Mortgage Rates in Midland, Texas — March 2026
Updated March 2026 | Based on Midland market data and regional lending conditions
Midland is a growing city in Texas with a population of 146,038. The current 30-year fixed mortgage rate in Midland is 6.7%, which is 0.05% above the national average. With a median home price of $285,000 and a 20% down payment of $57,000, homebuyers can expect a monthly principal and interest payment of approximately $1,471.
Current Mortgage Rates in Midland, TX
Below are the current average mortgage rates available in the Midland 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 | 6.7% | 6.65% | +0.05% |
| 15-Year Fixed | 5.94% | 5.89% | +0.05% |
| 5/1 ARM | 6.2% | 6.15% | +0.05% |
| FHA | 6.3% | 6.25% | +0.05% |
| VA | 6.1% | 6.05% | +0.05% |
| Jumbo | 6.9% | 6.85% | +0.05% |
Midland Housing Market Overview
The Midland housing market offers relatively affordable housing compared to many major cities. The median household income in Midland is $78,250, and the cost of living index is 95.5 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $81,386 to comfortably afford the median-priced home in Midland, which exceeds the current median household income.
Monthly Payment Breakdown for Midland
Based on the median home price of $285,000 with 20% down ($57,000), here is what you can expect to pay monthly in Midland:
15-Year vs. 30-Year Mortgage in Midland
Choosing a 15-year mortgage in Midland at 5.94% instead of a 30-year at 6.7% would save you $184,500 in total interest over the life of the loan. However, your monthly payment would be $1,917 instead of $1,471 — an increase of $446 per month.
Calculate Your Midland 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 Midland
What are the current mortgage rates in Midland, TX?
As of March 2026, the average 30-year fixed mortgage rate in Midland, Texas is 6.7%, while the 15-year fixed rate is 5.94%. FHA loans average 6.3% and VA loans 6.1%. These rates are 0.05% above the national average of 6.65%.
How much is a monthly mortgage payment in Midland?
Based on the median home price of $285,000 with 20% down, the estimated monthly mortgage payment in Midland is $1,471 for principal and interest. Including property taxes of $428/month, the total monthly housing cost is approximately $1,899.
What income do I need to buy a home in Midland?
Using the 28% rule, you would need an annual income of approximately $81,386 to afford the median-priced home in Midland at $285,000. The median household income in Midland is $78,250. This means most households would need to either earn above the median or consider homes below $285,000.
Is Midland a good place to buy a home in 2026?
Midland offers a below-average cost of living with a cost of living index of 95.5 (national average = 100). The property tax rate in Texas is 1.8%, which is above the national average. Midland has a population of 146,038 and offers a balanced lifestyle.
Mortgage Rates in Other Texas Cities
Related Tools & Guides
Last updated: March 2026. Rates are approximate averages based on regional lending data for the Midland, Texas area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.