Maryland mortgage and refinance rates

Current mortgage rates in Maryland

As of Friday, December 05, 2025, current interest rates in Maryland are 6.32 percent for a 30-year fixed mortgage and 5.57 percent for a 15-year fixed mortgage.

Current mortgage rates in Maryland — and the rest of the country — are down from recent highs, but the 30-year-fixed rate is still hovering above 6 percent. Experts say that a return to COVID-era mortgage rates isn't likely anytime soon. 

Refinance rates in Maryland

Maryland refinance rates are still far higher than they were a few years ago, during the pandemic — but they've declined from their 2023 peak of 8 percent. If you bought your home when rates were higher, it may make sense to refinance now. 

Or, if you've gained a significant amount of equity in your home in Maryland, you might want to explore a cash-out refinance. Doing so can help you reach other financial goals, like paying off high-interest debt or funding renovation projects.

National mortgage rates by loan type

If you’re curious about how Maryland mortgage rates compare to national averages, here’s a look at the latest interest rates and APRs for the entire U.S.:

Maryland housing market statistics and trends

Maryland is known for its rich history, with its proximity to many of the nation’s major historical sites, as well as bordering Washington, D.C. It's also relatively expensive, with home prices above the national median. However, if you're a first-time buyer, keep in mind that sales prices are stabilizing and the number of homes sold has decreased in the past year, while more homes are on the market. This means less competition in some areas. 

• Median home sales price, August 2025: $503,550
• Median home value, August 2025: $430,324
• Median down payment, August 2025: $80,000
• Median days on market, September 2025: 42
• Percentage of homes sold above list price, September 2025: 31.2%
• Percentage of homes with price drops, September 2025: 32.2%
• Homeownership rate, Q2 2025: 69%

Sources: ATTOM, Redfin, U.S. Census Bureau

Mortgage options in Maryland

• Conventional mortgages: These mortgages require a credit score of 620 or better, a debt-to-income ratio (DTI) of no more than 45 percent and a down payment of 3 percent to 5 percent.
• FHA loans: If you don’t meet conventional loan requirements, you might qualify for an FHA loan. These are insured by the Federal Housing Administration, and the requirements generally include a credit score of at least 580 — to qualify for a 3.5 percent down payment — and a DTI ratio of no more than 50 percent.
• VA loans: Guaranteed by the Department of Veterans Affairs, VA loans are offered to qualifying military veterans, active-duty members and surviving spouses. VA loans don’t typically require a down payment or mortgage insurance and can be obtained through a VA-approved lender.
• USDA loans: For Marylanders living in rural areas, loans guaranteed by the U.S. Department of Agriculture offer mortgages with no down payment. Generally, you’ll need a credit score of at least 640 to qualify. Also, these loans are available only for property purchased in specific rural areas, and your income must be below area-specific limits.

First-time homebuyer programs in Maryland

As a Maryland first-time homebuyer, consider assistance through the Maryland Mortgage Program. Here are some of the options available:

• 1st Time Advantage Direct: A 30-year fixed-rate mortgage with a competitively low rate
• 1st Time Advantage 6000: A 30-year fixed-rate mortgage with $6,000 in closing cost and down payment assistance in the form of a zero-percent, deferred second mortgage
• 1st Time Advantage 3%, 4% and 5% Loans: 30-year fixed-rate mortgages with down payment assistance equal to 3 percent, 4 percent or 5 percent of the loan principal in the form of a zero-percent, deferred second mortgage
• Maryland SmartBuy 3.0: The SmartBuy program provides up to 15 percent of the home’s purchase price, up to a maximum of $20,000, to pay off existing student loan debt. 

Additional Maryland mortgage resources

• Review Maryland mortgage lenders: Learn what kind of mortgage offer you can get from these Maryland mortgage lenders. 
• Buying a house in Maryland: A how-to: Read our guide to learn the ins and outs of buying a home in Maryland. 
• Best homeowners insurance in Maryland: After your principal and interest, your homeowners insurance is a major part of your mortgage payment. Our guide can help you find the right rate and coverage for your home. 
• Maryland loan limits by county: Here are the maximum loan limits in Maryland for FHA and conventional loans. 
• Everything you need to know about the Maryland housing market: The housing market is always changing. Here’s what you need to know.
• Mortgage calculator: Estimate your monthly mortgage payments with Bankrate’s calculator.