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Cleveland Mortgage Rates Today

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Current Mortgage Rates in Cleveland

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Cleveland housing market at a glance

September 2026 data

In Cleveland, homes are selling in about 34 days (1 slower than a year ago), sales are up 18.2% from last year, and about 22% of listings have had a price cut.

Median sale price
$134,900
$89 per sq. ft.
Homes sold
1,380
▲ 18.2% vs. 1,168 last year
Days on market
34
vs. 33 days last year
Homes for sale
1,311
135 new listings
Listings with a price cut
22%
294 of 1,311 listings

Source: Movoto Cleveland, OH market trends, September 2026. Last updated October 5, 2026.

What it costs to buy a home in Cleveland

Monthly payments on Cleveland's median home price of $134,900 (September 2026), at today's rates.

20% down · Conventional
$1,152/mo
Down payment
$26,980
Loan amount
$107,920
Rate
7.125%
Principal & interest
$727
Est. property tax
$238
Est. homeowners insurance
$186
5% down · Conventional
$1,288/mo
Down payment
$6,745
Loan amount
$128,155
Rate
7.125%
Principal & interest
$863
Est. property tax
$238
Est. homeowners insurance
$186
3.5% down · FHA
$1,295/mo
Down payment
$4,722
Loan amount
$132,457
Rate
6.875%
Principal & interest
$870
Est. property tax
$238
Est. homeowners insurance
$186

Payments include principal, interest, estimated Cleveland property taxes, and estimated homeowners insurance. They do not include mortgage insurance (PMI or FHA monthly MIP), which applies with less than 20% down, or HOA dues. The FHA loan amount includes the 1.75% upfront mortgage insurance premium. These are examples based on the median price, not the sample loan used in the rate table above.

How much income do you need to buy a home in Cleveland?

A common lender guideline is to keep your total housing payment (principal, interest, estimated Cleveland property taxes, and estimated homeowners insurance) at or below 28% of your gross monthly income. Gross income is what you earn before taxes and other deductions come out of your paycheck. Based on that guideline, here's the yearly household income needed for Cleveland's $134,900 median home:

20% down · Conventional$1,152/mo payment $49,365/yrabout $4,114/mo before taxes
5% down · Conventional$1,288/mo payment $55,208/yrabout $4,601/mo before taxes
3.5% down · FHA$1,295/mo payment $55,497/yrabout $4,625/mo before taxes

Why this matters: Keeping housing costs near 28% of your income leaves room for other bills, savings and the upkeep that comes with owning a home. It's a planning guideline, not a hard limit.

What lenders look at: Lenders also look at your debt-to-income (DTI) ratio, which adds your car, student loan and credit card payments to the new mortgage payment. Depending on the loan program and your credit, many lenders allow total debts of roughly 43% to 50% of gross income, so you may qualify with less income than shown, or need more if you carry other debt.

Household income counts: If you're buying with a partner or co-borrower, lenders can combine your incomes.

How rates change your payment

Principal and interest on a $107,920 loan (the Cleveland median price with 20% down). Every 0.25% is worth about $18/mo.

Rate6.13%6.38%6.63%6.88%7.13%
today		7.38%
Monthly P&I$656$673$691$709$727$745

Ways to make a Cleveland home more affordable

  • Negotiate on price. About 22% of Cleveland listings have had a price cut, so many sellers are open to offers.
  • Ask for seller concessions. Homes take 34 days to sell, 1 more than last year. Sellers may cover closing costs or pay for a rate buydown.
  • Consider buying down your rate. On this example loan, a rate 0.5% lower saves about $36 a month.
  • Compare loan types. FHA rates are at 6.875% vs. 7.125% for conventional, with as little as 3.5% down. Compare by APR, including mortgage insurance.

Cleveland mortgage and home buying FAQs

What are mortgage rates in Cleveland today?

As of October 9, 2026, Lower’s 30-year fixed conventional rate in Cleveland is 7.125% (7.436% APR), and the 30-year FHA rate is 6.875% (7.697% APR). Your rate depends on your credit, down payment, loan type and any points you pay. See the rate table above for points and full details.

What is the monthly payment on a median-priced home in Cleveland?

On Cleveland’s $134,900 median home price (September 2026), a 30-year conventional loan with 20% down at 7.125% comes to about $1,152 a month, including principal, interest, estimated Cleveland property taxes, and estimated homeowners insurance. With an FHA loan and 3.5% down, it’s about $1,295 a month before monthly mortgage insurance.

How much income do I need to buy a house in Cleveland?

To keep housing costs at 28% of gross (pre-tax) income, you’d need a household income of about $49,365 a year to buy Cleveland’s $134,900 median home with 20% down, or about $55,497 with an FHA loan and 3.5% down. Lenders also consider your other debts, so the income you need may be higher or lower.

How much do I need for a down payment in Cleveland?

On the $134,900 median home, 20% down is $26,980, 5% down is $6,745, and the FHA minimum of 3.5% is $4,722. Putting less than 20% down usually means paying mortgage insurance. You’ll also need money for closing costs.

Is it a buyer’s or seller’s market in Cleveland right now?

In September 2026, Cleveland homes sold in about 34 days, 1 days slower than a year earlier. 1380 homes sold, up from 1168 the year before, and about 22% of the 1311 homes for sale have had a price cut. Slower sales and frequent price cuts generally give buyers more room to negotiate than a year ago.

How much does a quarter-point rate change affect payments in Cleveland?

On a $107,920 loan (the median Cleveland home with 20% down), each 0.25% change in rate moves the principal and interest payment by about $18 a month, or about $217 a year.

How much are property taxes in Cleveland?

Lower estimates Cleveland property taxes at about 2.12% of a home’s value per year. On the $134,900 median home, that’s roughly $2,860 a year, or $238 a month. Your actual bill depends on your assessed value and any exemptions.

Market data: Movoto, September 2026. Homeowners insurance estimates are based on average annual premiums in Cleveland from The Zebra; your quote will vary. Rates as of October 9, 2026. Examples only; not an offer of credit. Your rate and payment depend on your credit, down payment, loan type and other factors.

Find Out Why Cleveland Loves Lower

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Josie was honest, communicated frequently and consistiently.

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August 10, 2026

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Graham and his team were wond to work with and quick got my loan done

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August 29, 2026

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Reily and his team was easy to communicate with. He was quick to respond to any questions I had. He made the process go smoothly. Very professional. I would highly recommend!

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October 4, 2026

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All of you Thank you

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July 21, 2026

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Communication. Staying informed provides peace of mind and we were kept in the loop every step of the way.

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August 16, 2026

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Really enjoyed working with Josie she was extremely communicative and clear in answering questions. She was always available and ready to help get us to the finish line

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July 14, 2026

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