Maryland Mortgage Rates Update Winter 2022

Nice and comfortable neighborhood. Some homes on the empty street in the suburbs of the North America, Vancouver, Canada.

With the pandemic still affecting the real estate market, the rates and trends have yet to level back to normal. Pair this with the Fed raising interest rates to counteract growing inflation rates and you get a housing market that is still unfavorable to the buyers. By looking at the currently available Maryland mortgage rates and their recent fluctuations, we can begin to gain an understanding of where the market is heading. 

Current Mortgage Rates in Maryland


Maryland Mortgage Rates as of November 28th, 2022

Fixed Rate Mortgages

30-year fixed – 5.99%  APR – 6.15%

20-year fixed – 5.5%  APR – 5.726%

15-year fixed – 5.5% APR – 5.788%

10-year fixed – 5.5%  APR 5.903%

30-year fixed FHA – 6.75%  APR 8.097%

30-year fixed VA – 6.75% APR 7.218%

Adjustable Rate Mortgages

10-year ARM – 5.75%  APR – 6.446%

7-year ARM – 5.625%  APR – 6.614%

5-year ARM – 5.625%  APR – 6.822%

Where is the Maryland housing Market Trending?

Currently, the Maryland housing market is following the same trends seen in the national market. Home prices continue to rise even as inventory begins to pick up again. The average mortgage payment is 76% higher than it was in June 2019 and with the Feds continuing to combat inflation by rising interest rates, this is showing little sign of reversing. While this market does favorite sellers, buyers are still in a poor buying position. Pair these high Maryland mortgage rates with increased home prices and fears of an impending recession and the toll on the housing market becomes apparent. 

What to Expect for the Rest of 2022 and The Beginning of 2023

The big question for the rest of 2022 and the start of 2023 is what will happen with inflation. If it continues to rise, the Fed will continue to raise interest rates but if there is any indication that inflation begins to slow down, then rates will begin to stabilize and return to normal levels. The country is at a crossroads with the inflation dilemma with some analysts saying there is a 50% chance of a recession within the next 12 months. While a market crash is rumored, data collected does not show this to be confirmed at this time. There is hope that Maryland mortgage rates will begin to cool but it is largely dependent on the results of inflation and the nation’s economy as a whole. There are several global factors like the War in Ukraine and the fallout from the pandemic that is still affecting the United States. While there are several factors that are still up in the air that will determine the results of Maryland mortgage rates going into 2023, change is coming one way or another. 

Take on Your Mortgage With Professional Guidance From Federal Hill Mortgage

The Maryland mortgage rates have been greatly affected by several global and stateside factors over the past year and their recovery has not been too favorable to buyers quite yet. Hopefully, a rising inventory and slowing inflation will bring about a stabilization of the housing market. Regardless of the market, having a professional mortgage broker and lender, who will assist you in securing the best available Maryland mortgage rates when you are ready to purchase your new home, is one of the most surefire ways of securing a better deal. Call or contact the team at Federal Hill Mortgage to get the process of your new home purchase started today. 

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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.