With our housing market at it’s worst, it is important for the government and state authorities alike to keep coming up with ideas to turn this market around. Maryland state is trying to do just that.
On Monday, Secretary of Maryland’s Department of Housing and Community Development announced that interest rates for Maryland’s Mortgage Program have been lowered. The lowered rates are aimed to increase access to loan funding from the recent $257 million that was provided by the government to the Department of housing and community Development.
The rate for a zero point mortgage decreased from it’s previous standing at 5.75% down to 5.25%. Maryland’s state-run program offers a variety of low fixed-rate mortgages for first-time buyers. This is said to take effect immediately and will provide funding for up to 1,600 new homebuyers.