Today's Mortgage Rates in Maryland (August 2024)

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Updated: September 4, 2024

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Today's 30-year mortgage rate in Maryland sits at 5.97%, aligning closely with the national average rate of 6.42% for similar mortgages. Homebuyers can access programs like 1st Time Advantage Loans and the Maryland Mortgage Program Flex to potentially minimize mortgage expenses.

We'll help you understand the nuances of mortgage rates in Maryland, dissect the differences between interest rates and APR, and show how rates fluctuate based on credit score. You'll gain insights into the array of mortgage types, how their rate structures differ, the various lenders operating in Maryland, and the details on state-specific aid through different mortgage programs, equipping you with the knowledge to navigate your home financing with confidence.

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 content are annual percentage rates (APRs).

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This data was last updated on August 2, 2024.

Current Mortgage Rates in Maryland

In August 2024, the average APR for a 30-year fixed-rate mortgage in Maryland is 5.97%, a decrease from last month's 6.59%. You could save about $30,974 in interest on a $250,000 loan with a 20% down payment despite such a slight shift. This calculation doesn't cover extra expenses like property taxes or HOA fees.

Current Mortgage Rates in Maryland (Jan to May)

Understanding the current mortgage rate in Maryland can help you budget effectively as you prepare for a mortgage. Rates fluctuate because of changes in the economy and shifts in monetary policy. Our line chart illustrates how the current mortgage rate has trended in recent months, allowing you to observe the potential impact on your payments.

Who Needs to Know Today's Mortgage Rates in Maryland?

Understanding today's mortgage interest rates in Maryland benefits both fresh entrants and seasoned investors in the housing market:

    coupleG icon

    First-time homebuyers

    First-time homebuyers in Maryland can use current mortgage rates to gauge what to expect from lenders and assess rate competitiveness.

    homeowner icon

    Homeowners with mortgages

    Homeowners in Maryland can learn from current mortgage rates to determine if a mortgage refinance might benefit them financially.

Purchase rates and refinance rates are different — for a 30-year fixed-rate mortgage in Maryland, the current mortgage rate is at 5.97% while the rate to refinance is higher, standing at 7.71%. This shows that if you're looking to buy, you might get a better deal than if you're planning to refinance your home.

Current Mortgage Rates in Maryland by Loan Type

A 30-year fixed-rate mortgage in Maryland often has a higher interest rate when compared with a 15-year fixed-rate mortgage. The longer timeframe of a 30-year loan gives more time for rate fluctuations and potential default, leading to increased risk for the lender — this influences the rate you're offered.

You might want to see what fits your pocket better by looking into mortgage loan types in Maryland. A mortgage calculator is a handy tool that can help you understand how different rates affect your monthly payments and total loan cost.

Data filtered by:Results filtered by:
Loan Type:
Loan Type:10-Year Fixed
5.52%APR5.69%
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INTEREST RATE VS. APR: WHAT'S THE DIFFERENCE?

The interest rate in a mortgage represents the yearly cost to you for borrowing money. In Maryland, the average mortgage interest rate for a conforming 30-year fixed mortgage is currently 5.89%.

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 stands at 5.97%, giving you a broader picture of the yearly expense tied to your mortgage.

Current Mortgage Rates in Maryland by Credit Score

In Maryland, if your credit score is 740 or more and you're putting down 5% to 20%, you'll see an average APR of 6.42% for a 30-year fixed-rate mortgage. With a lower score under 680, the average APR climbs to 8.09% for the same loan.

Your credit score impacts the mortgage rates you may qualify for in Maryland. Our interactive table helps you see what rates you might qualify for based on your credit score and down payment size:

Data filtered by:Results filtered by:
Credit Score Range:
Credit Score Range:680 - 740
Down Payment:
Down Payment:20% or higher
10-year FixedAPR5.58%
15-year FixedAPR5.41%
20-year FixedAPR6.06%
30-year FixedAPR6.33%
5-year ARMAPR7.36%
7-year ARMAPR7.08%

Mortgage Types in Maryland

In August 2024, 30-year fixed loans have the lowest average APR for 30-year fixed rate mortgages in Maryland at 5.97%. 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 or guaranteed by the government.

Mortgage rates for conventional loans may vary based on credit score and down payment.

5.97%

FHA Loans

FHA loans in Maryland are insured by the Federal Housing Administration for borrowers.

FHA loans typically offer lower rates for borrowers with lower credit scores.

6.74%

VA Loans

VA loans in Maryland are guaranteed by the Department of Veterans Affairs for eligible service members.

VA loans often provide competitive rates due to government backing.

6.02%

USDA Loans

USDA loans in Maryland are designed for rural homebuyers and backed by the USDA.

USDA loans offer rates that can be below the market average due to government support.

currently unavailable

Jumbo Loans

Jumbo loans in Maryland are for amounts exceeding conforming loan limits.

Jumbo loans have rates that might be higher due to the larger loan amounts and risk involved.

6.58%

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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 the same over the entire loan term. This consistency helps with budgeting.
  • Adjustable-rate mortgages may start lower and adapt to market changes, which could potentially lower your payments if interest rates decrease.

In August 2024, Maryland's average APR is set at 5.97% for a 30-year fixed mortgage and 7.26% for a seven-year adjustable-rate mortgage.

Mortgage Lenders in Maryland

New American, Loan Depot and Truist stand out as solid options for securing a mortgage in Maryland. Each one offers accessibility within the state, holds Better Business Bureau accreditation and provides homeowner assistance programs. While these lenders are promising, Maryland is home to other lenders not featured on our list.

