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Maryland Mortgage Rates today

If Maryland attracts you for homeownership, then your decision may be right. Total Mortgage is here to guide you to homeownership in the Free State.Our team of professionals has mastered the intricate details of the various Maryland mortgage programs. Whether this is your first home or an upgrade to your existing home, we've got you covered. Say goodbye to higher interest rates and hello to the most affordable mortgage rates in Maryland by different lenders. Together, let's transform your dream of domiciling into a delightful reality. Contact us today!

If you have any questions about securing the best mortgage rates in Maryland, please contact us today. We are here to assist you in finding the mortgage rates that best suit your needs.

Compare today's mortgage rates for Maryland

The mortgage rates in Maryland are 6.875% for a 30-year fixed mortgage and 6.375% for a 15-year fixed mortgage. These rates are effective as of June 23 2024 4:15pm EST.

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6.125% RATE

7.125% APR

$2,375/mo

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Based on the assumed loan amount of $360,000 and 20% down payment

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6.875% RATE

7.266% APR

$2,365/mo

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Based on the assumed loan amount of $360,000 and 20% down payment

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6.375% RATE

6.985% APR

$3,111/mo

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Based on the assumed loan amount of $360,000 and 20% down payment

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6.000% RATE

6.579% APR

$2,185/mo

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Based on the assumed loan amount of $360,000 and 20% down payment

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6.375% RATE

7.565% APR

$2,246/mo

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Based on the assumed loan amount of $360,000 and 20% down payment

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Latest revision - June 23 2024 4:15pm EST.
We update the table twice every day with the current mortgage rates.

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Frequently Asked Questions

What is the average mortgage rate in Maryland?

 

Mortgage interest rates in Maryland, the percentages charged by lenders for home loans or refinancing in the Free State, directly impact the total borrowing expenses for home proprietors in the area.

What are the current mortgage rates in Maryland?

You can examine the current mortgage rates in Maryland for each product we provide above. We refresh them twice daily to guarantee an exact picture of today's costs.

How do Maryland interest rates affect mortgages in the state?

 

Whether high or low, interest levels in Maryland establish the overall price tag of property possession; steep rates necessarily mean larger monthly obligations and bigger overall outlays, while decreased rates foster affordability and financial prudence for those living in the Old Line State. Homebuyers or present owners desire to pay only what is necessary over the lifetime of their mortgage. With diligence and timing, obtaining the most favorable mortgage interest rates in Maryland allows for saving substantially in interest payments.

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First-Time Homebuyer Programs in Maryland

Maryland Mortgage Program (MMP) 1st Time Advantage

Maryland first-time homebuyers get an advantageous 30-year fixed-rate mortgage loan program known as the 1st Time Advantage from the Maryland Department of Housing and Community Development. Strict income restrictions ranging from $124,500 to $210,980 apply depending on location and household size. Mortgage limits also factor in, spanning from $472,030 to $726,200. The first-time homebuyer programs in Maryland can supplement these loans; however, they cannot be paired with mortgage credit certificates.

MMP Flex loans

The Flex loans mirror the 1st Time Advantage but allow repeat homebuyers too. These loans provide a down payment and closing cost aid through a deferred loan.

Maryland SmartBuy 3.0

For those burdened with student loan debt exceeding $1,000, Maryland's unique SmartBuy 3.0 could help eliminate that obligation simultaneously with obtaining a mortgage. The program allows applying up to 15% of the purchase price or $20,000 maximum towards student loan repayment as an interest-free forgiven loan after five years. To qualify for the first-time buyer programs in MD, the transaction must fully pay off the borrower's student loans while satisfying all Maryland Mortgage Program criteria.

HomeAbility

The HomeAbility program contains two loans for homeowners or their household members living with disabilities. A primary 95% mortgage of the purchase price alongside a zero-interest secondary loan covers 25% of the cost up to $45,000 for down payment and closing costs. These secondary lien payments waive for the duration of the first mortgage but are payable in full if the property sells, refinances, or ownership transfers before fulfilling its term. Applicants must have evidence of their disability and earn below 80% of the area's median income to qualify for HomeAbility.

