Mortgage Rates in Richmond, Virginia — March 2026
Updated March 2026 | Based on Richmond market data and regional lending conditions
Richmond is a mid-sized city in Virginia with a population of 226,610. The current 30-year fixed mortgage rate in Richmond is 6.67%, which is 0.02% 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 $1,467.
Current Mortgage Rates in Richmond, VA
Below are the current average mortgage rates available in the Richmond 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% |
Richmond Housing Market Overview
The Richmond housing market offers relatively affordable housing compared to many major cities. The median household income in Richmond is $49,150, 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 $71,014 to comfortably afford the median-priced home in Richmond, which exceeds the current median household income.
Monthly Payment Breakdown for Richmond
Based on the median home price of $285,000 with 20% down ($57,000), here is what you can expect to pay monthly in Richmond:
15-Year vs. 30-Year Mortgage in Richmond
Choosing a 15-year mortgage in Richmond at 5.91% instead of a 30-year at 6.67% would save you $183,780 in total interest over the life of the loan. However, your monthly payment would be $1,913 instead of $1,467 — an increase of $446 per month.
Calculate Your Richmond 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 Richmond
What are the current mortgage rates in Richmond, VA?
As of March 2026, the average 30-year fixed mortgage rate in Richmond, 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 Richmond?
Based on the median home price of $285,000 with 20% down, the estimated monthly mortgage payment in Richmond is $1,467 for principal and interest. Including property taxes of $190/month, the total monthly housing cost is approximately $1,657.
What income do I need to buy a home in Richmond?
Using the 28% rule, you would need an annual income of approximately $71,014 to afford the median-priced home in Richmond at $285,000. The median household income in Richmond is $49,150. This means most households would need to either earn above the median or consider homes below $285,000.
Is Richmond a good place to buy a home in 2026?
Richmond offers a below-average cost of living with a cost of living index of 95.5 (national average = 100). The property tax rate in Virginia is 0.8%, which is below the national average. Richmond has a population of 226,610 and offers a balanced 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 Richmond, Virginia area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.