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Mortgage rates in Maryland

Rates that usually fall just above the national average.

Editor's choice: Better

  • Quick online preapproval
  • No origination fees
  • Direct lender
Find your rate

Maryland lenders offer a complete set of loan options with a range of rates. Mortgage rates in the state for 30-year loans average 4.628% and will likely hover above 4% in 2020.

Compare mortgage lenders and brokers

Compare these lenders and lender marketplaces by the type of home loan you're searching for, state availability and minimum credit score (for a conventional loan). Select See rates to provide the company with basic property and financial details for personalized rates.
Name Product Loan products offered State availability Min. credit score
Morty
(NMLS #1429243)
Morty
Conventional, Jumbo, Refinance
AL, AR, CA, CO, CT, DC, DE, FL, GA, IA, ID, IL, IN, KS, KY, MD, ME, MI, MN, MS, MT, NC, NE, NJ, NM, OH, OK, OR, PA, SC, TN, VA, WA, WI, WV
660
Preapproval in minutes and closing in as little as 3 weeks with no origination fees.
SoFi
(NMLS #1121636)
SoFi
Conventional, Home equity, Refinance
Not available in: HI, MO, NM, NY, WV
620
No hidden fees, multiple loan terms, and member discounts available.
Rocket Mortgage
(NMLS #3030)
Rocket Mortgage
Conventional, Jumbo, FHA, VA, Refinance
Available in all states
620
Streamline your mortgage from quote to final payment — all from your computer or phone.
Better
(NMLS #330511)
Better
Conventional, Jumbo, FHA, Refinance
Not available in: HI, MA, MN, NV, NH, VT, VA
620
Online preapproval in minutes and no origination fees with this direct lender.
LendingTree
(NMLS #1136)
LendingTree
Conventional, Jumbo, FHA, VA, USDA, Home Equity, HELOC, Reverse, Refinance
Available in all states
620
Connect with vetted home loan lenders quickly through this online marketplace.
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How much do Maryland rates vary?

According to 2018 data, the average interest rates for a 30-year mortgage range from 4.481% to 4.751%. Factors such as your loan program can affect your interest rate. For example, government-insured programs generally have lower interest rates than conventional loans, but may come with stricter borrower and property requirements.

2018 average rates in Maryland by loan type

Loan type15-year average rate30-year average rate
Conventional4.244%4.751%
FHA3.977%4.740%
VA3.801%4.481%
USDAN/A4.540%

Based on data from ffiec.cfpb.gov.

Even a minimal rate percentage difference can mean savings on the overall cost of a loan. For instance, if you’re approved for a conventional mortgage for $225,000 at 4.751%, you could pay close to $1,170, not including taxes, fees and other loan-specific costs.

On the other hand, a VA loan with the average 4.481% rate might see monthly payments decrease slightly to $1,140. By just paying $30 more a month, you could save almost $13,080 over the life of the loan.

Which way are rates trending in Maryland?

Maryland rates are expected to hold just above the 4% mark in 2020.

Historically, Maryland mortgage rates come in just above the national average. Bankrate chief financial analyst Greg McBride predicts that rates will stay steady around 4%. Housing authority Mortgage Bankers Association predicts rates will come in around 3.90%. Maryland rates should be slightly higher.

Compare mortgage rates throughout Maryland

Average mortgage rates and home prices can vary significantly depending on what part of Maryland you’re in.

We gathered data from the Home Mortgage Disclosure Act to give you an idea of what you might pay on the average 30-year fixed-rate mortgage in a given metropolitan area in Maryland. Rates and amounts don’t account for taxes, private mortgage insurance and other charges specific to a home loan.

Metropolitan statistical area (MSA)Average mortgage rateMedian loan amountEstimated monthly cost
Baltimore-Columbia-Towson4.710%$275,000$1,430
California-Lexington Park4.630%$265,000$1,360
Cumberland MSA (Allegany County, MD)4.761%$105,000$550
Hagerstown-Martinsburg MSA (Washington County, MD)4.776%$195,000$1,020
Salisbury MSA (Somerset, Wicomico, Worcester Counties, MD)4.817%$185,000$970
Washington MSA (Calvert, Charles, Prince George’s Counties, MD)4.779%$305,000$1,600
Philadelphia MSA (Cecil County, MD)4.730%$225,000$1,170

Based on data from ffiec.cfpb.gov.

How to get the best mortgage rate in Maryland

Here are a few keys to getting a better mortgage rate:

  1. Look into your loan options. Lenders ultimately decide on mortgage rates, and they can vary across loan options. See what type of loan you qualify for with a prequalification.
  2. Work toward improving your credit. Pay off as much outstanding debt as you can and work to increase your credit score before applying for a loan to get better rates.
  3. Consider closing costs. Some lenders advertise low rates but end up charging higher closing fees. In Maryland, closing costs are between 3.34% to 4.45% of the final purchase price. Make sure you know the full cost of your loan.

Historical mortgage interest rates in Maryland

Bottom line

Maryland mortgage rates historically land above the national average, but can vary by lender, region and loan type. Shop around and compare loan programs and lenders to find the best rate and the right loan for your homeownership goals.

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