Mortgage Rates in Iron Mountain, Michigan — March 2026
Updated March 2026 | Based on Iron Mountain market data and regional lending conditions
Iron Mountain is a growing city in Michigan with a population of 7,396. The current 30-year fixed mortgage rate in Iron Mountain is 6.62%, which is 0.03% below the national average. With a median home price of $191,000 and a 20% down payment of $38,200, homebuyers can expect a monthly principal and interest payment of approximately $978.
Current Mortgage Rates in Iron Mountain, MI
Below are the current average mortgage rates available in the Iron Mountain 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 | 6.62% | 6.65% | -0.03% |
| 15-Year Fixed | 5.89% | 5.89% | 0% |
| 5/1 ARM | 6.17% | 6.15% | +0.02% |
| FHA | 6.43% | 6.25% | +0.18% |
| VA | 6.18% | 6.05% | +0.13% |
| Jumbo | 6.87% | 6.85% | +0.02% |
Iron Mountain Housing Market Overview
The Iron Mountain housing market offers relatively affordable housing compared to many major cities. The median household income in Iron Mountain is $47,700, and the cost of living index is 82.7 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $52,886 to comfortably afford the median-priced home in Iron Mountain, which exceeds the current median household income.
Monthly Payment Breakdown for Iron Mountain
Based on the median home price of $191,000 with 20% down ($38,200), here is what you can expect to pay monthly in Iron Mountain:
15-Year vs. 30-Year Mortgage in Iron Mountain
Choosing a 15-year mortgage in Iron Mountain at 5.89% instead of a 30-year at 6.62% would save you $121,680 in total interest over the life of the loan. However, your monthly payment would be $1,280 instead of $978 — an increase of $302 per month.
Calculate Your Iron Mountain 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 Iron Mountain
What are the current mortgage rates in Iron Mountain, MI?
As of March 2026, the average 30-year fixed mortgage rate in Iron Mountain, Michigan is 6.62%, while the 15-year fixed rate is 5.89%. FHA loans average 6.43% and VA loans 6.18%. These rates are 0.03% below the national average of 6.65%.
How much is a monthly mortgage payment in Iron Mountain?
Based on the median home price of $191,000 with 20% down, the estimated monthly mortgage payment in Iron Mountain is $978 for principal and interest. Including property taxes of $256/month, the total monthly housing cost is approximately $1,234.
What income do I need to buy a home in Iron Mountain?
Using the 28% rule, you would need an annual income of approximately $52,886 to afford the median-priced home in Iron Mountain at $191,000. The median household income in Iron Mountain is $47,700. This means most households would need to either earn above the median or consider homes below $191,000.
Is Iron Mountain a good place to buy a home in 2026?
Iron Mountain offers a below-average cost of living with a cost of living index of 82.7 (national average = 100). The property tax rate in Michigan is 1.61%, which is above the national average. Iron Mountain has a population of 7,396 and offers a very affordable lifestyle.
Mortgage Rates in Other Michigan Cities
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Last updated: March 2026. Rates are approximate averages based on regional lending data for the Iron Mountain, Michigan area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.