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Compare Columbia, MD mortgage rates and fees from top lenders. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lowest mortgage rates in Columbia.
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Columbia, MD Mortgage Rates as of December 7, 2023
Loan terms assume conforming mortgage amount on single family residence, 80% LTV ratio and minimum borrower credit score of 740. $150,000 minimum mortgage amount. Borrower is responsible for $1,055 lender fee. Loan terms are subject to change without notice.
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Rate data provided by RateUpdate.com. Displayed by ICB, a division of Mortgage Research Center, NMLS #1907, Equal Housing Opportunity. Payments do not include taxes or insurance premiums. Actual payments will be greater with taxes and insurance included. Rate and product details.
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Compare Today's Columbia, MD Mortgage Rates
December 7, 2023
Current mortgage rates in Columbia, MD are % for a 30 year fixed rate loan, % for a 15 year fixed loan and % for a 5/1 adjustable rate mortgage (ARM)
Mortgage Program
Today's Columbia, MD Rates
National Average
Comparison
30 Year Fixed Rate
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7.220%
15 Year Fixed Rate
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6.560%
5/1 Adjustable Rate Mortgage
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6.625%
How Affordable is Housing in Columbia, Maryland?
Below we provide helpful information on the real estate market, home prices and housing affordability in Columbia. Understand how much you need to earn to afford a home in Columbia, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Columbia fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Columbia is right for you.
The median home value for Columbia, MD (Howard County) is $571,644
Based on current mortgage rates and a 10% down payment, you need to make $119,254 per year to buy the median priced home in Columbia
With this income, you could qualify for a $514,480 mortgage, assuming your monthly debt expense is reasonable
Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Columbia is $2,762
The median household income for Columbia, MD (Howard County) is $135,213
Based on this income, you can afford a home valued at approximately $648,141
The home price you can afford to buy based on household income in Columbia is 113% of the median home value which means housing prices are average.
Columbia (Howard County) ranks 19 out of 24 counties in Maryland and 2,622 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Columbia, MD is average
Loan Limits for Columbia, Maryland
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Columbia (Howard County) below.
Conforming loan limits for Columbia, MD
1 unit:$726,200
2 units:$929,850
3 units:$1,123,900
4 units:$1,396,800
FHA loan limits for Columbia, MD
1 unit:$632,500
2 units:$809,700
3 units:$978,750
4 units:$1,216,350
VA loan limits for Columbia, MD
1 unit:$726,200
Additional Mortgage Resources for Columbia, MD Residents