Today’s Refinance Rates in Maryland

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Edited byKatherine Kurtz

Updated: January 18, 2024

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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.


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.


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.