Maryland Mortgage Rates

Compare Maryland mortgage rates and choose the best option for your needs.

By Myfin Team
Updated April 16, 2024
Loan Type
State
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Purchase Price
$
Down payment
$
%
Loan term
  • 10-Year Fixed
  • 15-Year Fixed
  • 20-Year Fixed
  • 30-Year Fixed
  • 40-Year Fixed
  • 1-Year ARM
  • 3-Year ARM
  • 5-Year ARM
  • 7-Year ARM
  • 10-Year ARM
  • 3-Year ARM I/O
  • 5-Year ARM I/O
  • 7-Year ARM I/O
  • I/O = Interest only
Credit score
  • 740-850
  • 720-739
  • 700-719
  • 680-699
  • 660-679
  • 640-659
  • 620-639
  • 350-620
EMPTY
More options
Points
  • Up to 3
  • 0
  • 0-1
  • 1-2
Property type
  • Single Family
  • Condo (Less than 4 stores)
  • Condo (More than 4 stores)
  • 41 - 2 units
  • 42 - 3 units
  • 43 - 4 units
Property use type
  • Primary Residence
  • Second Home
  • Investment
EMPTY
EMPTY
Showing 6 mortgages
NMLS#401822
APR
6.985%
Payment
$2,103/mo
Rate
6.875%
Fees
$3,600
Includes 0.125 Points ($400)
Details
30-Year Fixed;
Purchase
On partner's site
Get details
NMLS#447490
APR
7.171%
Payment
$2,156/mo
Rate
7.125%
Fees
$1,472
Includes 0.46 Points ($1,472)
Details
30-Year Fixed;
Purchase
On partner's site
Get details
NMLS#292473
APR
8.185%
Payment
$2,376/mo
Rate
8.125%
Fees
$1,790
Includes 0.379 Points (($1,213))
Details
30-Year Fixed;
Purchase
On partner's site
Get details
NMLS#491986
  • Minimum 620 credit score needed to prequalify
  • 0% down USDA loan for rural homebuyers
  • 97% of borrowers would recommend to friends or family
On partner's site
Get details
NMLS#Not a Lender
  • Premier resource for one-stop lender shopping
  • Get personalized purchase & refinance options
  • Find out what you're eligible for fast
On partner's site
Get details
NMLS#1907
  • $0 down payment for Veterans homebuying with a VA Loan
  • Secure preapproval quickly with 24/7 access
  • Tap into a network of 9,000+ Veteran-friendly real estate agents
  • 350,000+ verified customer reviews, 4.8/5 average rating
On partner's site
Get details
Data provided by Icanbuy. Payments do not include amounts for taxes and insurance premiums. The actual payment obligation will be greater if taxes and insurance are included. More information on rates and product details.
For example, if you apply for a 15-year $400,000 mortgage with an interest rate of 6.15% and a down payment of 10% you would receive $360,000 and make 180 payments of $3,067.14. The total amount paid would be $552,084.

Mortgage in Maryland: Top Lenders in 2024

Looking to purchase a home in Maryland State? The easiest way to do so is to use a mortgage loan, which is effective irrespective of what type of property you are searching for – a residential estate or an apartment. However, it's important to note that home loan terms can differ significantly among various mortgage lenders (use our mortgage calculator to estimate your expenses). In this guide, we'll explore some of the top-rated lenders and determine which ones merit your consideration.

MD Mortgage Lenders Comparison

All the lenders we've reviewed are reputable companies offering competitive rates and proven track records. To provide you with comprehensive information, we'll compare them based on several key criteria such as APR, minimum down payment, minimal requirements, and more.

First Citizens Bank

First Citizens Bank is among the oldest and largest banks in the United States serving retail customers.

Mortgages are offered with either fixed or adjustable (increasing) interest rates. The fixed APR is 6.289% for a 15-year term, 6.256% for a 20-year term, and 6.602% for a 30-year term under perfect conditions. The APR can be reduced by purchasing points, which are upfront payments equivalent to 1% of the principal. The bank requires a minimum of two years of employment, a credit score of 620 or higher, and a Debt-to-Income (DTI) ratio of no more than 43%.

Pros: Cons:
Extremely well-established. The bank has been around since forever, engaging in a broad variety of financial services. The website is scanty concerning lender fees (e.g., an underwriting fee can be expected).
Offers variable-rate mortgages. These can be especially handy if you plan on selling or refinancing.

Gateway Capital Mortgage

Gateway Capital Mortgage is a mortgage lender operating across multiple states. According to its website, it offers highly competitive rates, with APRs at 4.902% for a 15-year mortgage, 5.578% for a 20-year mortgage, and 5.594% for a 30-year mortgage. However, the website does not provide all the assumptions behind these calculations. The company requires a minimum credit score of 620 and a minimum down payment of 5%. Established in 2005, Gateway Capital Mortgage proudly holds an A+ rating from the Better Business Bureau (BBB).

