Mortgage Rates in Elyria, Ohio — March 2026
Updated March 2026 | Based on Elyria market data and regional lending conditions
Elyria is a growing city in Ohio with a population of 53,775. The current 30-year fixed mortgage rate in Elyria is 6.63%, which is 0.02% below the national average. With a median home price of $197,000 and a 20% down payment of $39,400, homebuyers can expect a monthly principal and interest payment of approximately $1,010.
Current Mortgage Rates in Elyria, OH
Below are the current average mortgage rates available in the Elyria 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 | 6.63% | 6.65% | -0.02% |
| 15-Year Fixed | 5.89% | 5.89% | 0% |
| 5/1 ARM | 6.18% | 6.15% | +0.03% |
| FHA | 6.44% | 6.25% | +0.19% |
| VA | 6.19% | 6.05% | +0.14% |
| Jumbo | 6.88% | 6.85% | +0.03% |
Elyria Housing Market Overview
The Elyria housing market offers relatively affordable housing compared to many major cities. The median household income in Elyria is $56,300, and the cost of living index is 92.5 (national average = 100). Based on the 28% affordability rule, the median income in Elyria is sufficient to afford the median-priced home.
Monthly Payment Breakdown for Elyria
Based on the median home price of $197,000 with 20% down ($39,400), here is what you can expect to pay monthly in Elyria:
15-Year vs. 30-Year Mortgage in Elyria
Choosing a 15-year mortgage in Elyria at 5.89% instead of a 30-year at 6.63% would save you $125,820 in total interest over the life of the loan. However, your monthly payment would be $1,321 instead of $1,010 — an increase of $311 per month.
Calculate Your Elyria 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 Elyria
What are the current mortgage rates in Elyria, OH?
As of March 2026, the average 30-year fixed mortgage rate in Elyria, Ohio is 6.63%, while the 15-year fixed rate is 5.89%. FHA loans average 6.44% and VA loans 6.19%. These rates are 0.02% below the national average of 6.65%.
How much is a monthly mortgage payment in Elyria?
Based on the median home price of $197,000 with 20% down, the estimated monthly mortgage payment in Elyria is $1,010 for principal and interest. Including property taxes of $243/month, the total monthly housing cost is approximately $1,253.
What income do I need to buy a home in Elyria?
Using the 28% rule, you would need an annual income of approximately $53,700 to afford the median-priced home in Elyria at $197,000. The median household income in Elyria is $56,300. The median income is currently sufficient to meet this threshold.
Is Elyria a good place to buy a home in 2026?
Elyria offers a below-average cost of living with a cost of living index of 92.5 (national average = 100). The property tax rate in Ohio is 1.48%, which is near the national average. Elyria has a population of 53,775 and offers a very affordable lifestyle.
Mortgage Rates in Other Ohio Cities
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Last updated: March 2026. Rates are approximate averages based on regional lending data for the Elyria, Ohio area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.