The average mortgage rate in Maryland is currently 6.17% for the 30-year fixed loan term.
Here are the interest rates offered to Maryland residents looking to buy or refinance a home as of 06/06/2023:
- 30-year fixed purchase: 6.17%
- 30-year fixed refi: 7.11%
- 15-year fixed purchase: 5.54%
- 15-year fixed refi: 5.77%
The 30-year fixed mortgage rate rose to 7.26% this week, jumping to the highest level since November 2022. Fixed and adjustable mortgage rates increased across the board.
Mortgage interest rates are widely expected to fall through 2023 but have remained elevated during the spring and summer homebuying seasons. Here are the current mortgage rates, without discount points unless otherwise noted, as of July 6:
- 30-year fixed: 7.26% (up from 7.15% a week ago).
- 20-year fixed: 7.32% (up from 7.24% a week ago).
- 15-year fixed: 6.61% (up from 6.58% a week ago).
- 10-year fixed: 6.79% (up from 6.74% a week ago).
- 5/1 ARM: 6.12% (up from 6.1% a week ago).
- 7/1 ARM: 6.25% (up from 6.23% a week ago).
- 10/1 ARM: 6.5% (up from 6.43% a week ago).
- 30-year jumbo loans: 7.31% (up from 7.22% a week ago).
- 30-year FHA loans: 6.51% with 0.05 point (up from 6.27% a week ago).
- VA purchase loans: 6.69% with 0.05 point (up from 6.53% a week ago).
Maryland homebuyers can get mortgage interest tax credits and help with down payments and closing costs from these programs.
- Available to: First-time homebuyers, buyers purchasing in a targeted area or honorably discharged veterans who have not previously used the first-time homebuyer exemption.
- Income limits: Vary by county (See MMP income limits).
- First-time homebuyers only?: No.
- Loan options: 30-year fixed-rate mortgages.
- Down payment and closing cost assistance: 1st Time Advantage 5000 comes with a $5,000 loan for down payment and closing costs. This second lien has a 0% interest rate and payment is due when the first mortgage ends. Another option is the 1st Time Advantage 3% Loan, which comes with a DPA loan equal to 3% of the first mortgage in a 0% deferred second mortgage due when the first mortgage ends.
- Available to: Homebuyers in Maryland.
- Income limits: Vary by county (See MMP income limits).
- First-time homebuyers only?: No.
- Loan options: 30-year fixed-rate mortgages.
- Down payment and closing cost assistance: While the Flex Direct loan does not offer assistance, you may be eligible for Flex 5000, a $5,000 loan for down payment and closing costs. This second lien has a 0% interest rate, and payment is deferred until the first mortgage ends. There is also the Flex 3% Loan, a DPA loan equal to 3% of the first mortgage in a 0% deferred second lien. Finally, the Flex 3% or 4% Grant offers a grant equal to 3% or 4% of the mortgage that does not have to be repaid.
- Available to: First-time homebuyers, buyers purchasing in a targeted area or honorably discharged veterans who have not previously used the first-time homebuyer exemption. The home must also be the borrower’s primary residence.
- Income limits: Vary by county (See MMP income limits).
- First-time homebuyers only?: No.
- Loan options: 30-year fixed-rate mortgages.
- Benefit: Claim an annual federal tax credit equivalent to 25% of mortgage interest payments in a given tax year.
- Available to: Homebuyers with qualifying student debt (a minimum balance of $1,000) who purchase program-eligible homes in Maryland. Maryland SmartBuy financing provides up to 15% of the home purchase price for the borrower to pay off his or her outstanding student debt.
- Income limits: Vary by county (See MMP income limits).
- First-time homebuyers only?: No.
- Loan options: 30-year fixed-rate mortgages.
- Down payment and closing cost assistance: Buyers can combine this program with Maryland down payment assistance programs.
U.S. News selects the Best Loan Companies by evaluating affordability, borrower eligibility criteria and customer service. Those with the highest overall scores are considered the best lenders.
To calculate each score, we use data about the lender and its loan offerings, giving greater weight to factors that matter most to borrowers. For mortgage lenders, we take into account each company’s customer service ratings, interest rates, loan product availability, minimum down payment, minimum FICO score and online features.
The weight each scoring factor receives is based on a nationwide survey on what borrowers look for in a lender.
To receive a rating, lenders must offer qualifying loans nationwide and have a good reputation within the industry. Read more about our methodology.
To recap, here are the picks: