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Maryland Mortgage Rates

Maryland Mortgage Rates
Betsalel Cohen
By Betsalel Cohen
2017-08-06T01:25:48

Comparing

In order to help you see how Maryland mortgage rates compare with National rates, check out the following rate table from the industry website mortgagenewsdaily.com. These rates represent national averages and are based on specific loan assumptions.

Shopping for Best Mortgage Rates in Maryland

It is important to shop around for the best terms. Make sure that you compare rates, lender fees and learn about third party fees. When comparing mortgage offers check out the term (length), interest rate (fixed vs. variable), and if applicable the cost of mortgage insurance. Get more information about mortgage rates and mortgage fees. Also, FHA loans, which always require mortgage insurance, differ from conventional loans, which require Private Mortgage Insurance (PMI) if your loan to value ratio (LTV) is over 80%. Make sure that you use all of your costs when comparing loans.

Qualifying for a Mortgage in Maryland

In order to qualify for the best mortgage rates in Maryland it is important to have an excellent credit score. Also, you want to make sure that your debt to income ratio (DTI) and your downpayment or equity position , your loan to value ratio (LTV) are sufficient to qualify. Read this Bills.com article about qualifying for a mortgage.

Mortgage Resources for Maryland

Maryland is the nineteenth most populous US state. According to the US census, as of 2017, there is an estimated population of over 6 million residents, which represents 1.9% of the US population. According to Wikipedia “Maryland is one of the smallest U.S. states in terms of area, as well as one of the most densely populated.... As of 2009, Maryland had the highest median household income of any state, owing in large part to its close proximity to the nation's capital and a highly diversified".

Based on 2015 HMDA data, Maryland compared to National loan program distribution, had a lower percentage of conventional loans (61% vs 69% nationally). Both FHA loans (5.2%) and VA loans (2.4%) were higher than the national average.

Here are some outside resources that can help you understand the Maryland mortgage environment:

  1. FHA loan amounts in Maryland: (note:set the table to Maryland). There are 24 counties in the state of Maryland of which 21% of the single family units meet the Highest loan limit, currently at $636,150. An additional 21% of the counties are at the Standard loan limit, currently at $275,665. The remaining 58% are between those two limits.
  2. FHFA Conventional Loan Amounts: Check the pdf from FHFA for all states and search for Maryland and your county or check out the FHFA conforming limit map. Since the FHFA has higher base limits than the FHA, currently at $424,100, there are 50% of the counties that fit this category. 21% of the counties have the Highest Loan limit of $636,150. The remaining 29% are between those two limits.
  3. HARP loans: Certain parts of Maryland were hit hard during the Great Recession. According to the FHFA May 2017 Refinance Report, Maryland accounted for 2.9% of all HARP loans originated through May 2017. Over 10% of the HARP loans had a LTV over 125%. As of Dec 2016 Baltimore City County ranks 6th as the most HARP eligible loans by county (1448).
  4. Maryland Mortgage Programs: The Maryland Department of Housing and Community Development offers various mortgage programs. According to their website, “The down payment assistance program Down Payment Assistance and Partner Match Programs may be used for things like down payment, closing costs, and prepaid/escrow expenses, and may be available in the form of zero-interest deferred loans, forgivable loans, or outright cash grants”. Maryland mortgage products include: Project Reinvest in Baltimore City, Closing Cost Assistance Grant, Maryland SmartBuy (for students), Maryland Mortgage Program - Conventional and Government with preferred rates, Maryland Homefront (for VA). There are income, credit, and property value restrictions.
  5. Check out the Hud’s website for more information about homeowner programs and homeowner education programs.

Mortgage Trends and Statistics for Maryland

Mortgage rates, loan amounts, LTV, (etc) vary based on areas. The FHFA provides a useful insight into differences in conventional loans. We are providing historical data based on State based information for 2002 - 2015.

Source of Data: FHFA Historical Table - (TERMS ON CONVENTIONAL HOME MORTGAGES) Table 15 - By State and Table 12 Fixed-Rate Mortgages

Check out some differences between Maryland and the US:

  • Mortgage Rates for Conventional Loans in Maryland
  • Mortgage Fees for Conventional Loans in Maryland
  • Loan Amount for Conventional Loans in Maryland

Mortgage Rates for Conventional Loans in Maryland vs USA

Mortgage Fees for Conventional Loans Maryland vs USA

Purchase Pricer Conventional Loans in Maryland vs USA