Maryland Mortgage Rates for July 2019

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In Maryland, the average rate for a 30-year fixed-rate mortgage is currently 4.03%. The average 15-year fixed-rate mortgage rate is 3.52%, while the typical 5/1 adjustable-rate mortgage (ARM) carries a rate of 4.01%.

Loan typeAverage rateWeekly change3-month change
30-year fixed4.03%–0.03%–0.33%
15-year fixed3.52%–0.03%–0.36%
5/1 ARM4.01%–0.02%–0.12%
Rates for a $200,000 loan with 20% down payment

In most cases, buying a home involves taking on substantial mortgage debt. As a result, homebuyers have every reason to be careful in finding the right interest rate and terms for their home loan. We've assessed average rates, highs, and lows in the Old Line State to help you set the right expectations in your search for an affordable mortgage.

Best Mortgage Rates in Maryland

In Maryland, the best rate right now for a 30-year mortgage is 3.50%. If you're looking at other loan types, 15-year mortgages can go down to 3.00% while 5/1 ARM loans currently see a low of 3.00%. You can use the form above to see customized results for your situation and see how they match up to these lows.

The mortgage rates you see come from a combination of factors, including your financial history but also the current level of demand for credit. Your choice of mortgage lender can also play a role. For homebuyers in Maryland, rates for a standard 30-year home loan vary by a spread of 163 basis points.

Current Mortgage Rate Forecast for Maryland

Mortgage rates in Maryland and across the rest of the country may not rise as much as quickly as previously anticipated. The Federal Reserve's Open Market Committee (FOMC) recently announced that it would "be patient" and adopt a data-dependent approach when considering rate hikes in 2019.

Line graph of average U.S. 30-year mortgage rates vs. effective federal funds rate since 2014

This represents a step away from the forecast at the end of 2018, when the FOMC last raised the target rate by 25 basis points. The Fed currently sets its target range between 2.25%-2.50%; the target federal funds rate is the overnight borrowing rate that banks pay to fund their operations. Due to the relationship between the short-term federal funds rate and consumer loans and deposit accounts, the FOMC's periodic announcements are viewed as indicators of rate trends across the United States.

For shoppers in Maryland, the news of steadying rates may be met with a sigh of relief, especially in front of the upcoming homebuying season. In rising rate environments, borrowers often rush to lock-in financing costs before interest rates grow too high. With the FOMC announcing its intent to closely monitor market conditions before proceeding with future rate hikes, homebuyers can take comfort in the knowledge that borrowing costs are less likely to spike while they're still searching for the right home.

Rates at Maryland's Most Popular Mortgage Lenders

Banks have always offered comprehensive financial services, so it's no surprise that they're still some of the most popular mortgage lenders. To see whether banks are offering competitive home loans in Maryland, we gathered rate numbers from a few of the state's largest brick-and-mortar banks.

Column graph comparing 30-year mortgage rates at major Maryland banks

Though these rates will change as time goes by, they do suggest that consumers may find significantly different mortgage rates among Maryland's major lenders. Part of the challenge to finding a mortgage lies in obtaining multiple quotes to ensure you've found the best rate possible. Still, it's also important to remember that your credit score and financial history play a major part in what rates you'll receive.

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Comparing Home Loan Rates by City

We also tried comparing mortgage rates from different cities to see if geography has any effect on Maryland's home loans. The information we found suggests that your choice of lender and loan type are more important to your interest rate than the neighborhood you're moving to.

MSAAverage mortgage rateMedian home value
Baltimore-Columbia-Towson4.50%$163,666
Salisbury4.55%$136,954
Hagerstown-Martinsburg4.59%$135,669
Cumberland4.56%$139,445
Average rate is for a 30-year mortgage with a 20% down payment.

While they aren't identical everywhere, Maryland's mortgage rates are similar enough that you won't need to worry about encountering unusually high interest costs in any one place. As you might have guessed, the opposite is true about local property values, which are highly sensitive to location. Because mortgage costs are determined by both interest rate and property price, the monthly bill on your home will be affected by your choice of neighborhood even with rates remaining stable throughout Maryland.

Evaluating Your Mortgage Options: An Example in Baltimore

Another reliable way to ensure your rate stays low is by choosing the right type of mortgage. Beyond the traditional 30-year fixed rate loan, homeowners today have a number of options to choose from. We can use the example of a $200,000 home purchase at Baltimore's current interest rates to see how these differences come through in your payments.

In the standard scenario of a 30-year loan and 20% down payment, a Baltimorean homebuyer will pay a minimum of $811 per month. After 30 years of payments, such a loan would accumulate $131,851 of interest. However, most homeowners end up selling and moving well before the end of their mortgages.

Assuming our homebuyer will sell within several years, an adjustable-rate mortgage (ARM) might reduce his short-term costs. ARM loans have a fixed rate in the first few years which is usually lower than the typical 30-year fixed rate. However, ARM rates eventually become variable, which can raise costs. At Maryland's current rates, an average 5/1 ARM costs $765 in each of the first 60 months. So long as the homeowner moves before the variable rate kicks in, the ARM loan may offer substantial savings on interest.

