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Mortgage rates in Maryland

Rates that usually fall just above the national average.

Updated

Fact checked

Mortgage rates during the coronavirus

As mortgage rates fall to record lows in the wake of COVID-19, our partners are seeing an increase in demand for loans and refinancing. As they work through this influx of applications, you may see rates that are higher than expected — or no rates at all. We recommend comparing offers from multiple lenders to ensure you're getting the best deal possible.

Compare mortgage lenders in Maryland

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.

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.

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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