Mortgage Rates in Cleveland, Ohio: 2026 Guide
30-year fixed: 6.76%. Median: $240,000.
Current Mortgage Rates in Cleveland
| Loan Type | Rate | APR | Monthly* |
|---|---|---|---|
| 30-Year Fixed | 6.76% | 6.840% | $1,247/mo |
| 15-Year Fixed | 6.24% | 6.310% | $1,645/mo |
| 5/1 ARM | 6.14% | 6.490% | $1,168/mo |
Cleveland Market Insights
Cleveland offers affordable housing with a rekeyizing downtown area. The healthcare sector, anchored by the Cleveland Clinic, drives the local economy. Neighborhoods like Ohio City, Tremont, and University Circle have seen significant investment and population growth.
Frequently Asked Questions
What is the average mortgage rate in Cleveland?+
How much down payment is needed in Cleveland?+
What are property taxes in Cleveland?+
What a $240,000 Home Costs in Cleveland
At Cleveland's median home price of $240,000, a 20% down payment is $48,000. On a 30-year fixed loan at 6.76%, the monthly principal and interest payment works out to $1,247, and property taxes add roughly $312 per month at an effective rate of 1.56%. That puts the total PITI payment near $1,559 a month before homeowners insurance and HOA fees.
Keeping housing at or below 28% of gross income means a buyer in Cleveland typically needs to earn about $66,814 a year to carry this payment comfortably.
Tax & Rate Context in Cleveland
The effective property tax rate in Cleveland is 1.56%, which works out to roughly $3,744 a year on a median-priced home. The average 30-year fixed rate of 6.76% runs 0.05 points above the national average of 6.71%, so locking a rate and shopping at least three lenders matters more here. Cleveland has an estimated population of 373K, and demand in the local market affects how quickly homes move and how often sellers negotiate on price.