Mortgage Rates in Mishawaka, Indiana — March 2026
Updated March 2026 | Based on Mishawaka market data and regional lending conditions
Mishawaka is a growing city in Indiana with a population of 49,422. The current 30-year fixed mortgage rate in Mishawaka is 6.75%, which is 0.1% above the national average. With a median home price of $193,000 and a 20% down payment of $38,600, homebuyers can expect a monthly principal and interest payment of approximately $1,001.
Current Mortgage Rates in Mishawaka, IN
Below are the current average mortgage rates available in the Mishawaka 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 | 6.5% | 6.25% | +0.25% |
| VA | 6.25% | 6.05% | +0.2% |
| Jumbo | 7% | 6.85% | +0.15% |
Mishawaka Housing Market Overview
The Mishawaka housing market offers relatively affordable housing compared to many major cities. The median household income in Mishawaka is $55,500, and the cost of living index is 83.9 (national average = 100). Based on the 28% affordability rule, the median income in Mishawaka is sufficient to afford the median-priced home.
Monthly Payment Breakdown for Mishawaka
Based on the median home price of $193,000 with 20% down ($38,600), here is what you can expect to pay monthly in Mishawaka:
15-Year vs. 30-Year Mortgage in Mishawaka
Choosing a 15-year mortgage in Mishawaka at 5.99% instead of a 30-year at 6.75% would save you $126,000 in total interest over the life of the loan. However, your monthly payment would be $1,302 instead of $1,001 — an increase of $301 per month.
Calculate Your Mishawaka 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 Mishawaka
What are the current mortgage rates in Mishawaka, IN?
As of March 2026, the average 30-year fixed mortgage rate in Mishawaka, Indiana is 6.75%, while the 15-year fixed rate is 5.99%. FHA loans average 6.5% and VA loans 6.25%. These rates are 0.1% above the national average of 6.65%.
How much is a monthly mortgage payment in Mishawaka?
Based on the median home price of $193,000 with 20% down, the estimated monthly mortgage payment in Mishawaka is $1,001 for principal and interest. Including property taxes of $142/month, the total monthly housing cost is approximately $1,143.
What income do I need to buy a home in Mishawaka?
Using the 28% rule, you would need an annual income of approximately $48,986 to afford the median-priced home in Mishawaka at $193,000. The median household income in Mishawaka is $55,500. The median income is currently sufficient to meet this threshold.
Is Mishawaka a good place to buy a home in 2026?
Mishawaka offers a below-average cost of living with a cost of living index of 83.9 (national average = 100). The property tax rate in Indiana is 0.88%, which is near the national average. Mishawaka has a population of 49,422 and offers a very affordable lifestyle.
Mortgage Rates in Other Indiana Cities
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Last updated: March 2026. Rates are approximate averages based on regional lending data for the Mishawaka, Indiana area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.