Today's 30-year mortgage rate in Maryland is 6.78%, just below the national average rate of 7.15%. Homebuyers can access programs like 1st Time Advantage Loans and the Maryland Mortgage Program Flex to reduce expenses.
Mortgage
Today's Mortgage Rates in Maryland (November 2024)
Updated: November 12, 2024
Advertising & Editorial Disclosure
MoneyGeek uses publicly available data from Zillow for the rates on this page. Mortgage rates shift daily, and we take a snapshot of rates to analyze rate information for Maryland. We update the data frequently to ensure you have access to the most recent rates, but the values may differ slightly between reporting sources.
Unless specifically noted otherwise, rates featured in the content are annual percentage rates (APRs).
This data was last updated in November 2024.
Current Mortgage Rates in Maryland
In November 2024, the average APR for a 30-year fixed-rate mortgage in Maryland is 6.78%, up from last month's 5.84%. Because of such a rate increase, you could pay about $48,542 more in interest on a $250,000 loan with a 20% down payment. This calculation excludes additional expenses like property taxes or HOA fees.
Rates shift frequently due to changing economic conditions and Federal Reserve policies. The line chart below shows the recent month-to-month changes in mortgage rates.
Even small changes in mortgage rates can significantly impact your finances. Understanding the current mortgage rate in Maryland can help you budget effectively as you prepare for home financing.
Who Needs to Know Current Mortgage Rates in Maryland?
Understanding today's mortgage rates in Maryland is crucial for both first-time homebuyers and seasoned investors in the housing market:
First-time homebuyers
First-time homebuyers in Maryland can use current mortgage rates to gauge what to expect from lenders and assess rate competitiveness.
Homeowners with mortgages
Homeowners in Maryland can learn from current mortgage rates to determine if a mortgage refinance might benefit them.
Purchase and refinance rates differ in Maryland. The current mortgage rate for a 30-year fixed-rate loan is 6.78%, while the refinance rate is lower at 6.63%. This shows buyers may not secure as favorable a deal as those looking to refinance their homes.
SEE CURRENT MORTGAGE RATES IN NEIGHBORING STATES
Current Mortgage Rates in Maryland by Loan Type
A 30-year fixed-rate mortgage in Maryland typically has a higher interest rate than a 15-year fixed-rate mortgage. The extended timeframe of a 30-year loan increases the risk of rate fluctuations and potential defaults, which impacts the offered rate.
To find the best fit for your budget, explore various mortgage types in Maryland. Using a mortgage calculator can help you see how different rates affect your monthly payments and overall loan costs.
Data filtered by:Results filtered by:
Loan Type:
Loan Type:10-Year Fixed
| 5.77% | 5.95% |
INTEREST RATE VS. APR: WHAT'S THE DIFFERENCE?
The interest rate in a mortgage represents the yearly cost of borrowing money. Maryland's average mortgage interest rate for a conforming 30-year fixed mortgage is 6.70%.
The APR or annual percentage rate combines the interest rate with any mortgage points and fees into one rate. Maryland's average APR for a 30-year fixed-rate mortgage is 6.78%, giving you a broader picture of the loan's yearly expense.
Current Mortgage Rates in Maryland by Credit Score
In Maryland, a 30-year fixed-rate mortgage has an average APR of 7.21% for borrowers with a credit score of 740 or higher and a down payment between 5% and 20%. If your score is below 680, the average APR rises to 7.85%.
Your credit score directly affects the mortgage rates for which you may qualify. Use our interactive table to explore potential rates based on your credit score and down payment amount.
