Mortgage Rates in Terrell, Texas — March 2026
Updated March 2026 | Based on Terrell market data and regional lending conditions
Terrell is a growing city in Texas with a population of 18,828. The current 30-year fixed mortgage rate in Terrell is 6.9%, which is 0.25% above the national average. With a median home price of $262,000 and a 20% down payment of $52,400, homebuyers can expect a monthly principal and interest payment of approximately $1,380.
Current Mortgage Rates in Terrell, TX
Below are the current average mortgage rates available in the Terrell 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 | 6.9% | 6.65% | +0.25% |
| 15-Year Fixed | 6.11% | 5.89% | +0.22% |
| 5/1 ARM | 6.34% | 6.15% | +0.19% |
| FHA | 6.57% | 6.25% | +0.32% |
| VA | 6.32% | 6.05% | +0.27% |
| Jumbo | 7.15% | 6.85% | +0.3% |
Terrell Housing Market Overview
The Terrell housing market offers relatively affordable housing compared to many major cities. The median household income in Terrell is $55,600, and the cost of living index is 90.9 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $77,014 to comfortably afford the median-priced home in Terrell, which exceeds the current median household income.
Monthly Payment Breakdown for Terrell
Based on the median home price of $262,000 with 20% down ($52,400), here is what you can expect to pay monthly in Terrell:
15-Year vs. 30-Year Mortgage in Terrell
Choosing a 15-year mortgage in Terrell at 6.11% instead of a 30-year at 6.9% would save you $176,220 in total interest over the life of the loan. However, your monthly payment would be $1,781 instead of $1,380 — an increase of $401 per month.
Calculate Your Terrell Mortgage Payment
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Open Free CalculatorFrequently Asked Questions About Mortgages in Terrell
What are the current mortgage rates in Terrell, TX?
As of March 2026, the average 30-year fixed mortgage rate in Terrell, Texas is 6.9%, while the 15-year fixed rate is 6.11%. FHA loans average 6.57% and VA loans 6.32%. These rates are 0.25% above the national average of 6.65%.
How much is a monthly mortgage payment in Terrell?
Based on the median home price of $262,000 with 20% down, the estimated monthly mortgage payment in Terrell is $1,380 for principal and interest. Including property taxes of $417/month, the total monthly housing cost is approximately $1,797.
What income do I need to buy a home in Terrell?
Using the 28% rule, you would need an annual income of approximately $77,014 to afford the median-priced home in Terrell at $262,000. The median household income in Terrell is $55,600. This means most households would need to either earn above the median or consider homes below $262,000.
Is Terrell a good place to buy a home in 2026?
Terrell offers a below-average cost of living with a cost of living index of 90.9 (national average = 100). The property tax rate in Texas is 1.91%, which is above the national average. Terrell has a population of 18,828 and offers a very affordable lifestyle.
Mortgage Rates in Other Texas Cities
Related Tools & Guides
Last updated: March 2026. Rates are approximate averages based on regional lending data for the Terrell, Texas area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.