Mortgage Rates in Norfolk, Virginia — March 2026
Updated March 2026 | Based on Norfolk market data and regional lending conditions
Norfolk is a mid-sized city in Virginia with a population of 238,005. The current 30-year fixed mortgage rate in Norfolk is 6.67%, which is 0.02% above the national average. With a median home price of $255,000 and a 20% down payment of $51,000, homebuyers can expect a monthly principal and interest payment of approximately $1,312.
Current Mortgage Rates in Norfolk, VA
Below are the current average mortgage rates available in the Norfolk 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 | 6.67% | 6.65% | +0.02% |
| 15-Year Fixed | 5.91% | 5.89% | +0.02% |
| 5/1 ARM | 6.17% | 6.15% | +0.02% |
| FHA | 6.27% | 6.25% | +0.02% |
| VA | 6.07% | 6.05% | +0.02% |
| Jumbo | 6.87% | 6.85% | +0.02% |
Norfolk Housing Market Overview
The Norfolk housing market offers relatively affordable housing compared to many major cities. The median household income in Norfolk is $50,810, and the cost of living index is 96.5 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $63,514 to comfortably afford the median-priced home in Norfolk, which exceeds the current median household income.
Monthly Payment Breakdown for Norfolk
Based on the median home price of $255,000 with 20% down ($51,000), here is what you can expect to pay monthly in Norfolk:
15-Year vs. 30-Year Mortgage in Norfolk
Choosing a 15-year mortgage in Norfolk at 5.91% instead of a 30-year at 6.67% would save you $164,160 in total interest over the life of the loan. However, your monthly payment would be $1,712 instead of $1,312 — an increase of $400 per month.
Calculate Your Norfolk 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 Norfolk
What are the current mortgage rates in Norfolk, VA?
As of March 2026, the average 30-year fixed mortgage rate in Norfolk, Virginia is 6.67%, while the 15-year fixed rate is 5.91%. FHA loans average 6.27% and VA loans 6.07%. These rates are 0.02% above the national average of 6.65%.
How much is a monthly mortgage payment in Norfolk?
Based on the median home price of $255,000 with 20% down, the estimated monthly mortgage payment in Norfolk is $1,312 for principal and interest. Including property taxes of $170/month, the total monthly housing cost is approximately $1,482.
What income do I need to buy a home in Norfolk?
Using the 28% rule, you would need an annual income of approximately $63,514 to afford the median-priced home in Norfolk at $255,000. The median household income in Norfolk is $50,810. This means most households would need to either earn above the median or consider homes below $255,000.
Is Norfolk a good place to buy a home in 2026?
Norfolk offers a below-average cost of living with a cost of living index of 96.5 (national average = 100). The property tax rate in Virginia is 0.8%, which is below the national average. Norfolk has a population of 238,005 and offers a balanced lifestyle.
Mortgage Rates in Other Virginia Cities
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Last updated: March 2026. Rates are approximate averages based on regional lending data for the Norfolk, Virginia area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.