Data filtered by:Results filtered by:
Credit Score Range:
Credit Score Range:740 or higher
Down Payment:
Down Payment:5% to 20%
| 10-year Fixed | 5.99% |
| 15-year Fixed | 6.33% |
| 20-year Fixed | 6.51% |
| 30-year Fixed | 7.21% |
| 5-year ARM | 7.94% |
| 7-year ARM | 8.01% |
Mortgage Types in Maryland
In November 2024, 30-year fixed-rate VA loans have the lowest average APR for 30-year fixed-rate mortgages in Maryland at 6.23%. Knowing your options helps you find a deal that fits your budget and meets your needs. Review the available mortgage loan types in Maryland to guide your decision:
Mortgage Type | Definition | Impact on Rates | 30-Year Rates in Maryland |
|---|---|---|---|
Conventional Loans | Conventional loans in Maryland are not insured by government agencies. | Rates for conventional loans are influenced by credit score and down payment. | 6.78% |
FHA Loans | FHA loans in Maryland are government-backed and designed for lower credit score borrowers. | FHA loans often provide lower rates for those with less savings or lower credit scores. | 6.76% |
VA Loans | VA loans in Maryland are for veterans and active military, with no down payment required. | Rates for VA loans are typically lower given the government backing and associated risk mitigation. | 6.23% |
USDA Loans | USDA loans in Maryland support rural development and have income eligibility restrictions. | USDA loans can offer lower rates due to government backing, helping promote rural area development. | currently unavailable |
Jumbo Loans | Jumbo loans in Maryland exceed the conforming loan limits set by Fannie Mae and Freddie Mac. | Jumbo loan rates may be higher as they encompass greater lending risk due to larger loan amounts. | 6.96% |
MORTGAGE RATE STRUCTURES IN MARYLAND
Mortgage rates in Maryland are split into two categories: fixed and adjustable.
- Fixed-rate mortgages lock in your interest rate, so your monthly mortgage payments remain unchanged over the loan term. This consistency helps with budgeting.
- Adjustable-rate mortgages (ARM) may start lower and adapt to market changes, which could lower your payments if interest rates decrease.
In November 2024, Maryland's average APRs are 6.78% for a 30-year fixed mortgage and 7.33% for a seven-year ARM.
Mortgage Lenders in Maryland
New American, LoanDepot and Truist are strong mortgage options in Maryland, with state accessibility, Better Business Bureau (BBB) accreditation and homeowner assistance programs. However, other lenders may also meet your needs.
Choosing the right lender affects your available mortgage rate since each offers different opportunities and terms. Compare various lenders to secure the best rate.
- New American
- 8Number of Mortgage Options
- YesOnline Application
- ABBB Rating
- Monday to Friday, 8 am to 9 pm CT Saturday, 10 am to 2 pm CTCustomer Service Hours
New American offers various mortgage options, including conventional and FHA loans. FHA loans require a minimum credit score of 580, while conventional loans need at least 620. Depending on your credit score, you can secure a conventional loan with as little as 3% down or an FHA loan with 3.5% to 10% down.
Customer service is available from 8 a.m. to 9 p.m. CT on weekdays and 10 a.m. to 2 p.m. CT on Saturdays, accessible via phone or email. New American also provides loan assistance solutions for homeowners, making it suitable for first-time buyers or those looking to refinance.
Pros
- Extensive mortgage options including unique plans
- Downloadable app for mortgage management
- 14-day close guarantee on purchases
Cons
- Lacks an in-depth FAQ section
- Rate checking online not possible
- Missing branches in 11 states
- Truist
- 4Number of Mortgage Options
- YesOnline Application
- A+BBB Rating
- Monday to Friday, 8 am to 8 pm ET Saturday, 8 am to 5 pm ETCustomer Service Hours
Truist offers a range of mortgage products, including conventional, VA and FHA loans. Down payments start as low as 3%. It also offers specialized programs, such as doctor loans and construction-to-permanent loans, to meet specific needs.
Customer service is available by phone, social media and in-person consultations from 8 a.m. to 8 p.m. ET on weekdays and 8 a.m. to 5 p.m. ET on Saturdays.
