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Current Maryland Mortgage and Refinance Rates

As of Sunday, September 25, 2022, current rates in Maryland are 6.56% for a 30-year fixed and 5.78% for a 15-year fixed.

Bankrate has offers for Maryland mortgage and refinances from top partners that are well below the national average. Compare, apply, and start saving today.

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money.

Current mortgage rates in Maryland

Mortgage rates are likely to remain on the upswing as the Federal Reserve signals higher rates will be here to stay for the time being.
 
The Fed does not directly impact rates on fixed mortgages, but its policies can have an effect, and the central bank's actions do drive rates on adjustable-rate mortgages (ARMs) and home equity loans.
 
The Fed has implemented rate hikes in 2022 in an effort to tamp down soaring inflation, a contributing factor to volatility in the mortgage market. In this challenging environment, it's more important than ever to shop around and compare rates to obtain the best possible deal.
 

Refinance rates in Maryland

Refinance rates fluctuate frequently due to trends in the economy, Treasury bond rates, demand and other factors. Rates on a 30-year mortgage refi averaged over 6 percent as of mid-September 2022, but it's still possible to find lower rates through Bankrate's rate tables.

How to find the best mortgage rate in Maryland for you

If 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.
 
You can also strengthen your loan application by making a larger down payment, especially 20 percent. There are still mortgage options available with a lower down payment, but you won’t get the lowest possible rate and will likely need to pay for mortgage insurance.
 
You could also save thousands by comparing offers from mortgage lenders in Maryland.
 

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.

Our advertisers are leaders in the marketplace, and they compensate us in exchange for placement of their products or services when you click on certain links posted on our site. This allows us to bring you, at no charge, quality content, competitive rates and useful tools.

Learn more about Bankrate’s rate averages, editorial guidelines and how we make money.

Mortgage options in Maryland

Whether buying a home in Maryland or elsewhere, most borrowers have access to conventional or FHA loan options. If you qualify, you might also want to explore a no-down payment VA loan or USDA loan.
 

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

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.