Maryland Down Payment Assistance

1st Time Advantage 6000 and Flex 5000

The 1st Time Advantage 6000 plan gives $6000 for down payment and closing fees, and the Flex 5000 plan gives $5000 to cover these expenses. Second mortgage is the term used to describe these funds. Only when your first mortgage is paid off will you begin paying this zero-interest second mortgage. This could be when the mortgage is paid in whole or when you sell your home or refinance it later. This is known as the required payback time.

These Maryland first-time home buyer programs also include a 'partner match' provision. Suppose you have gotten down payment assistance from other resources, such as an employer, grants from community organizations, home builders, or your local government. In that case, these programs will match lender assistance via an extra interest-free second loan. Consider which organizations on this list are likely to support you in purchasing a home.

1st Time Advantage 3% and Flex 3%

1st Time Advantage 3% and Flex 3% – Zero percent, second mortgage (equal to 3% of your first mortgage) as DPA; as deferred liens and down payment partner matches, these are similar to 1st Time Advantage 6000 and Flex 5000. 1st Time Advantage 4% and 5% – also offers DPA for those who are eligible. Maryland provides a 6% DPA loan.

HomeStart

Maryland also offers a six percent zero-interest DPA loan to individuals at or below 50% AMI. When the principal mortgage is paid off or refinanced, the house is sold, or there is any other type of change in ownership, the loan, which was deferred on the purchase price, becomes fully due.

Other Maryland Homebuyer Assistance Programs

Montgomery Homeownership Program

Do you wish to reside in Montgomery County, where the Montgomery Homeownership Program provides $25,000 in down payment and closing cost assistance? The cash is a zero-interest deferral credit repayable upon sale, refinance, transfer of ownership, or full mortgage repayment.

Baltimore homeownership resources

Several down payment assistance in Maryland resources are available if you are buying in Baltimore. One is the Live Near Your Work initiative, which provides a matching incentive from the city and grant funding from over 100 firms. The second event is the yearly $5,000 loan lottery for 'Buying Into Baltimore,' which is held twelve business days following the three-time-yearly Live Baltimore Trolley Tour. One can use this loan to pay their down payment, and after five years, the loan is wholly forgivable. The city also offers numerous additional financial incentives for one to become a homeowner in Baltimore.

FHA Loan

FHA loans provide an accessible option for homebuyers with modest financial means. Borrowers need only contribute 3.5% down, and a credit score as low as 580 can gain approval. Need more funds? FHA may be a suitable selection.

VA Loan

Service members, veterans, and surviving spouses have a favorable alternative through the VA loan guarantee. Zero down payment is typical and interest rates are often lower than those of traditional loans. Sacrificing for our country yields housing assistance when seeking shelter.

USDA Loan

No money down is a huge benefit of USDA loans, yet eligibility depends on placement. Purchase must occur in a designated rural locale where population density is sparse. Local qualifications also influence acceptance for this rural residential program.

HomeReady and Home Possible loans

The HomeReady and Home Possible programs crafted by government-backed companies like Fannie Mae ease entry for novice homeowners. Just 3% down is necessary, and income restrictions are relaxed. This helps eager buyers achieve the dream of ownership.

Public servants may gain from Good Neighbor incentives

If you work in the public sector as a teacher, police officer, or firefighter, the Good Neighbor Next Door initiative could offer an extremely minimal down payment. Live near those you serve through this opportunity.



Today's Rates

Mortgage rates are volatile and subject to change without notice. All rates shown are for 30-day rate locks with two and a half points for a single family owner-occupied primary residence with 750 or higher FICO and 80 LTV over a 30-year loan term except where otherwise noted and are subject to mortgage approval with full documentation of income. The APR for a 30-year and 15-year conventional fixed-rate mortgage loans are calculated using a loan amount of $360,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, a $10 flood certification fee, and a $82 credit report fee.* 15-year conventional mortgage rates are calculated with a 15-year loan term.* The APR for jumbo mortgage rates is calculated using a loan amount of $500,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, $10 flood certification fee, and a $82 credit report fee.* The APR for FHA mortgage rates is calculated using a loan amount of $360,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, $10 flood certification fee, and a $82 credit report fee. Some rates and fees may vary by state.* The APR for adjustable rate mortgages (ARMs) is calculated using a loan amount of $360,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, $10 flood certification fee and a $82 credit report fee. Some rates and fees may vary by state. Products are subject to availability on a state-by-state basis. By refinancing your existing loan, your total finance charge may be higher over the life of the loan.