Current Refinance Rates in Maryland
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.
- Type of LoanRateAPR
- Conventional 30 Year Fixed5.763 %5.75 %
- Conventional 20 Year Fixed5.891 %5.875 %
- Conventional 15 Year Fixed5.004 %5 %
- Conventional 10 Year ARM6.714 %6.375 %
- Conventional 7 Year ARM6.767 %6 %
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.
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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.
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- FRED. "Mortgage Rates." Accessed July 13, 2022.