Compare mortgage rates and closing costs for leading lenders in Maryland. Review free, personalized mortgage rates for Maryland based on your specifc loan amount, program and other factors. Easily compare APRs, fees and monthly payments to find the lender offering the best mortgage terms.
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December 11, 2019
The current average rate for a 30 year fixed rate mortgage in Maryland is A.AAA%, the rate for a 15 year fixed rate mortgage is B.BBB% and the rate for a 5/1 adjustable rate mortgage (ARM) is C.CCC%
The median home value for Maryland is $334,915
The median household income for Maryland is $84,292
Based on current mortgage rates and a 10% down payment, the income required to buy the median priced home in Maryland is $62,137
The home price you can afford to buy based on household income in Maryland is 136% of the median home value which means housing prices are expensive. Maryland ranks 33 out of 50 states for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the real estate market in Maryland is expensive
US Census Bureau American Community Survey: https://www.census.gov/programs-surveys/acs
FHFA House Price Index: https://www.fhfa.gov/DataTools/Downloads/Pages/House-Price-Index-Datasets.aspx#qat
Income Growth: https://www.bls.gov
National Average Rates: http://www.freddiemac.com/pmms/
FREEandCLEAR Housing Affordability Index