MD Mortgage Rates

Vigilantly monitoring the current Maryland mortgage rates proves to be an indispensable strategy in guaranteeing the attainment of the optimal interest rate for your home purchase. The ever-changing nature of these rates necessitates a proactive stance, enabling you to seize the most opportune moment to commit. By staying attuned to market fluctuations, you position yourself to capitalize on periods of lower rates, potentially resulting in significant long-term savings on your mortgage.

Take control of your mortgage journey

Currently, Maryland’s mortgage rates are influenced by various economic factors, making them subject to change. These rates can shift due to market conditions, monetary policies, and global events. For those looking to buy a home or refinance, it’s wise to stay informed and keep an eye on the changing rates. This helps you make timely and smart financial decisions, ensuring you get the best possible rate for your mortgage. By staying proactive, you can make the most of your home-buying or refinancing experience in Maryland.

Current Maryland mortgage rates

In this dynamic landscape, the act of consistent rate tracking empowers you with the knowledge and timing necessary to secure the best financial outcome for your home investment. Using our mortgage rates chart, you can get a quick glance at mortgage rates in Maryland and their trends. Ready to get started? Reach out for pre-approval today.

Maryland Mortgage Rates

What Are Maryland interest rates?

Home loans, also known as mortgages, facilitate home ownership by spreading the purchase cost over time. They comprise two main elements: the principal and the interest. The principal is the initial borrowed amount for the property, repaid through monthly installments that build ownership equity. Interest, on the other hand, is the fee charged by the lender for borrowing the money. Initially, a significant portion of payments covers interest, gradually reducing over time as more goes toward the principal. Notably, higher Maryland interest rates can significantly impact the loan’s overall cost. With elevated rates, a larger proportion of monthly payments is allocated to interest, potentially leading to a longer repayment period and increased interest expenses. Securing a lower interest rate becomes pivotal to expedite equity accumulation and minimize long-term financial outlay.

Why choose Federal Hill Mortgage?

Take a look at the results

#1 ranked mortgage broker and lender on the east coast

# 100

Ranked in Maryland

# 100

Nationally ranked

0 +

500+ Families helped annually

$ 0 +

5-star reviews

How term affects rates

Loan lengths play a pivotal role in shaping Maryland mortgage rates and overall cost. Longer-term loans, such as 30-year mortgages, often offer lower monthly payments, making homeownership more accessible. However, they come with higher cumulative interest payments due to the extended repayment period. In contrast, shorter-term loans like 15-year mortgages involve higher monthly payments but significantly less interest over time. Opting for a shorter loan term can lead to faster equity building and substantial interest savings. The choice between loan lengths involves a trade-off between immediate affordability and long-term financial efficiency, allowing borrowers to align their mortgage decision with their individual financial goals and circumstances.

Adjustable-rate mortgages

Adjustable Rate Mortgages (ARMs) function by offering an initial fixed interest rate for a set period, typically ranging from 5 to 10 years. After this initial period, the interest rate adjusts periodically based on a predetermined index, often tied to market rates. As a result, monthly payments can increase or decrease, depending on fluctuations in the index. While ARMs typically start with lower initial rates than fixed-rate mortgages, they carry an inherent risk of potential rate hikes, which could impact affordability over time. Borrowers considering ARMs should carefully assess their financial situation, future plans, and risk tolerance before opting for this type of mortgage.

Why work with a Maryland mortgage broker?

Brokers serve as valuable intermediaries between borrowers and lenders, offering a range of benefits that can significantly impact your mortgage experience. Their established connections within the lending industry grant them access to a diverse network of lenders, many of whom might not be easily accessible to individual borrowers. This unique advantage enables brokers to negotiate on your behalf for more favorable Maryland mortgage rates and terms. Their in-depth understanding of market dynamics, coupled with their ability to navigate the intricacies of lending, empowers them to identify and secure the most suitable mortgage options tailored to your financial situation.

When you choose to work with a broker, you tap into a wealth of industry knowledge and relationships that enhance your chances of securing a mortgage that aligns with your specific needs and objectives. Brokers effectively streamline the negotiation process, ensuring that you receive competitive rates, favorable terms, and a comprehensive understanding of the mortgage landscape. This collaborative approach not only saves you time and effort but also positions you to make well-informed decisions that have a lasting positive impact on your financial future.

