Maryland is a small state located in the mid-Atlantic area of the United States. It sits adjacent to Washington DC, West Virginia, and Virginia. Maryland, in terms of land area, is the 42nd largest state in the country. However, it is the fifth most densely-populated state in the country and is the 19th largest state based on population. Overall, there are just over 6 million people in Maryland.
Mortgage Laws in Maryland
Similar to other states, Maryland mortgage laws have changed a little bit over the past decade. Those that provide mortgages in Maryland today are required to abide by more stringent underwriting criteria for borrowers. These new laws intend to help prevent subprime mortgages and avoid trapping borrowers into unaffordable loans. These new underwriting laws basically require a higher level of income and credit score in order for a borrower to qualify for a mortgage loan today.
Interest Rates in Maryland
Due to some higher regulations and an overall higher level of income in Maryland, interest rates on mortgages in Maryland tend to be a little bit higher than in other states. While rates are a little bit higher today than they were a few months ago, they are still at very attractive levels. Those looking for a 30-year fixed-rate mortgage today will pay about 4.25%. Borrowers that one a 15-year mortgage or a mortgage with an adjustable interest rate, can get a mortgage with interest rate as low as 3.25%.
Housing Outlook for Maryland
The housing market for Maryland has varied considerably from one area to the next. Overall, the state has done very well. Much of this is due to the state’s proximity to Washington DC, which is a major driver and economic center for Maryland residents. While the Washington DC area has done well, parts of Baltimore have not fared as well. Baltimore saw a sizable decline in housing values during the credit crisis, but has recently seen a good amount of housing and city revitalization over the past few years. Due to the continued population and job demand in the Washington DC area, and the improvement in the Baltimore area, it is expected that the overall housing market in Maryland will improve in the future.
Maryland Biggest Cities
Maryland overall is a pretty densely populated state. By far, the most populated city in Maryland is Baltimore with a population of around 620,000 residents. While it isn’t located in Maryland, Washington DC has a population of 680,000 residents and is located just outside of the Maryland border. The majority of the population in Maryland lives in and around the Baltimore and Washington metro areas. After Baltimore, the next four biggest towns in Maryland are Frederick, Rockville, Bowie, and Hagerstown. These towns all have populations of around 60,000 residents.