Mortgage Rates in Gray, Maine — March 2026
Updated March 2026 | Based on Gray market data and regional lending conditions
Gray is a growing city in Maine with a population of 8,453. The current 30-year fixed mortgage rate in Gray is 6.76%, which is 0.11% above the national average. With a median home price of $265,000 and a 20% down payment of $53,000, homebuyers can expect a monthly principal and interest payment of approximately $1,376.
Current Mortgage Rates in Gray, ME
Below are the current average mortgage rates available in the Gray 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 | 6.76% | 6.65% | +0.11% |
| 15-Year Fixed | 6% | 5.89% | +0.11% |
| 5/1 ARM | 6.25% | 6.15% | +0.1% |
| FHA | 6.5% | 6.25% | +0.25% |
| VA | 6.25% | 6.05% | +0.2% |
| Jumbo | 7.01% | 6.85% | +0.16% |
Gray Housing Market Overview
The Gray housing market offers relatively affordable housing compared to many major cities. The median household income in Gray is $57,000, and the cost of living index is 104.8 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $71,657 to comfortably afford the median-priced home in Gray, which exceeds the current median household income.
Monthly Payment Breakdown for Gray
Based on the median home price of $265,000 with 20% down ($53,000), here is what you can expect to pay monthly in Gray:
15-Year vs. 30-Year Mortgage in Gray
Choosing a 15-year mortgage in Gray at 6% instead of a 30-year at 6.76% would save you $173,340 in total interest over the life of the loan. However, your monthly payment would be $1,789 instead of $1,376 — an increase of $413 per month.
Calculate Your Gray 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 Gray
What are the current mortgage rates in Gray, ME?
As of March 2026, the average 30-year fixed mortgage rate in Gray, Maine is 6.76%, while the 15-year fixed rate is 6%. FHA loans average 6.5% and VA loans 6.25%. These rates are 0.11% above the national average of 6.65%.
How much is a monthly mortgage payment in Gray?
Based on the median home price of $265,000 with 20% down, the estimated monthly mortgage payment in Gray is $1,376 for principal and interest. Including property taxes of $296/month, the total monthly housing cost is approximately $1,672.
What income do I need to buy a home in Gray?
Using the 28% rule, you would need an annual income of approximately $71,657 to afford the median-priced home in Gray at $265,000. The median household income in Gray is $57,000. This means most households would need to either earn above the median or consider homes below $265,000.
Is Gray a good place to buy a home in 2026?
Gray has a moderate cost of living with a cost of living index of 104.8 (national average = 100). The property tax rate in Maine is 1.34%, which is near the national average. Gray has a population of 8,453 and offers a balanced lifestyle.
Mortgage Rates in Other Maine Cities
Related Tools & Guides
Last updated: March 2026. Rates are approximate averages based on regional lending data for the Gray, Maine area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.