What people say about us

Client testimonials

Our unwavering commitment to exceptional customer service, paired with our extensive industry expertise, sets us apart. We prioritize transparency, ensuring our clients are well informed at every step of the mortgage process. With a diverse range of loan options and personalized solutions, we cater to individual needs, providing a seamless and tailored experience. At Federal Hill Mortgage, clients find a trusted partner dedicated to simplifying the complexities of mortgage acquisition, making their homeownership dreams a reality.

"Tammy and her team were extremely knowledgeable, kind, and helpful as we prepare for next steps in the current market! So thankful to have been referred to her services and thrilled to have this team’s guidance through the journey!"

Carmen Galeano

"I had a great experience working with Tammy and her team! I was a first time buyer and they took the time to explain everything to me. Couldn't recommend more!"

Andrew Lacy

"We have been working with Tammy from Federal Hill Mortgage for several years and have a great working relationship. As real estate investors primarily investing in Baltimore, we value the expertise Tammy brings to our team in helping us obtain financing for properties we purchase for resale and for hold/rent. We consider Tammy a valued member of our team and look forward to doing more deals with FHM in the future.

Dan Stebbins

"Tammy was very helpful with my refinance. She made the process simple and she got it done! I will be using Federal Hill Mortgage again for any new purchases."

April Mitchell

"Let me first start off by saying Tammy is a godsend to the lender community. I honestly do not know what I would have done without her assistance on a recent refinance. When all other lenders said no (and I truly mean all others said no).... Tammy and Federal Hill said yess!! She put in countless hours to get my loan to closing even when it meant working late hours and weekends. I am positive I will work with Tammy and Federal Hill Mortgage again in the near future. I have already raved to my friends and family about my experience and recommended that they too should use Federal Hill Mortgage for their future lending needs. Thanks again Tammy!"

Marcus Hill

"Tammy is the best in the business. Tammy and her staff bring it all to the table during a real estate transaction: excellence, education, experience, precision, respect, and a rare dedication to serving people promtly. Tammy actually researches each borrower's situation-and then she charts the course to a successful closing. I am impressed with her. Tammy answered my initial distress call late one Sunday, we had never worked together before. Within five minutes she knew the facts of my transaction and provided recommendations. I was sold on her immediately. My clients decided to work with her after another lender failed to perform on time. There is absolutely no comparison, Tammy and Tiffany do a flawless job!"

Norine ThomasRe/Max 100 Columbia

"Many of my clients use Tammy for their hard to place loans. Simply put, she has access to companies that other mortgage brokers do not and has a reputation of getting them done in a timely and professional manner."

Steven LurayPresident/Agent, Luray Insurance Agency

"Tammy and Tiffany are an excellent team. As a new resident to the Maryland area, they took the time to explain the mortgage process and kept us informed each step of the way. The team was very professional and responsive to any questions and concerns we had. I would highly recommend their services to anyone."

AD & Sadia ArnoldCEO

"I had the pleasure of working with both Tammy and Tiffany. They were both an absolute delight to work with. They both always made me feel like I was the companies most important client. They were very pleasant and knowledgeable. I would recommend Federal Hill Mortgage!"

Teresa Garner

"Tammy and Tiffany are the ultimate team. Since I have done mortgages in the past with them, they made it easy to provide what is needed for processing. They got me an awesome rate on an investment property and made the process totally smooth. I will continue to refer people and do all of my loans with them."

Eric Blonquist

Products

Get Pre-Approved: Get pre-approved today by one of our specialists, empowering you to shop for your new home with confidence.

Purchase: Ready to make your home ownership dream a reality? Take the first step and apply for a loan with Federal Hill Mortgage today.

Refinance: Considering a home refinance? Apply now to secure the optimal rates tailored to your needs.

Home Equity Pro Solution: Tap into your home equity effortlessly, without the need for a rate-altering refinance.

Start your mortgage journey now

Ready to navigate the dynamic landscape of Maryland mortgage rates? Unlock the potential of your homeownership journey with Federal Hill Mortgage. Our experts are here to guide you through the intricacies of current Maryland mortgage rates and ensure you secure the best MD mortgage rates tailored to your needs. Contact us today to embark on a path toward home ownership.