With a 15-year mortgage, the strategy is reversed: the borrower accepts higher short-term costs in order to achieve long-term savings. By paying down your mortgage in half the usual time, you take on a higher monthly payment. However, you gain the benefits of a lower rate and less time spent allowing interest to accumulate. In Baltimore, the monthly cost of a $200,000 purchase would become $765 in a 15-year mortgage. Meanwhile, the total amount of interest would fall to $115,324.

In Maryland, the average rate for a 30-year fixed-rate mortgage is currently 4.03%. The average 15-year fixed-rate mortgage rate is 3.52%, while the typical 5/1 adjustable-rate mortgage (ARM) carries a rate of 4.01%.

Loan typeAverage rateWeekly change3-month change
30-year fixed4.03%–0.03%–0.33%
15-year fixed3.52%–0.03%–0.36%
5/1 ARM4.01%–0.02%–0.12%
Rates for a $200,000 loan with 20% down payment

In most cases, buying a home involves taking on substantial mortgage debt. As a result, homebuyers have every reason to be careful in finding the right interest rate and terms for their home loan. We've assessed average rates, highs, and lows in the Old Line State to help you set the right expectations in your search for an affordable mortgage.

In Maryland, the best rate right now for a 30-year mortgage is 3.50%. If you're looking at other loan types, 15-year mortgages can go down to 3.00% while 5/1 ARM loans currently see a low of 3.00%. You can use the form above to see customized results for your situation and see how they match up to these lows.

The mortgage rates you see come from a combination of factors, including your financial history but also the current level of demand for credit. Your choice of mortgage lender can also play a role. For homebuyers in Maryland, rates for a standard 30-year home loan vary by a spread of 163 basis points.

Mortgage rates in Maryland and across the rest of the country may not rise as much as quickly as previously anticipated. The Federal Reserve's Open Market Committee (FOMC) recently announced that it would "be patient" and adopt a data-dependent approach when considering rate hikes in 2019.

Line graph of average U.S. 30-year mortgage rates vs. effective federal funds rate since 2014

This represents a step away from the forecast at the end of 2018, when the FOMC last raised the target rate by 25 basis points. The Fed currently sets its target range between 2.25%-2.50%; the target federal funds rate is the overnight borrowing rate that banks pay to fund their operations. Due to the relationship between the short-term federal funds rate and consumer loans and deposit accounts, the FOMC's periodic announcements are viewed as indicators of rate trends across the United States.

For shoppers in Maryland, the news of steadying rates may be met with a sigh of relief, especially in front of the upcoming homebuying season. In rising rate environments, borrowers often rush to lock-in financing costs before interest rates grow too high. With the FOMC announcing its intent to closely monitor market conditions before proceeding with future rate hikes, homebuyers can take comfort in the knowledge that borrowing costs are less likely to spike while they're still searching for the right home.

Banks have always offered comprehensive financial services, so it's no surprise that they're still some of the most popular mortgage lenders. To see whether banks are offering competitive home loans in Maryland, we gathered rate numbers from a few of the state's largest brick-and-mortar banks.

Column graph comparing 30-year mortgage rates at major Maryland banks

Though these rates will change as time goes by, they do suggest that consumers may find significantly different mortgage rates among Maryland's major lenders. Part of the challenge to finding a mortgage lies in obtaining multiple quotes to ensure you've found the best rate possible. Still, it's also important to remember that your credit score and financial history play a major part in what rates you'll receive.

Get Multiple Mortgage Offers at Once
Get Multiple Mortgage Offers at Once
LendingTree can help you find and compare mortgage rates, all without affecting your credit.
LendingTree is our ultimate parent company
See Offers

on LendingTree's secure website. NMLS #1136: terms and conditions apply

Powered by
LendingTree is our ultimate parent company

We also tried comparing mortgage rates from different cities to see if geography has any effect on Maryland's home loans. The information we found suggests that your choice of lender and loan type are more important to your interest rate than the neighborhood you're moving to.

MSAAverage mortgage rateMedian home value
Baltimore-Columbia-Towson4.50%$163,666
Salisbury4.55%$136,954
Hagerstown-Martinsburg4.59%$135,669
Cumberland4.56%$139,445
Average rate is for a 30-year mortgage with a 20% down payment.

While they aren't identical everywhere, Maryland's mortgage rates are similar enough that you won't need to worry about encountering unusually high interest costs in any one place. As you might have guessed, the opposite is true about local property values, which are highly sensitive to location. Because mortgage costs are determined by both interest rate and property price, the monthly bill on your home will be affected by your choice of neighborhood even with rates remaining stable throughout Maryland.

Comments and Questions

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Get Multiple Mortgage Offers at Once
LendingTree can help you find and compare mortgage rates, all without affecting your credit.
See Offers

on LendingTree's secure website. NMLS #1136: terms and conditions apply

Powered by
LendingTree is our ultimate parent company
Get Multiple Mortgage Offers at Once
Get Multiple Mortgage Offers at Once
LendingTree can help you find and compare mortgage rates, all without affecting your credit.
LendingTree is our ultimate parent company
See Offers

on LendingTree's secure website. NMLS #1136: terms and conditions apply

Powered by
LendingTree is our ultimate parent company