Maryland Mortgage and Refinance Rates

Current mortgage rates in Maryland

As of Thursday, October 31, 2024, current interest rates in Maryland are 6.83% for a 30-year fixed mortgage and 6.14% for a 15-year fixed mortgage.

Mortgage rates in Maryland (and the rest of the country) have been trending downward since mid-July, offering respite from the 7 to 8 percent range highs they had been at. While lower rates are a step in the right direction for housing affordability, home prices are still high in many places nationwide. The median sale price in Maryland was $436,100 as of August 2024 — nearly 5 percent higher than the year prior — according to Redfin data. 

Refinance rates in Maryland

Maryland refinance rates fluctuate frequently due to trends in the economy, Treasury bond rates, demand and other factors. While these rates are still far higher than they were a few years ago, they’ve begun to come down from earlier this year, when they were at 7 percent (and above). If you bought your home when rates were in that range, it might be worth considering a refinance if rates continue to decline. Or, if you have equity in your home in Maryland, you might want to explore a cash-out refinance.

Maryland mortgage rate trends 

The low rates of 2020, 2021 and the first half of 2022 are no more. While it appears rates have peaked, mortgage rates have fluctuated nationally in 2024. In the first half of the year, they sat above 7 percent. However, rates have been easing in recent months and could drop even further — but probably not by a significant amount — thanks to the Fed’s highly anticipated rate cuts.

National mortgage rates by loan type

If you’re curious about how Maryland mortgage rates compare to national averages, here’s a look at the latest interest rates and APRs for the entire U.S.:

Mortgage statistics for Maryland

Maryland is known for its rich history, with its proximity to many of the nation’s large historical sites, including bordering Washington, D.C. If you’re considering buying a home in Maryland, check out the following statistics:

• Median home value (as of Aug. 2024): $419,828 (Zillow)
• Median days to pending (as of Aug. 2024): 9 (Zillow)
• Homes with price drops (as of Aug. 2024): 31.2% (Redfin)
• Homeownership rate (as of Q4 2023): 71.6% (Census Bureau)

Mortgage options in Maryland

• Conventional mortgages: These mortgages require a credit score of 620 or better, a debt-to-income ratio (DTI) of no more than 45 percent and a down payment of 3 percent to 5 percent.
• FHA loans: If you don’t meet conventional loan requirements, you might qualify for an FHA loan. These are insured by the Federal Housing Administration, and the requirements generally include a credit score of at least 580, a DTI ratio of no more than 50 percent and a down payment of 3.5 percent.
• VA loans: Guaranteed by the Department of Veterans Affairs, VA loans are offered to qualifying military veterans, active-duty members and their spouses. VA loans don’t require a down payment or mortgage insurance and can be obtained through a VA-approved lender.
• USDA loans: For Marylanders living in rural areas, loans guaranteed by the U.S. Department of Agriculture offer mortgages with no down payment. Generally, you’ll need a credit score of at least 640 to qualify. You’ll also only be able to purchase property in specific, rural areas and your income has to fall below area-specific limits.

First-time homebuyer programs in Maryland

As a Maryland first-time homebuyer, consider assistance through the Maryland Mortgage Program. Here are some of the options available:

• 1st Time Advantage Direct: A 30-year fixed-rate mortgage with a competitively low rate
• 1st Time Advantage 6000: A 30-year fixed-rate mortgage with $6,000 in closing cost and down payment assistance in the form of a zero-percent, deferred second mortgage
• 1st Time Advantage 3%, 4% and 5% Loans: 30-year fixed-rate mortgages with down payment assistance equal to 3 percent, 4 percent or 5 percent of the loan principal in the form of a zero-percent, deferred second mortgage
• Maryland SmartBuy: An assistance program that helps people with a minimum of $1,000 in student loan debt to buy a home. The assistance is up to 15 percent of the home’s purchase price, with a maximum of $20,000.

How to find the best mortgage rate in Maryland for you

• Step 1: Strengthen your credit score - Before you start looking for a lender and applying for a loan, review your credit history and take steps to improve your score, such as paying down existing debt.
• Step 2: Determine your budget - Have a good understanding of how much house you can afford before you go shopping.
• Step 3: Know your mortgage options - There are a few different types of mortgages.
• Step 4: Compare rates and terms from several lenders - Rate-shop with at least three different lenders to get the best deal on MD mortgage rates, fees and terms.
• Step 5: Get preapproved for a mortgage - Getting a mortgage preapproval is the only way to get accurate loan pricing for your specific situation. Plus, it will show sellers you’re serious when you make an offer.

Additional Maryland mortgage resources

• Review Maryland mortgage lenders: Learn what kind of mortgage offer you can get from these Maryland mortgage lenders. 
• Maryland first-time homebuyer assistance programs: Find out what assistance you may qualify for when buying your first home in Maryland. 
• Buying a house in Maryland: A how-to: Read our guide to learn the ins and outs of buying a home in Maryland. 
• Best homeowners insurance in Maryland: After your principal and interest, your homeowners insurance is a major part of your mortgage payment. Our guide can help you find the right rate and coverage for your home. 
• Maryland loan limits by county: Here are the maximum loan limits in Maryland for FHA and conventional loans. 
• Everything you need to know about the Maryland housing market: The housing market is always changing. Here’s what you need to know.
• Mortgage calculator: Estimate your monthly mortgage payments with Bankrate’s calculator.

Meet our Bankrate experts

Written by: Andrew Dehan, Writer, Home Lending

I’ve covered mortgages, real estate and personal finance since 2020. At Bankrate, I’m focused on all of the factors that affect mortgage rates and home equity. I enjoy distilling data and expert advice into takeaways borrowers can use. Prior to Bankrate, I wrote and edited for Rocket Mortgage/Quicken Loans. My work has been published by Business Insider, Forbes Advisor, SmartAsset, Crain’s Business and more.

Read more from Andrew Dehan

Edited by: Laurie Dupnock, Editor, Home Lending

I’ve spent five years in writing and editing roles, and I now focus on mortgage, mortgage relief, homebuying and mortgage refinancing topics. I’m most interested in providing resources for aspiring first-time homeowners to help demystify the homebuying process. In 2021, I earned a Poynter ACES Certificate in Editing. I have an MA in English. 

Read more from Laurie Dupnock