Maryland Mortgage Program rate at record low

Posted: 2:48 pm Mon, August 22, 2011
By Daily Record Staff

The Maryland Department of Housing and Community Development said Monday the interest rate for the state’s flagship mortgage financing program, the Maryland Mortgage Program, has dropped to 3.5 percent, the lowest level in its history.

The program is primarily targeted to first-time homebuyers and purchasers of foreclosed and short-sale homes.

The drop follows the national trend of falling mortgage rates, with the average rate of a 30-year fixed-rate mortgage pegged at 4.15 percent less than a week ago. However, even the low rates were not expected to appreciably increase home buying, due to the fragile state of the economy and difficulties in getting bank loans.