Pros
- Diverse mortgage products including doctor loan
- Online mortgage amortization calculator available
- Loan options with payment assistance offered
Cons
- Specific mortgage info requires professional consult
- No mortgage payment relief options
- Loan Depot
- 3Number of Mortgage Options
- YesOnline Application
- A+BBB Rating
- Monday to Friday, 10 am to 9 pm ETCustomer Service Hours
LoanDepot offers online and in-person access to various mortgage types, including fixed-rate, adjustable-rate, FHA and VA loans. FHA loans require a minimum credit score of 580, with down payments starting at 3.5%, while VA loans may require no down payment. Conventional loans start with a 5% down payment.
Customer service via phone or email is available Monday to Friday, 10 a.m. to 9 p.m. ET. LoanDepot also provides Loss Mitigation Assistance for financial challenges and holds an A+ BBB rating, highlighting its commitment to service and support.
Pros
- Interactive mortgage calculator tool
- Pre-qualification available online
- Disclosure of down payment needs
Cons
- Mortgage products lack uniqueness
- No weekend customer support
Mortgage Programs in Maryland
Owning a home brings hidden costs that can impact your budget — yet, in Maryland, you have support. The Department of Housing and Community Development provides mortgage programs to assist you.
Program | Description |
|---|---|
Provide Maryland's lowest 30-year fixed rates with flexible initial costs. The 1st Time Advantage 6000 offers a $6,000 zero-interest loan for down payment and closing costs, repayable when the first mortgage is paid off. Additional loan options offer 3% to 5% of the mortgage amount at zero interest. | |
Supports first-time and repeat buyers with competitive rates and flexible mortgage terms. It offers down payment assistance of up to $5,000 or 3% of the purchase price to enhance your buying power. | |
Can be used with the 1st Time Advantage 6000 or Flex 6000 loans to enhance your purchasing power. Receive matching funds up to $2,500 from state-partnered organizations for down payment and closing costs. This program provides a no-interest, deferred repayment loan. |
FAQ: Mortgage Rates in Maryland
Understanding today's mortgage rates in Maryland can be challenging for homebuyers. We've answered commonly asked questions about current rates to help you make informed decisions when securing your mortgage.
What are the current mortgage rates in Maryland?
Current average APRs in Maryland are subject to varying factors, such as the loan type. For instance, a 30-year fixed rate for a conforming loan is at 6.78% as of November 2024, while a 7-year ARM jumbo loan is at 7.33%.
How do mortgage rates in Maryland compare to national rates?
Maryland's average APRs for a 5-year adjustable-rate mortgage stand at 7.45%, compared to the national average of 7.97%, as of November 2024. Meanwhile, for a 30-year fixed-rate mortgage, Maryland's average APR is 6.78%, lower than the national rate of 7.15%.
How does my credit score impact the mortgage rates I get in Maryland?
Your credit score significantly influences the rates you can qualify for. Typically, higher scores lead to low mortgage rates, indicating lower risk to lenders.
Are there any special mortgage programs in Maryland to help homebuyers?
Yes, mortgage programs that assist Maryland homebuyers include the 1st Time Advantage Loans, Maryland Mortgage Program Flex and the Partner Match Program.
How can I get the best possible mortgage rate in Maryland?
To secure the best mortgage rate in Maryland, consider a larger down payment, maintaining a strong credit score and shopping around to compare offers from multiple lenders.
What are today's mortgage refinance rates in Maryland?
Today's refinance rates in Maryland for a 15-year fixed is 6% and for a 30-year fixed is 6.78%, as of November 2024.
How do I calculate my mortgage payments?
To determine your monthly payments, use a mortgage calculator for Maryland, which takes into account your loan amount, interest rate, down payment and term.
About Zachary Romeo, CBCA
Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.
Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.
sources
- Department of Housing and Community Development. "1st Time Advantage Loans." Accessed November 12, 2024.
- Department of Housing and Community Development. "Maryland Mortgage Program Flex." Accessed November 12, 2024.
- Department of Housing and Community Development. "Partner Match Program." Accessed November 12, 2024.