Mortgage Rates in West Memphis, Arkansas — March 2026
Updated March 2026 | Based on West Memphis market data and regional lending conditions
West Memphis is a growing city in Arkansas with a population of 24,348. The current 30-year fixed mortgage rate in West Memphis is 6.82%, which is 0.17% above the national average. With a median home price of $138,000 and a 20% down payment of $27,600, homebuyers can expect a monthly principal and interest payment of approximately $721.
Current Mortgage Rates in West Memphis, AR
Below are the current average mortgage rates available in the West Memphis 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 | 6.82% | 6.65% | +0.17% |
| 15-Year Fixed | 6.05% | 5.89% | +0.16% |
| 5/1 ARM | 6.29% | 6.15% | +0.14% |
| FHA | 6.54% | 6.25% | +0.29% |
| VA | 6.29% | 6.05% | +0.24% |
| Jumbo | 7.07% | 6.85% | +0.22% |
West Memphis Housing Market Overview
The West Memphis housing market offers relatively affordable housing compared to many major cities. The median household income in West Memphis is $43,400, and the cost of living index is 74.3 (national average = 100). Based on the 28% affordability rule, the median income in West Memphis is sufficient to afford the median-priced home.
Monthly Payment Breakdown for West Memphis
Based on the median home price of $138,000 with 20% down ($27,600), here is what you can expect to pay monthly in West Memphis:
15-Year vs. 30-Year Mortgage in West Memphis
Choosing a 15-year mortgage in West Memphis at 6.05% instead of a 30-year at 6.82% would save you $91,260 in total interest over the life of the loan. However, your monthly payment would be $935 instead of $721 — an increase of $214 per month.
Calculate Your West Memphis 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 West Memphis
What are the current mortgage rates in West Memphis, AR?
As of March 2026, the average 30-year fixed mortgage rate in West Memphis, Arkansas is 6.82%, while the 15-year fixed rate is 6.05%. FHA loans average 6.54% and VA loans 6.29%. These rates are 0.17% above the national average of 6.65%.
How much is a monthly mortgage payment in West Memphis?
Based on the median home price of $138,000 with 20% down, the estimated monthly mortgage payment in West Memphis is $721 for principal and interest. Including property taxes of $69/month, the total monthly housing cost is approximately $790.
What income do I need to buy a home in West Memphis?
Using the 28% rule, you would need an annual income of approximately $33,857 to afford the median-priced home in West Memphis at $138,000. The median household income in West Memphis is $43,400. The median income is currently sufficient to meet this threshold.
Is West Memphis a good place to buy a home in 2026?
West Memphis offers a below-average cost of living with a cost of living index of 74.3 (national average = 100). The property tax rate in Arkansas is 0.6%, which is below the national average. West Memphis has a population of 24,348 and offers a very affordable lifestyle.
Mortgage Rates in Other Arkansas Cities
Related Tools & Guides
Last updated: March 2026. Rates are approximate averages based on regional lending data for the West Memphis, Arkansas area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.