Menu burger Close thin Facebook Twitter Google plus Linked in Reddit Email
Loading
Tap on the profile icon to edit
your financial details.

Maryland Mortgage Rates

Your Details Done

Use SmartAsset's mortgage rate comparison tool to compare mortgage rates from the top lenders and find the one that best suits your needs.

Overview of Maryland Mortgages

Though small in size, Maryland has played a large role in U.S. history. As one of the 13 original colonies, its towns have American charm and historical trappings that add appeal on the real estate market. Maryland mortgage rates have traditionally been just above the national average. The state’s counties’ conforming loan limits and FHA limits show significant variation. The highest limits are in counties close to Washington D.C.

Today's Mortgage Rates in Maryland

Product Today Last Week Change
30 year fixed 4.53% 4.63% -0.09
15 year fixed 4.00% 4.08% -0.08
5/1 ARM 3.75% 3.75% 0.00
30 yr fixed mtg refi 4.56% 4.67% -0.10
15 yr fixed mtg refi 4.00% 4.08% -0.08
7/1 ARM refi 3.75% 3.75% 0.00
15 yr jumbo fixed mtg refi 4.00% 4.00% 0.00

National Mortgage Rates

Source: Freddie Mac Primary Mortgage Market Survey, SmartAsset Research
Details
Add your details
Purchase or Refinance
Select Purchase or Refinance
Do this later
Dismiss
Add your details
Location
Location
Enter your location Do this later
Dismiss
Add your details
Target Home Price
Target Home Value
Enter target home value
Do this later
Dismiss
Add your details
Down Payment
Down Payment
Enter down payment
$0
Do this later
Dismiss
Add your details
Current Home Value
Current Home Value
Enter current home value
Do this later
Dismiss
Add your details
Current Mortgage Balance
Current Mortgage Balance
Enter current mortgage balance
Do this later
Dismiss
Add your details
Credit Score
Credit Rating
Select Your Credit Rating Do this later
Dismiss
Lender
APR
Payment
No mortgages found. Please change your search criteria and try again.
Searching for Mortgages...
Disclosure
How likely is it that you would recommend this tool to a friend or colleague?
What is the most important reason for that score?
Thank you for your answer! Your feedback is very important to us.

Historical Mortgage Rates in Maryland

Photo Credit: ©iStock.com/BackyardProduction

Maryland Mortgage Rates Quick Facts

  • Median Home Value: $332,500 (U.S. Census Bureau)
  • Loan Funding Rate: 49.9% (CFPB)
  • Homeownership Rate: 68.8% (St. Louis Fed)
  • Median Monthly Homeownership Costs: $2,017 (U.S. Census Bureau)

Well-known for its Chesapeake Bay and Atlantic coastlines, Maryland is a hub for sailing, U.S. history and blue crabs, a state specialty. From historic Baltimore to the mountain views of Frederick, Maryland, it's rich in culture and natural beauty and a great place to own a home. Maryland mortgage rates are typically a little above national averages.

A financial advisor in Maryland can help you plan for the homebuying process. Financial advisors can also help with investing and financial plans, including tax, retirement and estate planning, to make sure you are preparing for the future.

Maryland Historic Mortgage Rates*

YearMaryland RateU.S. Rate
20008.007.86
20017.056.94
20026.586.44
20035.915.67
20045.815.68
20056.055.85
20066.676.54
20076.496.42
20086.126.06
20095.035.05
20104.724.81
20114.554.56
20123.653.65
20133.913.84
20144.144.13
20153.983.88
20163.793.73
20174.154.03
20184.664.56

*The FHFA stopped reporting new data in 2018.

Maryland Mortgages Overview

Property in Maryland is right on par with the national average. The median home value is $332,500, which is above the nation’s median.

The average real estate prices are reflected in the average conforming limit in many Maryland counties. For most of the country, the conforming loan limit is $548,250. That means if you take out a loan larger than that, it will be considered a jumbo loan and will therefore have a higher interest rate.

In some more expensive areas, however, the conforming limit is higher, as an acknowledgment of the higher-than-average home prices there. In those areas, you have a little more leeway to take out a bigger loan before it will be considered a jumbo loan.

In five Maryland counties, the conforming limit is a whopping $822,375. Those counties are Calvert, Charles, Frederick, Montgomery and Prince George’s. Expect high real estate prices in these areas.

The FHA limits for Maryland counties vary widely, ranging from $356,362 to $822,375 across the state.

Maryland Conforming and FHA Loan Limits by County

CountyConforming LimitFHA Limit
Allegany$548,250$356,362
Anne Arundel$548,250$538,200
Baltimore$548,250$538,200
Calvert$822,375$822,375
Caroline$548,250$356,362
Carroll$548,250$538,200
Cecil$548,250$431,250
Charles$822,375$822,375
Dorchester$548,250$356,362
Frederick$822,375$822,375
Garrett$548,250$356,362
Harford$548,250$538,200
Howard$548,250$538,200
Kent$548,250$356,362
Montgomery$822,375$822,375
Prince George's$822,375$822,375
Queen Anne's$548,250$538,200
St Mary's$548,250$356,362
Somerset$548,250$356,362
Talbot$548,250$408,250
Washington$548,250$356,362
Wicomico$548,250$356,362
Worcester$548,250$356,362

Maryland homebuyers do have some protections. Whether a seller works through an agent or goes the "for sale by owner" route, disclosure laws apply. Most sellers will be required to fill out either a disclosure or a disclaimer. Regardless, a home inspection is still the best way to feel confident in a property purchase.

