Compare current mortgage rates in Maryland
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What are today's mortgage rates in Maryland?
On Monday, October 7, 2024, the average APR in Maryland for a 30-year fixed-rate mortgage is 6.637%, a decrease of 5 basis points from a week ago. Meanwhile, the average APR for a 15 year fixed-rate mortgage decreased by 7 basis points to 5.652%, and the average APR for a 5-year Adjustable Rate Mortgage (ARM) decreased by 8 basis points to 6.549%, according to rates provided to Redfin by icanbuy.
How we calculate average rates
According to our mortgage rates partner, icanbuy, rates listed are based on a $320,000 loan for a purchase transaction of an owner-occupied, single-family residence with an 80% loan-to-value ratio, total points ranging from zero to one point options and rate lock ranging from 30 to 60 days. The data icanbuy uses is from a database that includes all major banks and national lenders, as well as local lenders.
What is a basis point?
A basis point is a finance term referring to 1/100th of 1% (0.01% or 0.0001). Basis points are used to compare percentages that are very low since comparing percentages using a percentage lift can be quite confusing. For example, an interest rate increase from 5.00% to 5.05% would be a 5 basis point increase.
What’s the difference between APR and interest rate?
When learning how mortgage interest works, it's important to understand the difference between your interest rate and your annual percentage rate (APR). Your mortgage interest rate is the cost you pay each year for your home loan, which will be shown as a percentage rate. Your mortgage interest rate does not take into account the fees you may have paid to your lender to complete your loan. On the other hand, your APR, which is also expressed as a percentage, is the annual cost of your home loan, including fees. The most common fee is a loan origination fee, but there are a number of other lender fees that may also apply and influence your APR, like processing or document prep fees.
Maryland mortgage rate trends
30-year fixed | 6.632% | |
15-year fixed | 5.648% | |
5-year ARM | 6.577% |
Current Maryland mortgage rates by loan type
The table below is updated daily with average rates for common loan types. These averages are based on a 20% down payment and 740+ credit score.
Product | Interest Rate | APR |
---|---|---|
30-year fixed | 6.596% | 6.637% |
20-year fixed | 6.345% | 6.401% |
15-year fixed | 5.588% | 5.652% |
10-year fixed | 5.471% | 5.564% |
10-year ARM | 7.044% | 7.117% |
7-year ARM | 7.046% | 7.128% |
5-year ARM | 6.485% | 6.549% |
30-year fixed FHA | 5.825% | 6.662% |
30-year fixed VA | 5.784% | 5.936% |
Down payment assistance programs in Maryland
Down payment assistance programs help homebuyers purchase a home with a lower down payment. These programs can be offered by a state or local housing authority, nonprofit organizations, or lenders to help people who wouldn't otherwise be able to purchase a home. Each program has its own rules for eligibility and the assistance can take the form of a grant, a loan, or tax credits. Learn more about down payment assistance programs here.
In Maryland, there are 26 statewide down payment assistance programs, the largest of which could provide up to $82,143 in assistance.
Available programs
This information is provided by Down Payment Resource® and should be used for informational purposes only. It is not an official application. Program eligibility and availability not guaranteed.
Mortgage tools & resources
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