Mortgage Rates in Petersburg, Virginia — March 2026
Updated March 2026 | Based on Petersburg market data and regional lending conditions
Petersburg is a growing city in Virginia with a population of 32,420. The current 30-year fixed mortgage rate in Petersburg is 6.88%, which is 0.23% above the national average. With a median home price of $372,000 and a 20% down payment of $74,400, homebuyers can expect a monthly principal and interest payment of approximately $1,956.
Current Mortgage Rates in Petersburg, VA
Below are the current average mortgage rates available in the Petersburg 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 | 6.88% | 6.65% | +0.23% |
| 15-Year Fixed | 6.09% | 5.89% | +0.2% |
| 5/1 ARM | 6.33% | 6.15% | +0.18% |
| FHA | 6.56% | 6.25% | +0.31% |
| VA | 6.31% | 6.05% | +0.26% |
| Jumbo | 7.13% | 6.85% | +0.28% |
Petersburg Housing Market Overview
The Petersburg housing market reflects moderate demand with prices near the national average. The median household income in Petersburg is $75,600, and the cost of living index is 94.6 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $95,143 to comfortably afford the median-priced home in Petersburg, which exceeds the current median household income.
Monthly Payment Breakdown for Petersburg
Based on the median home price of $372,000 with 20% down ($74,400), here is what you can expect to pay monthly in Petersburg:
15-Year vs. 30-Year Mortgage in Petersburg
Choosing a 15-year mortgage in Petersburg at 6.09% instead of a 30-year at 6.88% would save you $249,480 in total interest over the life of the loan. However, your monthly payment would be $2,526 instead of $1,956 — an increase of $570 per month.
Calculate Your Petersburg 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 Petersburg
What are the current mortgage rates in Petersburg, VA?
As of March 2026, the average 30-year fixed mortgage rate in Petersburg, Virginia is 6.88%, while the 15-year fixed rate is 6.09%. FHA loans average 6.56% and VA loans 6.31%. These rates are 0.23% above the national average of 6.65%.
How much is a monthly mortgage payment in Petersburg?
Based on the median home price of $372,000 with 20% down, the estimated monthly mortgage payment in Petersburg is $1,956 for principal and interest. Including property taxes of $264/month, the total monthly housing cost is approximately $2,220.
What income do I need to buy a home in Petersburg?
Using the 28% rule, you would need an annual income of approximately $95,143 to afford the median-priced home in Petersburg at $372,000. The median household income in Petersburg is $75,600. This means most households would need to either earn above the median or consider homes below $372,000.
Is Petersburg a good place to buy a home in 2026?
Petersburg offers a below-average cost of living with a cost of living index of 94.6 (national average = 100). The property tax rate in Virginia is 0.85%, which is near the national average. Petersburg has a population of 32,420 and offers a very affordable lifestyle.
Mortgage Rates in Other Virginia Cities
Related Tools & Guides
Last updated: March 2026. Rates are approximate averages based on regional lending data for the Petersburg, Virginia area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.