Mortgage Rates in Lima, Ohio — March 2026
Updated March 2026 | Based on Lima market data and regional lending conditions
Lima is a growing city in Ohio with a population of 35,821. The current 30-year fixed mortgage rate in Lima is 6.2%, which is 0.45% below the national average. With a median home price of $95,000 and a 20% down payment of $19,000, homebuyers can expect a monthly principal and interest payment of approximately $465.
Current Mortgage Rates in Lima, OH
Below are the current average mortgage rates available in the Lima 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 | 6.2% | 6.65% | -0.45% |
| 15-Year Fixed | 5.44% | 5.89% | -0.45% |
| 5/1 ARM | 5.7% | 6.15% | -0.45% |
| FHA | 5.8% | 6.25% | -0.45% |
| VA | 5.6% | 6.05% | -0.45% |
| Jumbo | 6.4% | 6.85% | -0.45% |
Lima Housing Market Overview
The Lima housing market offers relatively affordable housing compared to many major cities. The median household income in Lima is $30,000, and the cost of living index is 76 (national average = 100). Based on the 28% affordability rule, the median income in Lima is sufficient to afford the median-priced home.
Monthly Payment Breakdown for Lima
Based on the median home price of $95,000 with 20% down ($19,000), here is what you can expect to pay monthly in Lima:
15-Year vs. 30-Year Mortgage in Lima
Choosing a 15-year mortgage in Lima at 5.44% instead of a 30-year at 6.2% would save you $55,980 in total interest over the life of the loan. However, your monthly payment would be $619 instead of $465 — an increase of $154 per month.
Calculate Your Lima 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 Lima
What are the current mortgage rates in Lima, OH?
As of March 2026, the average 30-year fixed mortgage rate in Lima, Ohio is 6.2%, while the 15-year fixed rate is 5.44%. FHA loans average 5.8% and VA loans 5.6%. These rates are 0.45% below the national average of 6.65%.
How much is a monthly mortgage payment in Lima?
Based on the median home price of $95,000 with 20% down, the estimated monthly mortgage payment in Lima is $465 for principal and interest. Including property taxes of $122/month, the total monthly housing cost is approximately $587.
What income do I need to buy a home in Lima?
Using the 28% rule, you would need an annual income of approximately $25,157 to afford the median-priced home in Lima at $95,000. The median household income in Lima is $30,000. The median income is currently sufficient to meet this threshold.
Is Lima a good place to buy a home in 2026?
Lima offers a below-average cost of living with a cost of living index of 76 (national average = 100). The property tax rate in Ohio is 1.54%, which is above the national average. Lima has a population of 35,821 and offers a very affordable lifestyle.
Mortgage Rates in Other Ohio Cities
Related Tools & Guides
Last updated: March 2026. Rates are approximate averages based on regional lending data for the Lima, Ohio area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.