Mortgage Rates in Kokomo, Indiana — March 2026
Updated March 2026 | Based on Kokomo market data and regional lending conditions
Kokomo is a growing city in Indiana with a population of 58,066. The current 30-year fixed mortgage rate in Kokomo is 6.75%, which is 0.1% above the national average. With a median home price of $115,000 and a 20% down payment of $23,000, homebuyers can expect a monthly principal and interest payment of approximately $597.
Current Mortgage Rates in Kokomo, IN
Below are the current average mortgage rates available in the Kokomo 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 | 6.75% | 6.65% | +0.1% |
| 15-Year Fixed | 5.99% | 5.89% | +0.1% |
| 5/1 ARM | 6.25% | 6.15% | +0.1% |
| FHA | 6.35% | 6.25% | +0.1% |
| VA | 6.15% | 6.05% | +0.1% |
| Jumbo | 6.95% | 6.85% | +0.1% |
Kokomo Housing Market Overview
The Kokomo housing market offers relatively affordable housing compared to many major cities. The median household income in Kokomo is $42,250, and the cost of living index is 78.5 (national average = 100). Based on the 28% affordability rule, the median income in Kokomo is sufficient to afford the median-priced home.
Monthly Payment Breakdown for Kokomo
Based on the median home price of $115,000 with 20% down ($23,000), here is what you can expect to pay monthly in Kokomo:
15-Year vs. 30-Year Mortgage in Kokomo
Choosing a 15-year mortgage in Kokomo at 5.99% instead of a 30-year at 6.75% would save you $75,240 in total interest over the life of the loan. However, your monthly payment would be $776 instead of $597 — an increase of $179 per month.
Calculate Your Kokomo 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 Kokomo
What are the current mortgage rates in Kokomo, IN?
As of March 2026, the average 30-year fixed mortgage rate in Kokomo, Indiana is 6.75%, while the 15-year fixed rate is 5.99%. FHA loans average 6.35% and VA loans 6.15%. These rates are 0.1% above the national average of 6.65%.
How much is a monthly mortgage payment in Kokomo?
Based on the median home price of $115,000 with 20% down, the estimated monthly mortgage payment in Kokomo is $597 for principal and interest. Including property taxes of $81/month, the total monthly housing cost is approximately $678.
What income do I need to buy a home in Kokomo?
Using the 28% rule, you would need an annual income of approximately $29,057 to afford the median-priced home in Kokomo at $115,000. The median household income in Kokomo is $42,250. The median income is currently sufficient to meet this threshold.
Is Kokomo a good place to buy a home in 2026?
Kokomo offers a below-average cost of living with a cost of living index of 78.5 (national average = 100). The property tax rate in Indiana is 0.85%, which is near the national average. Kokomo has a population of 58,066 and offers a very affordable lifestyle.
Mortgage Rates in Other Indiana Cities
Related Tools & Guides
Last updated: March 2026. Rates are approximate averages based on regional lending data for the Kokomo, Indiana area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.