Mortgage Rates in Hallowell, Maine — March 2026
Updated March 2026 | Based on Hallowell market data and regional lending conditions
Hallowell is a growing city in Maine with a population of 2,381. The current 30-year fixed mortgage rate in Hallowell is 6.67%, which is 0.02% above the national average. With a median home price of $219,000 and a 20% down payment of $43,800, homebuyers can expect a monthly principal and interest payment of approximately $1,127.
Current Mortgage Rates in Hallowell, ME
Below are the current average mortgage rates available in the Hallowell 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 | 6.67% | 6.65% | +0.02% |
| 15-Year Fixed | 5.92% | 5.89% | +0.03% |
| 5/1 ARM | 6.2% | 6.15% | +0.05% |
| FHA | 6.46% | 6.25% | +0.21% |
| VA | 6.21% | 6.05% | +0.16% |
| Jumbo | 6.92% | 6.85% | +0.07% |
Hallowell Housing Market Overview
The Hallowell housing market offers relatively affordable housing compared to many major cities. The median household income in Hallowell is $56,700, and the cost of living index is 99.2 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $59,271 to comfortably afford the median-priced home in Hallowell, which exceeds the current median household income.
Monthly Payment Breakdown for Hallowell
Based on the median home price of $219,000 with 20% down ($43,800), here is what you can expect to pay monthly in Hallowell:
15-Year vs. 30-Year Mortgage in Hallowell
Choosing a 15-year mortgage in Hallowell at 5.92% instead of a 30-year at 6.67% would save you $140,940 in total interest over the life of the loan. However, your monthly payment would be $1,471 instead of $1,127 — an increase of $344 per month.
Calculate Your Hallowell 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 Hallowell
What are the current mortgage rates in Hallowell, ME?
As of March 2026, the average 30-year fixed mortgage rate in Hallowell, Maine is 6.67%, while the 15-year fixed rate is 5.92%. FHA loans average 6.46% and VA loans 6.21%. These rates are 0.02% above the national average of 6.65%.
How much is a monthly mortgage payment in Hallowell?
Based on the median home price of $219,000 with 20% down, the estimated monthly mortgage payment in Hallowell is $1,127 for principal and interest. Including property taxes of $256/month, the total monthly housing cost is approximately $1,383.
What income do I need to buy a home in Hallowell?
Using the 28% rule, you would need an annual income of approximately $59,271 to afford the median-priced home in Hallowell at $219,000. The median household income in Hallowell is $56,700. This means most households would need to either earn above the median or consider homes below $219,000.
Is Hallowell a good place to buy a home in 2026?
Hallowell offers a below-average cost of living with a cost of living index of 99.2 (national average = 100). The property tax rate in Maine is 1.4%, which is near the national average. Hallowell has a population of 2,381 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 Hallowell, Maine area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.