Compare mortgage rates and fees for leading lenders in Frederick, 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 Frederick.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Frederick. Plus, shopping lenders is free and there is no obligation.
December 16, 2019
The current average rate for a 30 year fixed rate mortgage in Frederick 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 Frederick, MD is $354,146
The median household income for Frederick, MD is $91,208
Based on current mortgage rates and a 10% down payment, you need to make $65,705 per year to buy the median priced home in Frederick
The home price you can afford to buy based on household income in Frederick is 139% of the median home value which means housing prices are average
Frederick ranks 16 out of 24 counties in Maryland and 2,700 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Frederick, MD is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Frederick below.
Conforming loan limits for Frederick, MD
FHA loan limits for Frederick, MD
VA loan limits for Frederick, 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