Maryland Mortgage and Refinance Rates for July 2026

As of Friday, July 03, 2026, current interest rates in Maryland are 6.60% for a 30-year fixed mortgage and 5.93% for a 15-year fixed mortgage.

Mortgage rates in Maryland — and nationwide — are down from 2025 highs near 7%, but the 30-year fixed rate remains above 6%. Rates are expected to stabilize around 6% in the year ahead, according to industry forecasts, but changing economic and geopolitical conditions could create a rockier road to rate recovery. 

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%. While today's rates are still somewhat elevated, if you purchased your home when rates were higher, you may benefit from refinancing, depending on your current rate and financial goals.

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.

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 is known for its rich history and proximity to major hubs like Washington, D.C. It's relatively expensive, with home prices above the national median. While prices are still rising, growth has slowed compared to recent years. Meanwhile, the number of homes sold has declined, and inventory has increased, plus homes are taking longer to sell. These trends suggest a more balanced housing market, giving you more options and slightly less competition in some regions.

• • Median home sales price, February 2026 $427,700 
  • Median home value, February 2026: $422,382 
  • Median down payment, February 2025: $51,578 
  • Median days on market, February 2026: 56
  • Percentage of homes sold above list price, February 2026: 31.1% 
  • Percentage of homes with price drops, February 2026: 21.5% 
  • Homeownership rate (Northeast), Q4 2025: 63%

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

• Conventional mortgages: These mortgages typically require a credit score of 620 or better, a debt-to-income ratio (DTI) of no more than 45% and a down payment of 3% to 5%.
• 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% down payment — and a DTI ratio of no more than 50%.
• 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.

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%, 4% or 5% 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% of the home’s purchase price, up to a maximum of $20,000, to pay off existing student loan debt.