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Frederick

Current Mortgage Rates in Frederick, Maryland

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.

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Mortgage Rates in Frederick, MD as of July 11, 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 Frederick, MD Mortgage Rates Compare?

July 11, 2020

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%

Mortgage Program
Today's
Frederick, 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 Frederick, Maryland?

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

The median home value for Frederick, MD is $366,895

Based on current mortgage rates and a 10% down payment, you need to make $66,032 per year to buy the median priced home in Frederick

With this income, you could qualify for a $330,206 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 Frederick is $1,529

The median household income for Frederick, MD is $93,338

Based on this income, you can afford a home valued at approximately $518,618

The home price you can afford to buy based on household income in Frederick is 141% of the median home value which means housing prices are average. Frederick ranks 15 out of 24 counties in Maryland and 2,648 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

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Loan Limits for Frederick, Maryland

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

1 unit: $765,600
2 units: $980,325
3 units: $1,184,925
4 units: $1,472,550

FHA loan limits for Frederick, MD

1 unit: $765,600
2 units: $980,325
3 units: $1,184,925
4 units: $1,472,550

VA loan limits for Frederick, MD

1 unit: $765,600

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