Current Maryland Mortgage and Refinance Rates
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Mortgage Purchase rates in Charlotte, NC
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- Purchase
- 400000$
- 40000$
- Primary Home
- 700-739
- 28277
 | 6.38% - 7.13% | 6.55% - 7.14% | $2,305/mo. | 30 Years |
Mortgage Lenders determine the underwriting criteria necessary for approval; you should review each Lender's terms and conditions to determine which loan works for you and your personal financial situation. All reasonable efforts are made to provide and maintain accurate information. All rates, fees, and terms are presented without guarantee and are subject to change pursuant to each Lender's discretion. There is no guarantee you will be approved for credit or that upon approval you will qualify for the advertised rates, fees, or terms shown. .
Refinance rates in Maryland
- Rate-and-term refinances replace a current home loan with a new one. The goal is to lengthen your loan term or lower your interest rate, either of which will reduce your monthly mortgage payment — you could even do both.
→ Refinance rates are often slightly higher than purchase mortgage rates. - Cash-out refinances offer a way to replace your current home loan with a new mortgage, while also accessing a portion of your home equity.
→ Cash-out refinance rates are higher than regular refinances, since they involve taking out additional funds. - Conventional refinances aren’t a part of a government loan program.
→ Conventional refinances have higher rates than government-backed refinances. - FHA refinances are insured by the Federal Housing Administration (FHA) and are usually easier to qualify for than conventional loans.
→ FHA refinance rates are often lowest than conventional refinance rates. In Maryland’s current rates environment, you could get a rate that’s lower by about 0.56 percentage points. - VA refinances are backed by the U.S. Department of Veterans Affairs (VA) and make it easy for qualified military borrowers to get into a home loan.
→ VA refinance rates are the lowest you’ll find in Maryland, on average 1.06 percentage points lower than conventional loans and half a percentage point lower than FHA loans.
Current 30 year-fixed mortgage refinance rates are averaging: 6.75% Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners over the past seven days for each combination of loan program, loan term and loan amount. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree’s Terms of Use for more details.
The current average rate for a 15-year fixed mortgage refinance is: 6.07% Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners over the past seven days for each combination of loan program, loan term and loan amount. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree’s Terms of Use for more details.
See whether refinancing makes sense for you using our mortgage refinance calculator.
What is the current mortgage rates forecast?
The current mortgage rates forecast states that rates aren’t expected to rise or fall significantly in the near future, remaining in the 6% to 5% range.
Despite the Federal Reserve cutting rates three times at the end of 2024, mortgage rates have not followed this same pattern and experts predict they are unlikely to in 2025. But, if inflation eases and interest rates remain where they are (or go even lower), the housing market could have a chance to bounce back.
How do I get the best mortgage rate for my Maryland home loan?
There are many factors determining mortgage rates that are out of your control, but here are a few steps you can take to get the best mortgage rate:
- Boost your credit. Where your credit score lands is a huge deciding factor in the mortgage rates you’ll be able to access when you want to purchase or refinance a home. Boosting your score, even by just a few points, can lead to significant savings.
- Lower your debt-to-income (DTI) ratio. Lenders use DTI ratios to evaluate how heavy the debts you’re carrying weigh on your budget. If you lower your DTI, lenders view you as less of a risky bet and are willing to offer you better rates.
- Buy a single-family, site-built home. It may not be fair, but borrowers buying single-family homes (that aren’t manufactured homes) will get the best interest rates. That also means that people will pay a premium if they buy a property with more than one unit, a vacation home or an investment property.
- Pay mortgage points. Mortgage points are a way to reduce your interest rate, but you have to pay a chunk of interest up front as part of the deal. Purchasing one mortgage point typically reduces your interest rate by 0.25 percentage points.
- Compare offers from multiple lenders. If you want to save money, a tried-and-true method is to comparison shop. Pick three to five lenders and compare quotes. Doing so is simple — especially if you use a loan-comparison website — and can save you thousands, or even tens of thousands, of dollars, according to LendingTree data.
When should I lock in my mortgage rate?
When you apply for a mortgage, you’ll receive a loan estimate within three business days. Once you’ve reviewed your options and feel good about an offer, you can request a mortgage rate lock. This “locks” your interest rate in place, so it can’t increase in the time it takes for you to get approved for and close on your loan.
Maryland home loan programs
The Maryland Department of Housing and Community Development (DHCD) runs several programs, known as Maryland Mortgage Program (MMP) loans, designed to help first-time homebuyers achieve homeownership. However, these programs also allow those who aren’t first-time homebuyers to participate if they live in a targeted area.
Who qualifies as a first-time homebuyer?
People who have never owned a home
People who haven’t owned real estate in the last three years
What qualifies as a targeted area?
Areas designated as “targeted” by the DHCD are highlighted in pink polka dots on this map.
First Time Advantage Direct
The First Time Advantage Direct program gives borrowers access to the lowest interest rates offered by any MMP loan. Plus, while it doesn’t offer down payment assistance, it does allow you to use down payment assistance from another organization. All First Time Advantage Direct loans are 30-year, fixed-rate loans.
Who qualifies
Borrowers must:
Use an approved lender
Make no more than the annual income limits, which vary by location and household size
Hold no more than 19% of the home price in liquid assets (there may be some exceptions)
First Time Advantage 6000
The First Time Advantage 6000 program gives borrowers $6,000 to supplement their down payment funds or pay closing costs. The funds come as a zero-interest second mortgage, and no payments are due until the loan is paid off or the home is sold.
Who qualifies
Borrowers must:
Use an approved lender
Make no more than the annual income limits, which vary by location and household size
Hold no more than 19% of the home price in liquid assets
Home Start
The Home Start program offers down payment assistance to low-income borrowers. The funds come in the form of a second mortgage and don’t have to be paid back until the home is paid off, refinanced or sold. The second mortgage must be for exactly 6% of the first mortgage loan amount and can be used toward the down payment or closing costs. If 6% of the first mortgage is more than enough to cover those costs, the remaining funds can be used to reduce the principal balance.
Who qualifies
Borrowers must:
Use an MMP first mortgage loan to purchase the home
Earn no more than 50% of the area median income
Use an approved lender
Make no more than the annual income limits, which vary by location and household size
Hold no more than 19% of the home price in liquid assets (there may be some exceptions)
Explore more optionsat our first-time homebuyer programs page.Learn about different types of MD mortgage loans
→ Maryland conventional loans. A conventional loan is any loan that isn’t a part of a government-backed loan program. Most conventional lenders go by the minimum requirements set by Fannie Mae and Freddie Mac, although, if you have unique needs, you can find niche lenders who set their own guidelines.
→ Maryland FHA loans. If you aren’t able to qualify for a conventional loan, you’ll be happy to find that FHA loan requirements aren’t as stringent. You can qualify with a credit score as low as 500 if you make a 10% down payment — and If you have at least a 580 credit score, you can make a down payment as low as 3.5%.
→ Maryland VA loans. VA loan requirements are quite flexible, since they’re designed to help military borrowers access homeownership. If you qualify for a VA loan and have full VA entitlement, you can purchase or refinance with no down payment.
→ Maryland streamline refinances encompass both FHA streamline refinance loans and VA interest rate reduction refinance loans (IRRRLs). The amount of paperwork and documentation you’ll need is minimal, meaning less hassle as you refinance. However, you can utilize these programs only if you’re going from an FHA loan into another FHA loan, or from a VA loan into a VA loan.