Maryland Mortgage And Refinance Rates – Forbes Advisor

Understanding current mortgage rates and refinance rates in Maryland is essential if you’re planning to buy a home or refinance your existing mortgage. These rates directly impact monthly payments and long-term borrowing costs, but they fluctuate based on numerous factors, including market trends, economic conditions and federal policies.

We evaluated the current Maryland mortgage and refinance rates to help you understand these fluctuations and navigate the Maryland housing market. Our team also looked at mortgage rate trends and tips for buying a home and finding the best mortgage rates in Maryland. Keeping an eye on current rates can help you save money on your mortgage and stay within your budget.

Today’s Mortgage Rates in Maryland

Maryland’s average APR on a 30-year mortgage decreased 0.025 points to 6.312% over the past week, according to data from the Mortgage Research Center. The rate is down 0.28 points over the last 90 days and down 0.086 points over the last 30 days.

The state’s average APR for the benchmark 15-year fixed mortgage held steady at 5.456% over the past week. Over the last 90 days, the rate is down 0.093 points; it’s basically flat over the last 30 days.

The average APR for a 30-year jumbo mortgage climbed 0.015 points to 6.881% since last week. It’s up 0.096 points over the last 90 days and up 0.236 points over the last 30 days.

30-year fixed-rate mortgage:

• Today. The average APR for the benchmark 30-year fixed mortgage is 6.312%. 
• Last week. 6.337%. 

15-year fixed-rate mortgage:

• Today. The average APR on a 15-year fixed mortgage is 5.456%. 
• Last week. 5.454%. 

30-year fixed-rate jumbo mortgage:

• Today. The average APR on the 30-year fixed-rate jumbo mortgage is 6.881%. 
• Last week. 6.866%. 

Today’s Refinance Rates in Maryland

Maryland’s average APR for the benchmark 30-year fixed refinance mortgage climbed 0.011 points to 6.407% compared to a week ago. The rate is down 0.229 points over the last 90 days and down 0.073 points over the last 30 days.

The average APR in the state on a 15-year refinanced mortgage held steady at 5.431% weekly. Over the last 90 days, the rate is down 0.12 points over the last 90 days; it’s basically flat over the last 30 days.

For jumbo 30-year refinanced mortgages, the average APR increased 0.049 points to 6.927% week-to-week. It’s up 0.067 points over the last 90 days and up 0.212 points over the last 30 days.

30-year fixed-rate refinance mortgage:

• Today. The average APR for the benchmark 30-year fixed mortgage is 6.407%. 
• Last week. 6.396%. 

15-year fixed-rate refinance mortgage:

• Today. The average APR on a 15-year fixed mortgage is 5.431%. 
• Last week. 5.423%. 

30-year fixed-rate jumbo refinance mortgage:

• Today. The average APR on the 30-year fixed-rate jumbo mortgage is 6.927%. 
• Last week. 6.878%. 

Maryland Mortgage Rate Trends

Understanding mortgage rate trends can help you make more informed decisions about the best time to purchase a home, refinance your current home loan or shop for a second mortgage. Depending on your credit score and other qualifications, analyzing Maryland mortgage rate trends may lead to a lower interest rate and savings over the life of the loan.

Mortgage rates in Maryland have trended downward over the last three months, as have national rates.

Maryland Mortgage Rates vs. National Mortgage Rates 

State mortgage rates generally move in line with the national average, but there are state-level differences.

Today’s average mortgage rate in Maryland is 6.312%, while the national average rate is 6.315%. That’s 0.003 percentage points lower than the national average.

Maryland’s mortgage refinance rate today is 6.407% versus the national average of 6.409% – 0.002 percentage points lower than the national average.

Use the chart below to explore the differences between states.

Buying a House in Maryland

Maryland offers a diverse range of communities to call home, making it ideal whether you’re a newcomer or relocating within the state. From waterfront Annapolis to suburban Bethesda and scenic Frederick, the Old Line State has something for everyone. A local real estate agent can help you find a home that meets your needs and guide you through the home-buying process. Staying informed of local market conditions and Maryland’s real estate rules can make your journey to homeownership smooth and stress free.

How to Get the Best Mortgage Rates in Maryland

Securing the best mortgage rates in Maryland requires a bit of planning and research. Start by understanding the current interest rates and trends in your area, as these vary by region. It’s also crucial to shop around and compare offers from multiple lenders, including banks, credit unions and online mortgage providers.

Maintaining a strong credit score, providing a substantial down payment and having a stable financial history can help you qualify for more favorable rates. A local mortgage broker or financial advisor who knows the Maryland market can provide valuable insights and help you navigate the process efficiently. By staying informed and proactive, you can find a mortgage rate that best fits your financial situation and home-buying goals.