30-Year Fixed Mortgage Rates in Maryland

Applying for a mortgage in the Old Line State? Fixed-year mortgages are reliable choices, especially for buyers who plan to stay in their new homes for a long time. With fixed-rate mortgages, your interest rate remains the same for the duration of the loan, so you know exactly how much your monthly payment will be.

A 30-year fixed-rate mortgage is the most popular home loan. You can have a long time to pay off the loan (30 years), unless you made prepayments or decide to refinance. Fixed-rate mortgages are also available in 15-year and 40-year terms.

The average Maryland rate for a fixed 30-year mortgage is 2.59% (Zillow, Jan. 2021).

Maryland Jumbo Loan Rates

Maryland loan limits vary widely, with many of the state’s counties going well above the conforming loan limit. This reflects the more expensive real estate prices throughout Maryland. As previously mentioned, the conforming limit in some Maryland counties is $548,250 and in others it’s $822,375. If you need to take out a home loan that is larger than the conforming limit in the county in which you’re looking to buy, you will have what is known as a jumbo loan. Keep in mind that jumbo loans tend to come with higher interest rates, though they don't currently in Maryland.

The average jumbo loan rate in Maryland is 2.52% (Zillow, Jan. 2021).

Maryland ARM Loan Rates

An ARM, or adjustable-rate mortgage, is exactly what its name implies. It’s a home loan that has an interest rate that changes over time. Usually an ARM will have a lower interest rate upfront compared to a fixed-rate mortgage. This lower rate lasts for a certain period of time between one and 10 years. When that time is up, the interest rate can change once a year. Typically, the rate will increase. It’s crucial that you understand the terms of an ARM from the get-go, as that will specify how often the rate can change and how high it can reach. Currently, ARM rates are higher than their fixed counterparts.

The average rate for a 5/1 ARM in Maryland is 3.05% (Zillow, Jan. 2021).

Maryland Mortgage Resources

Do you need assistance with the homebuying process in Maryland? There are resources out there to help you in your mortgage process.

The Department of Housing and Community Development Maryland Mortgage Program offers down payment assistance and partner matching. This program provides funding via zero-interest deferred loans, forgivable loans or outright cash grants for down payments, closing costs and prepaid/escrow expenses. There are also classes through this program that help buyers make the right decisions when they’re buying a home.

Available Resources

ResourceProblem or IssueWho Qualifies
Maryland Mortgage ProgramDown payment assistance and partner match program.First-time homebuyers.
USDA Rural Development - Single family loansOffers payment assistance to increase an applicant’s repayment ability.Applicants must be without decent, safe and sanitary housing; Be unable to obtain a loan from other resources on terms and conditions that can reasonably be expected to meet; Agree to occupy the property as your primary residence; Have the legal capacity to incur a loan obligation; Meet citizenship or eligible noncitizen requirements; Not be suspended or debarred from participation in federal programs.

Rural homebuyers in Maryland are eligible for a program offered by the United States Department of Agriculture Rural Development. The program provides loans and grants to buy a home or repair a current home located in select rural areas. If you’re interested, check with the USDA to see if you qualify. Income restrictions apply.

Maryland Mortgage Taxes

Maryland is one of the states that charges transfer taxes on real estate transactions. Deed taxes are 0.25% for first-time buyers and 0.5% for repeat buyers. County transfer taxes and recordation taxes vary by county. In Maryland, the seller pays this fee for first-time homebuyers. Otherwise the fee can be negotiated among the parties.

Maryland is one of the states where homeowners are allowed to deduct the mortgage interest they pay from their taxable income on both federal income taxes and state income taxes. This might be an important factor to consider if you’re deciding whether to itemize deductions.

Maryland Mortgage Refinance

Old Line State homeowners who want to refinance can no longer look to The Home Affordable Refinance Program (HARP) as an option for refinancing, as it ceased to exist at the end of 2018. It may be worth looking into an alternative: the High Loan-to-Value Refinance Option from Fannie Mae.

Best Places To Get A Mortgage

SmartAsset’s interactive map highlights the best counties in the U.S. (and in each state) for securing a home mortgage. Hover over states and counties to see rankings and data points for each region, or use the map’s tabs to view the top counties for each of the factors included in our analysis.

Worst
Better
Rank County Loan Funding Rate 5 Year Borrowing Costs Property Tax Annual Mortgage Payment

Methodology In order to determine the best places in the country to get a mortgage, our study compared four factors, including overall borrowing costs, likelihood of securing a mortgage, property taxes and annual mortgage payments.

To calculate the overall borrowing costs, we analyzed the expected costs throughout the first five years for a $200,000 mortgage with a 20% down payment, including closing costs. We calculated the ease of getting a mortgage as the ratio of mortgage applications to mortgage originations (secured mortgages) in each county. Annual mortgage payments are a measure of the annual principal and interest payments for a $200,000 loan in that location using average mortgage rates in each county.

Finally, we ranked locations based on these four factors, giving equal weight to each factor. The areas with the lowest average rankings are the best places to get a mortgage.

Sources: Mortgage Bankers Association, US Census Bureau 2018 5-Year American Community Survey, Informa, Bankrate, government websites, SmartAsset