Mortgage Rates for ZIP Code 38108 — Memphis, Tennessee — April 2026
Updated April 2026 | Based on local lending data for ZIP code 38108 in Memphis, TN
ZIP code 38108 is located in Memphis, Tennessee, serving a population of approximately 32,932 residents. The current 30-year fixed mortgage rate in this area is 6.81%, which is 0.72% above the national average. With a median home price of $153,294 and a 20% down payment of $30,659, homebuyers in ZIP 38108 can expect a monthly principal and interest payment of approximately $800.
Current Mortgage Rates in ZIP Code 38108
Below are the current average mortgage rates available in ZIP code 38108 (Memphis, TN) as of April 2026. Rates vary by lender, credit score, and loan-to-value ratio. Use our free calculator to see your personalized estimate.
| Loan Type | Rate | National Avg | Difference |
|---|---|---|---|
| 30-Year Fixed | 6.81% | 6.09% | +0.72% |
| 15-Year Fixed | 6.02% | 5.58% | +0.44% |
| 5/1 ARM | 6.27% | 5.95% | +0.32% |
| FHA | 6.27% | 5.85% | +0.42% |
| VA | 6.14% | 5.65% | +0.49% |
| Jumbo | 6.84% | 6.25% | +0.59% |
Housing Market in ZIP Code 38108
The housing market in ZIP code 38108 (Memphis) offers relatively affordable housing compared to many areas. The median household income in this area is $43,798, and the cost of living index is 85 (national average = 100). Based on the 28% affordability rule, the median income in this ZIP code is sufficient to afford the median-priced home.
Monthly Payment Breakdown for ZIP 38108
Based on the median home price of $153,294 with 20% down ($30,659), here is what you can expect to pay monthly in ZIP code 38108:
15-Year vs. 30-Year Mortgage in ZIP 38108
Choosing a 15-year mortgage in ZIP code 38108 at 6.02% instead of a 30-year at 6.81% would save you $101,520 in total interest over the life of the loan. However, your monthly payment would be $1,036 instead of $800 — an increase of $236 per month.
Calculate Your Mortgage Payment for ZIP 38108
Use our free calculator to get a personalized estimate based on your loan amount, interest rate, and term.
Open Free CalculatorFrequently Asked Questions About ZIP Code 38108
What are the current mortgage rates in ZIP code 38108?
As of April 2026, the average 30-year fixed mortgage rate in ZIP code 38108 (Memphis, Tennessee) is 6.81%, while the 15-year fixed rate is 6.02%. FHA loans average 6.27% and VA loans 6.14%. These rates are 0.72% above the national average of 6.09%.
What is the median home price in ZIP code 38108?
The median home price in ZIP code 38108 is $153,294 as of 2026. With a 20% down payment of $30,659, the estimated monthly mortgage payment is $800 for principal and interest, plus $82 in property taxes.
How much income do I need to buy a home in ZIP 38108?
Using the 28% rule, you would need an annual income of approximately $37,800 to afford the median-priced home in ZIP code 38108 at $153,294. The median household income in this area is $43,798. The median income is currently sufficient to meet this threshold.
How do mortgage rates in ZIP 38108 compare to the national average?
The 30-year fixed mortgage rate in ZIP code 38108 is 6.81%, which is 0.72% above the national average of 6.09%. Local rates can vary based on regional lending competition, property values, and economic conditions in Memphis, Tennessee. This area has a below-average cost of living (index: 85) compared to the national average of 100.
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Last updated: April 2026. Rates are approximate averages based on regional lending data for ZIP code 38108 in Memphis, Tennessee. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.