Your lender selection influences the mortgage rate available to you as different lenders present unique mortgage opportunities and loan conditions. Scanning through various mortgage lenders in Maryland helps you land the most favorable 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 a range of mortgage options in Maryland, including conventional and FHA loans. A minimum credit score of 580 is needed for FHA loans, while conventional loans require a score of at least 620. You can get into a conventional loan for as little as 3% down or an FHA loan for between 3.5% and 10% down, based on your credit score. It provides customer service from 8 am to 9 pm CT on weekdays and 10 am to 2 pm CT on Saturdays, ensuring you can reach out for assistance through phone or email during these times.

    In addition to standard loan products, it also offers loan assistance solutions for homeowners. If you're looking to secure a mortgage, New American presents various options tailored for diverse financial situations. Whether you're a first-time homebuyer or looking to refinance, it is equipped to support your mortgage needs in Maryland. Opting for a loan through New American can be a smooth process, guided by its experienced customer service team.

    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
    New American

  • 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 variety of mortgage products to meet the needs of homeowners and buyers in Maryland. With multiple options like conventional, VA and FHA loans, there's flexibility to choose what suits you best. While it doesn’t specify minimum credit scores or down payments for each product, they mention down payments as low as 3% without specifying which mortgage type this applies to.

    It is committed to accessibility, providing customer service Monday to Friday from 8 am to 8 pm ET and Saturday from 8 am to 5 pm ET through several support channels including phone, social media, and in-person consultations.

    In addition to standard mortgage options, it provides specialized programs like the doctor loan and construction to permanent Loans, which cater to specific needs, and affordable lending options to make homeownership more accessible. If you're a Maryland resident looking to purchase or refinance a home, exploring these available programs might provide you with the right support and financial benefits for your situation.

    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
    • Mortgage products unavailable in AK, AZ and HI
    • No mortgage payment relief options
    Truist

  • Loan Depot
    • 3Number of Mortgage Options
    • YesOnline Application
    • A+BBB Rating
    • Monday to Friday, 10 am to 9 pm ETCustomer Service Hours

    Loan Depot is a savvy choice for Maryland borrowers looking for mortgage options. You can engage with it online or in person, making the loan process accessible wherever you are. You can choose from different mortgages like fixed- and adjustable-rate loans. If you meet the criteria, FHA and VA loans are also on the table. If you are considering an FHA loan through it, you'll need a minimum credit score of 580. You can start with as little as 3.5% down for FHA loans or even no down payment for VA loans. With conventional loans, a down payment starts at 5%.

    Loan Depot offers assistance with customer service available Monday to Friday, 10 am to 9 pm ET. You can reach out via phone or email, ensuring your questions never go unanswered. It provides Loss Mitigation Assistance to help you navigate through any financial challenges you might face. With an A+ BBB rating, you can rest assured that service and support are priorities.

    Pros

    • Interactive mortgage calculator tool
    • Pre-qualification available online
    • Disclosure of down payment needs

    Cons

    • Mortgage products lack uniqueness
    • No weekend customer support
    Loan Depot

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
Content

1st Time Advantage Loans

1st Time Advantage loans offer Maryland's lowest 30-year fixed rates and flexibility with initial costs. Opt for the 1st Time Advantage 6000 to get a $6,000 zero-interest loan for down payment and closing costs, repayable when the first mortgage is paid off. Select from additional loan options offering 3% to 5% of the mortgage amount at zero interest.

Maryland Mortgage Program Flex

The Maryland Mortgage Program Flex caters to both first-time and repeat buyers with a range of choices. Get straightforward mortgage terms with competitive rates, or down payment assistance up to $5,000 or 3% of the purchase price to boost your buying power. Tailor your homebuying experience with diverse versions for your financial objectives.

Partner Match Program

Leverage the Partner Match Program when using the 1st Time Advantage 6000 or Flex 6000 loans to amplify your purchasing power. Receive matching funds up to $2,500 from state-partnered organizations for your down payment and closing costs. This collaboration aims to fortify your homeownership journey with 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 for August 2024 vary by loan type and other factors. For example, a 30-year fixed conforming loan has an average APR of 5.97%, whereas a seven-year ARM is at 7.26%.

How do mortgage rates in Maryland compare to national rates?

The current average APRs for a five-year adjustable rate mortgage in Maryland is 7.33%, compared with the national average of 7.77%. For a 15-year fixed rate mortgage, it's 5.36% in Maryland relative to 5.60% nationally, as of August 2024.

How does my credit score impact the mortgage rates I get in Maryland?

Your credit score significantly influences the low mortgage rates you can qualify for in Maryland. A higher credit score can lead to lower APRs, reflecting less risk to lenders.

Are there any special mortgage programs in Maryland to help homebuyers?

Yes, there are several mortgage programs in Maryland, such as 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 get the best possible mortgage rate in Maryland, consider making a larger down payment, maintaining a strong credit score, and comparing loan offers from multiple lenders.

What are today's mortgage refinance rates in Maryland?

As of August 2024, refinance rates in Maryland average 6.87% for 15-year fixed and 7.71% for 30-year fixed refinance loans.

How do I calculate my mortgage payments?

You can use a mortgage calculator for Maryland to accurately estimate your monthly mortgage payments based on interest rates, down payment, and other loan terms.

About Zachary Romeo, CBCA

Zachary Romeo, CBCA headshot

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.

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