Today's Mortgage Rates

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The steps to securing the best rate mortgage or refinance in Maryland are as follows: determine your objective, review mortgage interest rates and available programs, understand the tax implications of mortgage loans, locate and contact qualified lenders, and submit loan applications and evaluate your offers. If you're incredibly organized and financially savvy, you can do this on your own. Or, you can save time and frustration by using the resources available to you on has a Maryland broker directory, mortgage tips, mortgage calculators, and mortgage articles-everything you need to ensure that your search for the lowest rate mortgage is successful.

Fixed-Rate Mortgages

The fixed-rate mortgage (FRM) is the most traditional of mortgage loans. FRMs are structured with an interest rate that won't change, no matter what happens to market rates. An FRM is also fully amortizing, meaning that when you make payments as scheduled, the debt will be paid off at loan maturity. Therefore, you won't be surprised by any large balloon payment that needs to be refinanced. The most common loan maturity for an FRM is 30 years, but some mortgage lenders offer 10-, 15-, 20- and even 50-year terms. A shorter term usually gets you a lower interest rate, but your monthly payment will be higher.

Tax Savings

The IRS offers you some significant tax advantages when you own your home. There are three tax-deductible items associated with home ownership and mortgage debt: the interest paid, the property taxes, and points paid. You generally get the highest deductions in the earliest years of the mortgage, because most of your payment goes toward interest rather than principal. Loan points for a purchase mortgage can be deducted in the year that they're paid. For a refinance, however, the points are deducted over the life of the mortgage. To estimate your tax savings, see's Mortgage Tax Savings Calculator.

Comparing Mortgages

When searching for the best mortgage and lowest interest rate, keep the following in mind:

  • Contact several lenders. Shopping around is the best way to protect your interests and save money. See our Maryland broker directory for lender contact information.
  • Compare individual mortgage offers by similar types first. Evaluate fixed-rate offers with other fixed-rate offers. Then, separately review adjustable-rate mortgage (ARM) deals. Your last step is to take the best one in each category and use's mortgage calculators to compare them.
  • All else being equal, a lower payment means that you're paying less in principal. You might choose a loan that's more expensive over the life of the loan in order to get the lowest payment. This is fine, as long as you understand the trade-off. Faster payoff has two advantages: One, you'll build home equity more quickly; and two, you'll pay less in total interest.Maryland offers more than the beauty of the Chesapeake Bay and Allegheny Mountains. "The Free State" can also provide a low rate mortgage that moves you closer to attaining your financial goals.