Maryland mortgage rates are constantly shifting, and if you’re looking to lock in a great deal in 2024, you need to move strategically. See how Maryland mortgage lenders compare on rates and loan options Nobody wants to pay more than they should for their home loan, but with so many lenders flashing different rates, how do you make the right call?
Here’s the thing—small rate changes make a massive difference in what you’ll pay over time. Even a 0.5% difference in interest can cost (or save) you thousands.
Why Maryland Mortgage Rates Matter So Much
Your mortgage rate isn’t just a random number a lender throws out. It dictates how much you’ll pay over the lifetime of your loan. Let’s say you’re borrowing $400,000:
| Interest Rate | Monthly Payment (30-Year Fixed) | Total Interest Paid |
|---|---|---|
| 6.5% | $2,528 | $510,000 |
| 7.0% | $2,661 | $558,000 |
| 7.5% | $2,799 | $607,000 |
That’s a potential $97,000 difference just by snagging a lower rate. Insane, right?
What’s Going on with Maryland Mortgage Rates in 2024?
Mortgage rates have been fluctuating with inflation, the Fed, and shifts in the housing market. Right now, analysts are keeping a close eye on whether rates will drop later in 2024. But here’s the deal—trying to time the market is a gamble.
If you’re waiting for rates to drop, keep these two things in mind:
- Lower rates could mean higher home prices (because more buyers jump in).
- You can always refinance later if rates improve.
What you can control: locking in the best possible rate based on today’s market.
How to Get the Best Mortgage Rate in Maryland
Lenders don’t give the same rate to every borrower. Your rate depends on a few key things:
- Credit Score: 740+ gets you the best rates. Anything under 620? Expect to pay more.
- Down Payment: The larger your down payment, the better your rate.
- Loan Type: Conventional loans usually have lower rates than FHA loans.
- Debt-to-Income Ratio (DTI): Keep your total debt payments under 43% of your monthly income.
- Loan Term: 15-year loans have lower rates than 30-year loans, but higher monthly payments.
Before applying for a mortgage, take these steps:
- Check your credit report and fix any errors.
- Increase your down payment if possible.
- Reduce your other debts to improve your DTI.
- Shop around with at least 3-5 lenders before committing.
Maryland mortgage lenders aren’t all created equal, and some offer better deals than others. That’s why comparing rates is non-negotiable.
Top Maryland Mortgage Lenders Right Now
There’s no single “best” lender for everyone. It depends on your situation, loan type, and what perks they’re offering.
Here are some of the best-rated mortgage lenders operating in Maryland:
- Rocket Mortgage: Best for online applications and speedy approvals.
- PNC Bank: Offers unique low down payment options.
- Wells Fargo: Good for jumbo loans.
- Fairway Independent Mortgage: Strong customer reviews and competitive rates.
Want the best rate? Get pre-approved by multiple lenders to see real offers.
Fixed vs. Adjustable Rate Mortgages (ARM) – What’s Better in 2024?
Here’s the skinny:
- Fixed-Rate Mortgage: Your rate never changes. Predictable payments. ☑️ Best if rates stay high.
- Adjustable-Rate Mortgage (ARM): Lower initial rate, but can increase after a set period. ☑️ Best if rates are dropping in a few years.
Right now? Most buyers are playing it safe with fixed-rate mortgages. But if you plan to move or refinance in a few years, an ARM could save you money.
Maryland First-Time Buyer Loan Programs
If you’re buying your first home, you might qualify for special loan programs:
- Maryland Mortgage Program (MMP): Offers down payment assistance.
- FHA Loans: Lower credit score requirements.
- VA Loans: 0% down payment for veterans.
- USDA Loans: 0% down for rural homebuyers.
Every dollar counts, so don’t skip these if you qualify.
Should You Buy Now or Wait?
I get this question a lot: “Should I wait for rates to drop?”
Here’s the deal—waiting is fine if you’re trying to improve your credit or finances. But if you’re prepared now, locking in a home might still be the better move.
- Home prices are still climbing.
- If rates drop, you can refinance later.
- Renting means your money is going to someone else’s mortgage, not yours.
The real key is making sure you can afford the payment right now. No guessing. No “hoping rates drop.”
FAQs
What is a good mortgage rate in Maryland right now?
Rates fluctuate daily, but anything under 7% is competitive in early 2024.
How often do mortgage rates change?
They can change daily based on economic conditions, inflation, and Fed policy.
Can I negotiate my mortgage rate?
Yes! Get quotes from multiple lenders and use them to negotiate a better deal.
How does my credit score affect my rate?
The higher your score, the lower your rate. Aim for 740+ to get the best deal.
What’s the best loan type for first-time buyers?
FHA loans are popular, but the Maryland Mortgage Program can also help with down payment assistance.
Bottom Line
Maryland mortgage rates are always shifting, and the best deal goes to those who are prepared. Compare offers, improve your credit, and don’t be afraid to negotiate.
Locking in the best Maryland mortgage rate means thousands of dollars saved over time—money you could be using for investments, home improvements, or just living life.