0.05% above the national average. With a median home price of $185,000 and a 20% down payment of $37,000, homebuyers can expect a monthly principal and interest payment of approximately $955.
Current Mortgage Rates in El Paso, TX
Below are the current average mortgage rates available in the El Paso 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 | 6.7% | 6.65% | +0.05% |
| 15-Year Fixed | 5.94% | 5.89% | +0.05% |
| 5/1 ARM | 6.2% | 6.15% | +0.05% |
| FHA | 6.3% | 6.25% | +0.05% |
| VA | 6.1% | 6.05% | +0.05% |
| Jumbo | 6.9% | 6.85% | +0.05% |
El Paso Housing Market Overview
The El Paso housing market offers relatively affordable housing compared to many major cities. The median household income in El Paso is $46,871, and the cost of living index is 85.2 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $52,843 to comfortably afford the median-priced home in El Paso, which exceeds the current median household income.
Monthly Payment Breakdown for El Paso
Based on the median home price of $185,000 with 20% down ($37,000), here is what you can expect to pay monthly in El Paso:
15-Year vs. 30-Year Mortgage in El Paso
Choosing a 15-year mortgage in El Paso at 5.94% instead of a 30-year at 6.7% would save you $119,880 in total interest over the life of the loan. However, your monthly payment would be $1,244 instead of $955 — an increase of $289 per month.
Calculate Your El Paso 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 El Paso
What are the current mortgage rates in El Paso, TX?
As of March 2026, the average 30-year fixed mortgage rate in El Paso, Texas is 6.7%, while the 15-year fixed rate is 5.94%. FHA loans average 6.3% and VA loans 6.1%. These rates are 0.05% above the national average of 6.65%.
How much is a monthly mortgage payment in El Paso?
Based on the median home price of $185,000 with 20% down, the estimated monthly mortgage payment in El Paso is $955 for principal and interest. Including property taxes of $278/month, the total monthly housing cost is approximately $1,233.
What income do I need to buy a home in El Paso?
Using the 28% rule, you would need an annual income of approximately $52,843 to afford the median-priced home in El Paso at $185,000. The median household income in El Paso is $46,871. This means most households would need to either earn above the median or consider homes below $185,000.
Is El Paso a good place to buy a home in 2026?
El Paso offers a below-average cost of living with a cost of living index of 85.2 (national average = 100). The property tax rate in Texas is 1.8%, which is above the national average. As a major city with 678,815 residents, El Paso offers diverse employment opportunities and amenities.
Mortgage Rates in Other Texas Cities
Related Tools & Guides
Last updated: March 2026. Rates are approximate averages based on regional lending data for the El Paso, Texas area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.