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Elkton

Current Mortgage Rates in Elkton, Maryland

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.

We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Elkton. Plus, shopping lenders is free and there is no obligation.

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Mortgage Rates in Elkton, MD as of July 16, 2020
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Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. Click for more information on rates and product details.
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How Do Today's Elkton, MD Mortgage Rates Compare?

July 16, 2020

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%

Mortgage Program
Today's
Elkton, MD Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.650%
15 Year Fixed Rate
B.BBB%
3.090%
5/1 Adjustable Rate Mortgage
C.CCC%
3.390%

How Affordable is Housing in Elkton, Maryland?

Below we provide helpful information on the real estate market, home prices and housing affordability in Elkton. Understand how much you need to earn to afford a home in Elkton, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Elkton 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 Elkton is right for you.

The median home value for Elkton, MD (Cecil County) is $262,491

Based on current mortgage rates and a 10% down payment, you need to make $47,242 per year to buy the median priced home in Elkton

With this income, you could qualify for a $236,242 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 Elkton is $1,094

The median household income for Elkton, MD (Cecil County) is $74,369

Based on this income, you can afford a home valued at approximately $413,221

The home price you can afford to buy based on household income in Elkton is 157% of the median home value which means housing prices are average. Elkton (Cecil County) ranks 4 out of 24 counties in Maryland and 2,408 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

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Loan Limits for Elkton, Maryland

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

1 unit: $510,400
2 units: $653,550
3 units: $789,950
4 units: $981,700

FHA loan limits for Elkton, MD

1 unit: $408,250
2 units: $522,600
3 units: $631,750
4 units: $785,100

VA loan limits for Elkton, MD

1 unit: $510,400

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