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Salisbury

Current Mortgage Rates in Salisbury, Maryland

Compare mortgage rates and fees for leading lenders in Salisbury, 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 Salisbury.

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

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Mortgage Rates in Salisbury, MD as of December 11, 2019
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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.

How Do Today's Salisbury, MD Mortgage Rates Compare?

December 11, 2019

The current average rate for a 30 year fixed rate mortgage in Salisbury 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
Salisbury, MD Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.690%
15 Year Fixed Rate
B.BBB%
3.150%
5/1 Adjustable Rate Mortgage
C.CCC%
3.350%

How Affordable is Housing in Salisbury, Maryland?

The median home value for Salisbury, MD (Wicomico County) is $181,629

The median household income for Salisbury, MD (Wicomico County) is $56,159

Based on current mortgage rates and a 10% down payment, you need to make $33,698 per year to buy the median priced home in Salisbury

The home price you can afford to buy based on household income in Salisbury is 167% of the median home value which means housing prices are average

Salisbury (Wicomico County) ranks 2 out of 24 counties in Maryland and 2,259 out of 3,142 counties in the United States for housing affordability.

According to the FREEandCLEAR Housing Affordability Index, the housing market in Salisbury, MD is average

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Loan Limits for Salisbury, Maryland

Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Salisbury (Wicomico County) below.

Conforming loan limits for Salisbury, MD

1 unit: $484,350
2 units: $620,200
3 units: $749,650
4 units: $931,600

FHA loan limits for Salisbury, MD

1 unit: $336,950
2 units: $431,350
3 units: $521,400
4 units: $648,000

VA loan limits for Salisbury, MD

1 unit: $484,350

Additional Mortgage Resources for Salisbury, MD Residents

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Sources

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