Maryland Mortgage Rates for Winter 2023

mortgage agent or lawyer a man makes a note

As we enter a new year, the mortgage industry still faces a chaotic environment. The pandemic has left lasting repercussions, and analysts predict a recession on the horizon. These factors work in tandem to create complications within the economy at large, and within the real estate market To gain a grounded understanding, we have to analyze the elements that affect Maryland mortgage rates. While even market experts lack a crystal ball, there is information we can extrapolate to determine where rates are headed in Maryland in 2023.

Current Maryland Mortgage Rates

Maryland Mortgage Rates as of January 23rd, 2023

Fixed Rate Mortgages

30-year fixed – 5.875% APR – 6.016%

20-year fixed – 5.375% APR – 5.597%

15-year fixed – 4.99% APR – 5.258%

10-year fixed – 4.99% APR – 5.347%

30-year fixed FHA – 5.875% APR – 7.076%

30-year fixed VA – 5.6255 APR – 5.975%

Adjustable Rate Mortgages

10-year ARM – 5.5% APR – 6.355%

7-year ARM – 5.375% APR – 6.575%

5-year ARM – 5.5% APR – 6.853%

Where is the Maryland Housing Market Trending?

Currently, the Maryland housing market is going through a major change. Maryland mortgage rates are at record highs over the past 20 years at over 7%. With homes beginning to stay on the market longer, sellers are starting to reduce their prices. This means that buyers are gradually regaining their market power. Amidst this shift in the housing market, buyers and sellers alike are wondering if and when the housing market in Maryland will experience an upheaval. 

What to Expect for 2023’s Real Estate Market

As it stands at the beginning of 2023, inflated home prices, low inventory levels, and high mortgage rates create a perfect scenario for the housing bubble we are currently experiencing. If that bubble breaks then the housing market is in jeopardy of crashing. However, with a limited supply of available housing, experts are indicating that the real estate market won’t crash but simply slow down. It is expected that interest rates will keep climbing due to continuing inflation, the war in Ukraine, and the expected recession. It is also expected for home prices to continue a gradual rise over the next year and potentially even out shortly after, especially as the housing inventory remains at a 3-month supply, less than half of what is required.

Professional Maryland Mortgage Brokerage Service

While the housing market is experiencing difficulties, there are still fantastic options out there for the insightful buyer. If you are interested in receiving professional guidance throughout your mortgage process, Federal Hill Mortgage is here to help. Our experts will provide transparent advice that benefits you and your mortgage. We strive to help every one of our clients through the current real estate market and secure the lowest Maryland mortgage rates possible. Ready to get the most out of your mortgage? Call or contact Federal Hill Mortgage today to get started.

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The Federal Hill Mortgage Team is here to supply you with all the information you need to shop for a mortgage that's right for you.