Mortgage Rates in Lorain, Ohio — March 2026
Updated March 2026 | Based on Lorain market data and regional lending conditions
Lorain is a growing city in Ohio with a population of 65,211. The current 30-year fixed mortgage rate in Lorain is 6.81%, which is 0.16% above the national average. With a median home price of $209,000 and a 20% down payment of $41,800, homebuyers can expect a monthly principal and interest payment of approximately $1,091.
Current Mortgage Rates in Lorain, OH
Below are the current average mortgage rates available in the Lorain 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 | 6.81% | 6.65% | +0.16% |
| 15-Year Fixed | 6.04% | 5.89% | +0.15% |
| 5/1 ARM | 6.28% | 6.15% | +0.13% |
| FHA | 6.53% | 6.25% | +0.28% |
| VA | 6.28% | 6.05% | +0.23% |
| Jumbo | 7.06% | 6.85% | +0.21% |
Lorain Housing Market Overview
The Lorain housing market offers relatively affordable housing compared to many major cities. The median household income in Lorain is $61,100, and the cost of living index is 85.2 (national average = 100). Based on the 28% affordability rule, the median income in Lorain is sufficient to afford the median-priced home.
Monthly Payment Breakdown for Lorain
Based on the median home price of $209,000 with 20% down ($41,800), here is what you can expect to pay monthly in Lorain:
15-Year vs. 30-Year Mortgage in Lorain
Choosing a 15-year mortgage in Lorain at 6.04% instead of a 30-year at 6.81% would save you $138,060 in total interest over the life of the loan. However, your monthly payment would be $1,415 instead of $1,091 — an increase of $324 per month.
Calculate Your Lorain 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 Lorain
What are the current mortgage rates in Lorain, OH?
As of March 2026, the average 30-year fixed mortgage rate in Lorain, Ohio is 6.81%, while the 15-year fixed rate is 6.04%. FHA loans average 6.53% and VA loans 6.28%. These rates are 0.16% above the national average of 6.65%.
How much is a monthly mortgage payment in Lorain?
Based on the median home price of $209,000 with 20% down, the estimated monthly mortgage payment in Lorain is $1,091 for principal and interest. Including property taxes of $286/month, the total monthly housing cost is approximately $1,377.
What income do I need to buy a home in Lorain?
Using the 28% rule, you would need an annual income of approximately $59,014 to afford the median-priced home in Lorain at $209,000. The median household income in Lorain is $61,100. The median income is currently sufficient to meet this threshold.
Is Lorain a good place to buy a home in 2026?
Lorain offers a below-average cost of living with a cost of living index of 85.2 (national average = 100). The property tax rate in Ohio is 1.64%, which is above the national average. Lorain has a population of 65,211 and offers a very affordable lifestyle.
Mortgage Rates in Other Ohio Cities
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Last updated: March 2026. Rates are approximate averages based on regional lending data for the Lorain, Ohio area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.