Mortgage Rates in Gorham, Maine — March 2026
Updated March 2026 | Based on Gorham market data and regional lending conditions
Gorham is a growing city in Maine with a population of 18,237. The current 30-year fixed mortgage rate in Gorham is 6.64%, which is 0.01% below the national average. With a median home price of $279,000 and a 20% down payment of $55,800, homebuyers can expect a monthly principal and interest payment of approximately $1,431.
Current Mortgage Rates in Gorham, ME
Below are the current average mortgage rates available in the Gorham 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 | 6.64% | 6.65% | -0.01% |
| 15-Year Fixed | 5.9% | 5.89% | +0.01% |
| 5/1 ARM | 6.18% | 6.15% | +0.03% |
| FHA | 6.44% | 6.25% | +0.19% |
| VA | 6.19% | 6.05% | +0.14% |
| Jumbo | 6.89% | 6.85% | +0.04% |
Gorham Housing Market Overview
The Gorham housing market offers relatively affordable housing compared to many major cities. The median household income in Gorham is $53,500, and the cost of living index is 102.6 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $75,086 to comfortably afford the median-priced home in Gorham, which exceeds the current median household income.
Monthly Payment Breakdown for Gorham
Based on the median home price of $279,000 with 20% down ($55,800), here is what you can expect to pay monthly in Gorham:
15-Year vs. 30-Year Mortgage in Gorham
Choosing a 15-year mortgage in Gorham at 5.9% instead of a 30-year at 6.64% would save you $178,380 in total interest over the life of the loan. However, your monthly payment would be $1,871 instead of $1,431 — an increase of $440 per month.
Calculate Your Gorham 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 Gorham
What are the current mortgage rates in Gorham, ME?
As of March 2026, the average 30-year fixed mortgage rate in Gorham, Maine is 6.64%, while the 15-year fixed rate is 5.9%. FHA loans average 6.44% and VA loans 6.19%. These rates are 0.01% below the national average of 6.65%.
How much is a monthly mortgage payment in Gorham?
Based on the median home price of $279,000 with 20% down, the estimated monthly mortgage payment in Gorham is $1,431 for principal and interest. Including property taxes of $321/month, the total monthly housing cost is approximately $1,752.
What income do I need to buy a home in Gorham?
Using the 28% rule, you would need an annual income of approximately $75,086 to afford the median-priced home in Gorham at $279,000. The median household income in Gorham is $53,500. This means most households would need to either earn above the median or consider homes below $279,000.
Is Gorham a good place to buy a home in 2026?
Gorham has a moderate cost of living with a cost of living index of 102.6 (national average = 100). The property tax rate in Maine is 1.38%, which is near the national average. Gorham has a population of 18,237 and offers a balanced lifestyle.
Mortgage Rates in Other Maine Cities
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Last updated: March 2026. Rates are approximate averages based on regional lending data for the Gorham, Maine area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.