MoneyGeek researched current refinance rates in Maryland to help you decide which loan type best suits your situation. See the table below for the state’s latest refinance rates.
Today’s Refinance Rates in Maryland
Maryland's homeowners have an average monthly mortgage payment of $1,351 — $192 more than the national average. Mortgage refinancing is a great option for reducing monthly payments by qualifying for a lower interest rate.
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Katherine Kurtz, PhD
Managing Editor
Katherine Kurtz, Ph.D., is the Managing Editor at MoneyGeek, with 15 years of experience in academic and content editing. She holds a doctorate in philosophy from Villanova University, where she also worked as an adjunct professor and the managing editor of *Hypatia*, a peer-reviewed feminist philosophy journal. Kurtz believes in "education as a practice of freedom" (bell hooks) and seeks to empower herself and others by openly sharing financial knowledge and resources.
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Katherine Kurtz, PhD
Managing Editor
Katherine Kurtz, Ph.D., is the Managing Editor at MoneyGeek, with 15 years of experience in academic and content editing. She holds a doctorate in philosophy from Villanova University, where she also worked as an adjunct professor and the managing editor of *Hypatia*, a peer-reviewed feminist philosophy journal. Kurtz believes in "education as a practice of freedom" (bell hooks) and seeks to empower herself and others by openly sharing financial knowledge and resources.
Updated: January 18, 2024
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Current Refinance Rates in Maryland
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Mortgage Refinance Rates From Top Lenders
What Is a Good Refinance Rate in Maryland?
The average refinance rates in Maryland are 4.12% for a 15-year FRM, 4.88% for a 30-year FRM and 3.90% for a 5/1 ARM. In contrast, the national average rates are 4.45% for a 15-year FRM, 5.30% for a 30-year FRM and 4.19% for a 5/1 ARM, based on FRED's economic data. Thus, Maryland homeowners pay lower rates to refinance their mortgages than the national average rates.
However, a "good" rate is subjective and depends on many factors, including your loan term, loan amount, credit score, current income and previous debts. In addition, mortgage refinance rates change daily. A lender's estimate today can differ from an estimate you receive a few days later. It's best to compare estimates from different lenders to find the best deal.
Estimate Your New Monthly Mortgage Payment
MoneyGeek’s mortgage calculator below can help you estimate your new monthly mortgage payment. Enter the average Maryland rates given above and your mortgage information. Remember, your actual rate might differ since refinance rates change daily and depend on personal factors like credit score and debt-to-income ratio.
By Mandy Sleight, Licensed Insurance Agent
Frequently Asked Questions About Refinance Rates in Maryland
MoneyGeek researched the following frequently asked questions about the current refinance rates in Maryland to help homeowners estimate their new mortgage payments.
In Maryland, a good refinance rate is relative to your situation and factors like your credit score, current income, previous debts, loan type and amount. MoneyGeek recommends comparing estimates from different lenders to find the best rates.
If a lender offers you a rate higher than your current mortgage, it won’t help lower your monthly payment.
Maryland’s average refinance interest rate on a 30-year fixed-rate mortgage is 4.88%. Consider it a good deal if a lender offers you a lower or similar rate.
Lenders in Maryland charge an average refinance interest rate of 4.12% on a 15-year fixed-rate mortgage. You should aim for a similar or lower rate.
The average refinance rate on a 5/1 ARM in Maryland is 3.90%, so qualifying for a lower or similar rate is the best option.
Read More on Mortgages
sources
- FRED. "Mortgage Rates." Accessed July 13, 2022.