Mortgage Rates in Elk Grove, California — March 2026
Updated March 2026 | Based on Elk Grove market data and regional lending conditions
Elk Grove is a growing city in California with a population of 176,124. The current 30-year fixed mortgage rate in Elk Grove is 6.55%, which is 0.1% below the national average. With a median home price of $545,000 and a 20% down payment of $109,000, homebuyers can expect a monthly principal and interest payment of approximately $2,770.
Current Mortgage Rates in Elk Grove, CA
Below are the current average mortgage rates available in the Elk Grove 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 | 6.55% | 6.65% | -0.1% |
| 15-Year Fixed | 5.79% | 5.89% | -0.1% |
| 5/1 ARM | 6.05% | 6.15% | -0.1% |
| FHA | 6.15% | 6.25% | -0.1% |
| VA | 5.95% | 6.05% | -0.1% |
| Jumbo | 6.75% | 6.85% | -0.1% |
Elk Grove Housing Market Overview
The Elk Grove housing market is competitive with prices well above the national median. The median household income in Elk Grove is $82,250, and the cost of living index is 112.5 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $133,500 to comfortably afford the median-priced home in Elk Grove, which exceeds the current median household income.
Monthly Payment Breakdown for Elk Grove
Based on the median home price of $545,000 with 20% down ($109,000), here is what you can expect to pay monthly in Elk Grove:
15-Year vs. 30-Year Mortgage in Elk Grove
Choosing a 15-year mortgage in Elk Grove at 5.79% instead of a 30-year at 6.55% would save you $343,800 in total interest over the life of the loan. However, your monthly payment would be $3,630 instead of $2,770 — an increase of $860 per month.
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Open Free CalculatorFrequently Asked Questions About Mortgages in Elk Grove
What are the current mortgage rates in Elk Grove, CA?
As of March 2026, the average 30-year fixed mortgage rate in Elk Grove, California is 6.55%, while the 15-year fixed rate is 5.79%. FHA loans average 6.15% and VA loans 5.95%. These rates are 0.1% below the national average of 6.65%.
How much is a monthly mortgage payment in Elk Grove?
Based on the median home price of $545,000 with 20% down, the estimated monthly mortgage payment in Elk Grove is $2,770 for principal and interest. Including property taxes of $345/month, the total monthly housing cost is approximately $3,115.
What income do I need to buy a home in Elk Grove?
Using the 28% rule, you would need an annual income of approximately $133,500 to afford the median-priced home in Elk Grove at $545,000. The median household income in Elk Grove is $82,250. This means most households would need to either earn above the median or consider homes below $545,000.
Is Elk Grove a good place to buy a home in 2026?
Elk Grove has a moderate cost of living with a cost of living index of 112.5 (national average = 100). The property tax rate in California is 0.76%, which is below the national average. Elk Grove has a population of 176,124 and offers a balanced lifestyle.
Mortgage Rates in Other California Cities
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Last updated: March 2026. Rates are approximate averages based on regional lending data for the Elk Grove, California area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.