Mortgage Rates in Gary, Indiana — March 2026
Updated March 2026 | Based on Gary market data and regional lending conditions
Gary is a growing city in Indiana with a population of 69,093. The current 30-year fixed mortgage rate in Gary is 6.87%, which is 0.22% above the national average. With a median home price of $231,000 and a 20% down payment of $46,200, homebuyers can expect a monthly principal and interest payment of approximately $1,213.
Current Mortgage Rates in Gary, IN
Below are the current average mortgage rates available in the Gary 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 | 6.87% | 6.65% | +0.22% |
| 15-Year Fixed | 6.09% | 5.89% | +0.2% |
| 5/1 ARM | 6.32% | 6.15% | +0.17% |
| FHA | 6.56% | 6.25% | +0.31% |
| VA | 6.31% | 6.05% | +0.26% |
| Jumbo | 7.12% | 6.85% | +0.27% |
Gary Housing Market Overview
The Gary housing market offers relatively affordable housing compared to many major cities. The median household income in Gary is $59,800, and the cost of living index is 87.4 (national average = 100). Based on the 28% affordability rule, the median income in Gary is sufficient to afford the median-priced home.
Monthly Payment Breakdown for Gary
Based on the median home price of $231,000 with 20% down ($46,200), here is what you can expect to pay monthly in Gary:
15-Year vs. 30-Year Mortgage in Gary
Choosing a 15-year mortgage in Gary at 6.09% instead of a 30-year at 6.87% would save you $154,440 in total interest over the life of the loan. However, your monthly payment would be $1,568 instead of $1,213 — an increase of $355 per month.
Calculate Your Gary 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 Gary
What are the current mortgage rates in Gary, IN?
As of March 2026, the average 30-year fixed mortgage rate in Gary, Indiana is 6.87%, while the 15-year fixed rate is 6.09%. FHA loans average 6.56% and VA loans 6.31%. These rates are 0.22% above the national average of 6.65%.
How much is a monthly mortgage payment in Gary?
Based on the median home price of $231,000 with 20% down, the estimated monthly mortgage payment in Gary is $1,213 for principal and interest. Including property taxes of $169/month, the total monthly housing cost is approximately $1,382.
What income do I need to buy a home in Gary?
Using the 28% rule, you would need an annual income of approximately $59,229 to afford the median-priced home in Gary at $231,000. The median household income in Gary is $59,800. The median income is currently sufficient to meet this threshold.
Is Gary a good place to buy a home in 2026?
Gary offers a below-average cost of living with a cost of living index of 87.4 (national average = 100). The property tax rate in Indiana is 0.88%, which is near the national average. Gary has a population of 69,093 and offers a very affordable lifestyle.
Mortgage Rates in Other Indiana Cities
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Last updated: March 2026. Rates are approximate averages based on regional lending data for the Gary, Indiana area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.