Compare mortgage rates and fees for leading lenders in Elkton, MD. 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 lender offering the best mortgage rates in Elkton.
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October 23, 2019
The current average rate for a 30 year fixed rate mortgage in Elkton is A.AAA%, the rate for a 15 year fixed rate mortgage is B.BBB% and the rate for a 5/1 adjustable rate mortgage (ARM) is C.CCC%
The median home value for Elkton, MD (Cecil County) is $248,101
The median household income for Elkton, MD (Cecil County) is $72,672
Based on current mortgage rates and a 10% down payment, you need to make $46,031 per year to buy the median priced home in Elkton
The home price you can afford to buy based on household income in Elkton is 158% of the median home value which means housing prices are average
Elkton (Cecil County) ranks 4 out of 24 counties in Maryland and 2,415 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Elkton, MD is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Elkton (Cecil County) below.
Conforming loan limits for Elkton, MD
FHA loan limits for Elkton, MD
VA loan limits for Elkton, MD
US Census Bureau American Community Survey: https://www.census.gov/programs-surveys/acs
FHFA House Price Index: https://www.fhfa.gov/DataTools/Downloads/Pages/House-Price-Index-Datasets.aspx#qat
Income Growth: https://www.bls.gov
National Average Rates: http://www.freddiemac.com/pmms/
Conforming Loan Limits: https://www.fhfa.gov/DataTools/Downloads/Pages/Conforming-Loan-Limits.aspx
FHA Loan Limits: https://entp.hud.gov/idapp/html/hicostlook.cfm
VA Loan Limits: https://www.benefits.va.gov/homeloans/purchaseco_loan_limits.asp
FREEandCLEAR Housing Affordability Index