Current Maryland Mortgage and Refinance Rates
On Friday, June 09, 2023, the national average 30-year fixed mortgage APR is 7.07%. The national average 30-year fixed refinance APR is 7.15%, according to Bankrate's latest survey of the nation's largest mortgage lenders.
Bankrate has offers for Maryland mortgage and refinance loans from top partners that are well below the national average. Compare, apply, and start saving today.
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Current mortgage rates in Maryland
Refinance rates in Maryland
How to find the best mortgage rate in Maryland for youIf you’re buying a home in Maryland, you’ll need to put your best financial foot forward to secure a competitive mortgage rate in a rising-rate environment. Raise your credit score by paying your bills on time and paying down or eliminating credit card debt. These steps can help cut down your debt-to-income (DTI) ratio.
Why trust Bankrate’s mortgage rates?
Bankrate displays two sets of rate averages that are produced from two surveys we conduct: one daily (“overnight averages”) and the other weekly (“Bankrate Monitor averages”).
For Bankrate’s overnight averages, APRs and rates are based on no existing relationship or automatic payments. To determine the Bankrate Monitor mortgage rate averages, Bankrate collects APRs and rates from the 10 largest banks and thrifts in 10 large U.S. markets based on no existing relationship or automatic payments.
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Mortgage options in Maryland
Maryland conventional mortgages: To qualify for a conventional mortgage, you generally must meet the following requirements.
- Credit score of at least 620
- Debt-to-income ratio (DTI) of no more than 43 percent
- Down payment of at least 10 percent of the loan amount
Maryland FHA loans: If you don’t meet conventional loan requirements, you may qualify for an FHA loan. These are backed by the Federal Housing Administration, and the requirements include:
- Credit score of at least 500
- 10 percent down payment if credit score is between 500-579
- 3.5 percent down payment if credit score is 580 or higher
- DTI ratio of no more than 50 percent
Maryland VA loans: Insured by the Department of Veterans Affairs, VA loans are offered to qualifying veterans and active-duty members of the armed forces. VA loans don’t require a down payment or mortgage insurance and can be obtained through a VA-approved lender.
First-time homebuyer programs in Maryland
As a Maryland first-time homebuyer, consider these programs that can help you obtain a low-interest mortgage. You might also find loans or assistance to cover some of your down payment and closing costs.
Maryland Mortgage Program (MMP) 1st Time Advantage Loans
Maryland Mortgage Program (MMP) 1st Time Advantage loans assist first-time homebuyers with low-interest, 30-year fixed-rate mortgages. MMP 1st Time Advantage offerings include:
- 1st Time Advantage Direct: A 30-year fixed-rate mortgage with a competitively low rate, a 1st Time Advantage Direct loan does not come with down payment assistance, but does allow the borrower to incorporate outside down payment assistance with the loan.
- 1st Time Advantage 6000: A 30-year fixed-rate mortgage, a 1st Time Advantage 6000 loan comes with $6,000 in closing cost and down payment assistance in the form of a zero-percent second mortgage, which must be repaid when the first mortgage term ends or when you refinance, sell or transfer the home. If eligible, the 6000 loan can be paired with Partner Match funds, which match contributions from outside employers such as employers and local governments up to $2,500 as additional down payment.
- 1st Time Advantage 3% Loan: A 30-year fixed-rate mortgage, a 1st Time Advantage 3% Loan comes with down payment assistance equal to 3% of the loan principal in the form of a zero-percent, deferred second mortgage.
1st Time Advantage loans are available to first-time homebuyers, but also to repeat buyers if the borrower is buying in a targeted area and has already sold their current home. The program is also open to military veterans provided they meet certain eligibility requirements.
MMP Flex Loans
The MMP also offers Flex loans, which, similar to 1st Time Advantage loan programs, include Flex Direct, Flex 5000 and Flex 3% Loan, along with the Flex 3% Grant, equal to 3 percent of the first mortgage, with no repayment requirement.
Maryland SmartBuy is available to first-time homebuyers who have at least $1,000 in student loan debt. Through the program, borrowers can get up to 15 percent of the home’s purchase price, up to $40,000, to pay off student loan debt. The debt must be paid when the home is purchased.
Initially only available for homes owned by the State of Maryland, SmartBuy has been expanded to include any home for sale in the state, provided it meets MMP requirements, and it is offered only through participating lenders.