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Mortgage rates in Maryland
Interest rates on a 30-year $300,000 conventional mortgage start at around 3.125%
If you have a credit score between 700 and 719 and can put 5% down, you’ll generally pay about 3.250% for a 30-year conventional loan with a fixed interest rate on a $350,000 home. But how much interest you pay for your Maryland home will depend on several factors, including your credit score, loan amount and lender.
Rates were last checked on October 6 and are from the Consumer Financial Protection Bureau (CFPB) website.
Your credit score affects the rate you’ll get
People with higher credit scores generally get lower interest rates because lenders assume they’re less likely to stop paying a mortgage. Here are the most common interest rates in Maryland by mortgage amount, according to the Consumer Financial Protection Bureau (CFPB).
|Credit score||$200,000 mortgage||$300,000 mortgage||$400,000 mortgage||$500,000 mortgage|
*Based on a 10% down payment for a 30-year fixed-rate conventional mortgage
Interest rates vary by lender
Interest rates are affected by the economy and the federal funds rate, or the rate that banks charge each other for overnight loans. But they’re also affected by individual lenders, which can have differing overhead costs, profit margins and credit score requirements.
Comparing lenders can help you find the best deal. Select See rates to provide the company with basic property and financial details for personalized rates.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Interest rates also vary by loan type
The type of loan you get can also affect how much you pay for your Maryland home. 15-year mortgages generally offer lower interest rates than 30-year mortgages, and you’ll see different rates for conventional loans than government loans.
|Loan type||$200,000 mortgage||$300,000 mortgage||$400,000 mortgage||$500,000 mortgage|
|15-year FHA||2.625%||2.500%||Not eligible||Not eligible|
|30-year FHA||3.063%||3.063%||Not eligible||Not eligible|
*Based on a 10% down payment, fixed interest rate and 710 credit score
Research ahead of time to get the best rates
Here are a few keys to getting a better mortgage rate:
- 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.
- 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.
- 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.
Home values in Maryland are forecast to increase
Maryland homeowners have seen a 14.1% increase in home values since June 2020, and this trend is expected to continue over the next 12 months according to Zillow. This is only a small portion of the larger trend that’s been in place since July 2012, when home values began to climb after hitting a low of $252,000 earlier that year. As of the end of June 2021, the typical value of homes in Maryland was $366,581.
Some of the largest increases in home values are expected to take place in Baltimore. Though it varies throughout the city, homes in Baltimore are expected to rise 10.4% by June 2022.
5 fast facts about the Maryland housing market
Potential Maryland homebuyers and sellers will want to consider these facts about the state’s real estate market:
- Maryland is the 7th most expensive state to live in, largely due to its close proximity to the nation’s capital and statewide cost of utilities and groceries.
- The average home sales price in Maryland has been trending up, increasing by 13.6% since July 2020. From 2019 to 2020, the average home sales price rose by 9.2%.
- 30.3% of home purchases in Baltimore between January 2021 and April 2021 were made with all cash.
- With an annual tax of $3,430 on the median-valued property, Marylanders pay 38.81% more than the $2,471 the average American pays in property taxes each year.
- According to the US Census, the median monthly cost of owning a home in Maryland is $2,017: 26.46% more than the national median of $1,595.
Mortgage rates in Maryland vary by loan type, and factors like your credit score and lender affect what rate you get. But factors like your credit score and lender affect what rate you get. Compare mortgage lenders and programs to find one that best fits your homeownership goals.
- Explore interest rates, Consumer Financial Protection Bureau
- Housing Data, Zillow
- These are America’s 10 most expensive states to live in, CNBC, July 15 2021
- Share of Homes Bought With All Cash Hits 30% for First Time Since 2014, Redfin, July 15 2021
- The average amount people pay in property taxes in every US state, Business Insider, July 1 2021
- Monthly Housing Statistics, Maryland Realtors
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