Mortgage Rates in Odessa, Texas — March 2026
Updated March 2026 | Based on Odessa market data and regional lending conditions
Odessa is a growing city in Texas with a population of 123,334. The current 30-year fixed mortgage rate in Odessa is 6.7%, which is 0.05% above the national average. With a median home price of $225,000 and a 20% down payment of $45,000, homebuyers can expect a monthly principal and interest payment of approximately $1,162.
Current Mortgage Rates in Odessa, TX
Below are the current average mortgage rates available in the Odessa 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% |
Odessa Housing Market Overview
The Odessa housing market offers relatively affordable housing compared to many major cities. The median household income in Odessa is $68,250, and the cost of living index is 88.5 (national average = 100). Based on the 28% affordability rule, the median income in Odessa is sufficient to afford the median-priced home.
Monthly Payment Breakdown for Odessa
Based on the median home price of $225,000 with 20% down ($45,000), here is what you can expect to pay monthly in Odessa:
15-Year vs. 30-Year Mortgage in Odessa
Choosing a 15-year mortgage in Odessa at 5.94% instead of a 30-year at 6.7% would save you $145,980 in total interest over the life of the loan. However, your monthly payment would be $1,513 instead of $1,162 — an increase of $351 per month.
Calculate Your Odessa 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 Odessa
What are the current mortgage rates in Odessa, TX?
As of March 2026, the average 30-year fixed mortgage rate in Odessa, 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 Odessa?
Based on the median home price of $225,000 with 20% down, the estimated monthly mortgage payment in Odessa is $1,162 for principal and interest. Including property taxes of $338/month, the total monthly housing cost is approximately $1,500.
What income do I need to buy a home in Odessa?
Using the 28% rule, you would need an annual income of approximately $64,286 to afford the median-priced home in Odessa at $225,000. The median household income in Odessa is $68,250. The median income is currently sufficient to meet this threshold.
Is Odessa a good place to buy a home in 2026?
Odessa offers a below-average cost of living with a cost of living index of 88.5 (national average = 100). The property tax rate in Texas is 1.8%, which is above the national average. Odessa has a population of 123,334 and offers a very affordable lifestyle.
Mortgage Rates in Other Texas Cities
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Last updated: March 2026. Rates are approximate averages based on regional lending data for the Odessa, Texas area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.