Pros: Cons:
Advertises very low rates. Information on fees charged is untransparent.
Tempting offers for first-time home buyers.

AmeriSave

AmeriSave , established in 2002, has grown into a prominent nationwide lender, originally rooted in Georgia. This state connection often yields some of the most enticing offers for borrowers. The lender's reliability is underscored by its exceptional ratings from BBB (A+) and Trustpilot (4.3/5).

Their advertised rate of 4.899% necessitates a high FICO score of 740 and a 20% down payment. It's important to note that actual rates are likely to surpass the advertised figures. Generally, a credit score of 620 is required to qualify for a conventional loan, while government-insured programs may accept scores starting from 600.

Pros: Cons:
Highly lucrative mortgage rates. Not all of the lender fees included in the closing costs are transparently disclosed at the lender’s website.
Diversity of loan types offered. This includes purchase and refinancing with fixed and adjustable rates, as well as the three main kinds of government-backed loans (FHA, VA and USDA).
Easy and convenient, mobile-friendly application process.

Average Mortgage Rate in Maryland from 1978 to 2018

The chart shows average conventional mortgage 30-Year Fixed Rates in Maryland.

Source: Federal Housing Finance Agency Monthly Interest Rate Survey

Information about the Housing Market and Real Estate Prices in Maryland

Criteria Amount, $
The median home value in Maryland $387,700
The income required to buy the median priced home in Maryland $63,523
The monthly mortgage payment required to buy the median priced home in Maryland $1,471
The median household income for Maryland $98,810

Things to Consider When Choosing a Mortgage Lender

A mortgage loan implies a serious commitment for a period of 15 to 30 years, so you should carefully weigh your options before signing a contract with any lender. There are a number of key aspects to consider when choosing a lending organization.

Type of Lender

There are essentially two popular options: traditional banks and online mortgage lenders. Banks often offer attractive rates, but tend to run strict credit checks. Approval times are longer, and meeting eligibility criteria can be difficult. Online lenders, on the other hand, are more responsive and have less stringent requirements for homebuyers.

APR and Fees

Every loan has its costs, and a mortgage is no exception. These costs extend beyond just the interest rate and include additional fees such as the origination fee, mortgage insurance fee, closing costs, and more. As of the time of writing, for a fixed-rate 30-year loan, the average mortgage rate in Maryland is 6.58%.

Terms and Conditions

You need to consider the minimum size of a down payment, which often varies from 0% to 20% depending on the loan type, your current status (military, employed, self-employed, etc.). Another important parameter is the lifespan of the loan, which is its total length. Common options are 15 and 30 years.

What Mortgage Lender is the Number One in Maryland?

The list of reliable MD mortgage lenders is extensive, so it's hard to give an unambiguous answer to this question. Everything depends. For example, one of the industry leaders is Rocket Mortgage with a loan volume of $11.5 billion for the year 2021. To take your pick wisely, check our list of recommended lenders.

First-Time Homebuyer Programs in Maryland

Buying a home for the first time is quite challenging. Happily, residents of Maryland can take advantage of some governmental programs aimed at raising mortgage affordability.

  • Federal Housing Administration loan program. In its framework, a buyer gets insurance from the federal government. The fee for this insurance is included in the total cost of the future loan. In return for this, the homebuyer gets some serious benefits: a low interest rate and minimal credit requirements. Thus, his FICO score can be as low as 500, and the debt to income ratio – just 50%.
  • USDA loan program. It is oriented toward those living in rural areas. The participants of this program can get a mortgage loan with a zero down payment. However, their annual income must not exceed 115% of the average income in this region.
  • VA loan programs. They are insured by the Veteran Affairs Department. This mortgage option is available to former militaries or their spouses.

Pre-Approval: What Does It Mean?

Preliminary approval is a sort of confirmation of a prospective homebuyer’s credibility. It lets home sellers know that lenders are ready to approve a mortgage loan to the buyer. To get a pre-approval one needs to provide documentary evidence of his paying capacity. A typical document set includes earning statements, account statements, a W2 form, or an alternative proof of income for at least 2 years. Additionally, it’s necessary to fill in the Uniform Residential Loan Application form.

FAQ

Whether I Qualify for a Mortgage in Maryland or Not?

Qualification requirements for mortgage borrowers can slightly vary in different lending entities, but in most cases, they include a credit score of 620 and higher, and a debt-to-income ratio of at least 50%. Also, you need to provide evidence of your paying capacity and credibility: tax and account statements, employment status, credit reports, etc. Finally, you must be able to make the required down payment.

What is the maximum mortgage duration in MD?

The maximum length of a mortgage loan in the US is 30 years. There can be some exceptions with unqualified mortgages where the term can reach 40 years. However, these cases are very rare, and the terms of such loans are far from being favorable.

What is the mortgage rate right now in Maryland?

There is no simple answer to this question, as the final APR is defined individually for each borrower. However, there are average values for every US state. In Maryland, the current average mortgage rate for a 30-year period is 6.58%. For the term of 15 years, it is 5.98%.