Interest Rate
Average home price

When you’re ready to purchase a home in Maryland, you’ll want to be sure that you are getting the best mortgage rate possible. The final mortgage rate you receive will depend on a variety of factors, including the amount of money you can put down, your credit score, your income level, and your debt-to-income ratio.

You can acquire the best mortgage rate in Maryland by checking for any errors on your credit report and making sure that all of your documentation is in order prior to submitting an application to a professional mortgage lender for preapproval.

Here’s a quick look at current Maryland mortgage rates:

Loan Program Mortgage Rate APR* 1 Day Change
Conventional 30 year fixed 6.359% 6.433% -0.12%
Conventional 20 year fixed 6.152% 6.22% -0.03%
Conventional 15 year fixed 5.714% 5.837% -0.04%
Conventional 10 year fixed 5.624% 5.79% +0.03%
Conventional 7 year ARM 6.562% 7.41% +0.06%
Conventional 5 year ARM 6.516% 7.589% +0.07%
VA 30 year fixed 5.841% 6.124% +0.11%
VA 15 year fixed 5.404% 5.881% +0.01%
VA 5 year ARM 6.052% 6.861% -0.02%

Data source: ©Zillow, Inc. Use is subject to the Terms of Use

Buying a Home in Maryland

Ready to purchase a home in Maryland? This could be the perfect time to find your dream home in the Old Line State. Here’s what you need to know before you make your move:

What part of Maryland appeals to you most? Maryland’s state capital is Annapolis, and the total population is around 5.9 million people. Just under one in six live in the state’s top five cities:

  • Baltimore
  • Columbia
  • Germantown
  • Silver Spring
  • Waldorf

How much home can you afford to purchase? Maryland ranks 18th in US homes for sale at average price, and 18th for homes over $1,000,000. Seeking preapproval with a qualified lender can help you figure out your budget before you start looking for your perfect home.

First-time Homebuyers

First time homebuyers may be able to qualify for assistance through programs available via the Maryland Department of Housing and Community Development.

The 1st Time Advantage Direct offers competitive interest rates for first-time homebuyers. Flex Direct loans can be combined with a mortgage credit certificate. If you have at least $1,000 in student loan debt, the SmartBuy 3.0 program can help you get a mortgage and pay off that debt in one transaction. The amount you can apply to student debt payoff is up to 15 percent of the home’s purchase price, with a cap of $30,000.

To qualify for these first-time home buyer programs in Maryland, you’ll need:

  • To not own another residence
  • Income that meets set parameters
  • For SmartBuy3.0, transaction must fully pay off the student debt of at least one borrower
  • To complete homebuyer education or counseling.
  • A minimum credit score of 640-680

Refinancing in Maryland

Do you want to refinance a home in Maryland to take advantage of favorable Maryland mortgage rates? You can do any of the following:

  • Refinance to lower your interest rate
  • Refinance to lengthen the term of your current loan
  • Refinance to cash out your equity
  • Refinance to remove your Private Mortgage Insurance (PMI) requirement

You may qualify for a streamlined refinance if you have a certain type of loan. Ask your lender for more information.


Buying a Home?

Each step-by-step guide is designed to shepherd you through a process from start to finish. Know what to expect and how to proceed, no matter where you are in your home buying journey.

1 The First Step in Buying a Home – Preapproval

What Is a Mortgage Preapproval? | How Much Will My Monthly Payment Be? | How Much Will My Down Payment Be? | How Long Does a Mortgage Preapproval Last? | What Is the Difference Between a Standard Preapproval and an Underwritten Preapproval?

Read More

3 How much money do I need?

How Can I Lower My Mortgage Payment? | How Can I Lower My Closing Costs? | When Do I Pay Out-Of-Pocket Costs? | What are Prepaid Items or Escrows? | What Will My Closing Costs Be?

Read More

4 The Basics of Mortgage

What Documents Need to be Updated During the Home Loan Process? | What Contingencies Do I Need? | How Important is the Closing Date? | Steps in the Loan Process | Understanding Common Mortgage Terms

Read More

5 Finding a Real Estate Agent

What Are the Top 6 Questions to Ask a Real Estate Agent? | Should I Use the Seller's Real Estate Agent? | Are Online Discount Realty Services a Good Idea? | How Much Does a Buyer's Real Estate Agent Cost? | Why Do I Need a Real Estate Agent to Buy a Home?

Read More
Stay informed with what's important to you

Subscribe for Notification

Notification popup

Selected options