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By Derek Stratton |
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Comments Off on $18 an hour salary converter
$18 an Hour Is How Much a Year?
If you’re making $18 an hour, over the course of a year, you’d be making $37,440 before taxes. This calculator makes it easy to convert your hourly rate into yearly, monthly, and weekly earnings, helping you better understand your pay.
*The information provided by this calculator is for illustrative purposes only. These figures assume full-time employment and do not include deductions like taxes.
FAQ
How much is $18 an hour weekly, monthly, and annually before taxes?
Before taxes, if you make $18 an hour and work a 40-hour week, your weekly pay would be $720. Over a month, that adds up to around $3,120, assuming you work 52 weeks a year with no unpaid time off. Annually, this totals to about $37,440 for a full-time schedule.
What is the annual take-home pay for someone earning $18 an hour after taxes?
Your take-home pay depends on your tax bracket, state taxes, and deductions. On average, after federal taxes and other common deductions, you might take home between $28,000 and $32,000 per year. The exact amount will vary based on your location and financial situation.
How does the yearly salary from $18 an hour compare to the average salary in the U.S.?
A salary of $37,440 (at $18 an hour) is below the national average salary of $63,795 and the median salary of $59,384. This puts you in the lower income range, though your salary’s value will vary based on where you live and the industry you work in.
How does $18 an hour compare to minimum wage?
The federal minimum wage in the U.S. is $7.25 an hour, though many states have higher minimums. Earning $18 an hour is more than double the federal minimum wage, and in most cases, above state minimum wages, which typically range from $8 to $15 an hour.
SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC. The SoFi® Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
1
Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at http://www.sofi.com/legal/banking-rate-sheet.
SoFi Bank assesses Eligible Direct Deposit or Qualifying Deposits based on a rolling 31-calendar day period and may request additional information for verification of eligibility. A rolling 31-calendar day period means that each time you receive an Eligible Direct Deposit or $5,000 in Qualifying Deposits, a new 31-day period begins, during which you will earn the interest rates and APYs for account holders with Eligible Direct Deposit or Qualifying Deposits. If you receive another Eligible Direct Deposit or $5,000 in Qualifying Deposits during the current 31-day period, the period will reset, and a new 31-day period will begin from the date the criteria are met. You can view the end date of your current 31-day period, based on your most recent deposit activity, by visiting the APY details page within your account.
SoFi Bank reserves the right to grant a grace period to account holders following a change in Eligible Direct Deposit or Qualifying Deposit activity before adjusting interest rates and APYs. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Eligible Direct Deposit activity or $5,000 in Qualifying Deposits within a rolling 31-day period, or did not pay the SoFi Plus Subscription Fee every 30 days, and, if applicable, the grace period, then you will begin earning the interest rates and APYs earned by members without Eligible Direct Deposit, $5,000 in Qualifying Deposits or SoFi Plus Paid Subscription.
As long as you receive an Eligible Direct Deposit or $5,000 in Qualifying Deposits every 31 calendar days, or pay the SoFi Plus Subscription Fee every 30 calendar days, you will continue earning the interest rates and APYs earned by account holders with Eligible Direct Deposit, $5,000 in Qualifying Deposits or SoFi Plus Paid Subscription. See additional details at http://www.sofi.com/legal/banking-rate-sheet
2
No Account Fees
We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
†
Who is eligible for a Direct Deposit Bonus?
New and existing SoFi members who have never set up direct deposit with SoFi are eligible for the Direct Deposit Bonus. Bonuses are limited to one bonus per SoFi member. In the case of a joint account, direct deposit activity will only be counted towards the primary account holder’s eligibility for the bonus (the primary account holder is the member who opened the joint account first).
How do I earn the Direct Deposit Bonus?
1. Set up your first Eligible Direct Deposit. SoFi must receive it on or before 12/31/26.
2. Once SoFi receives and recognizes your first Eligible Direct Deposit, we will add up the Total Eligible Direct Deposits received over the next 25 calendar days. This total will determine the bonus amount.
Total Eligible Direct Deposit
Bonus Amount
Timing
$1.00 - $999.99
$0
To determine your bonus amount, SoFi will add up all your Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit.
$1,000.00 - $4,999.99
$50
$5,000.00 or more
$300
3. You will receive the bonus amount in your SoFi Checking account within 7 business days of completing all requirements listed above. You are only eligible to receive one bonus amount. You must have an open SoFi Checking account in good standing at the time of the bonus payment.
What is an Eligible Direct Deposit? Eligible: Recurring ACH deposit of regular income to your SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by your employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”)
Not Eligible Deposits that are not from an employer, payroll or benefits provider or government agency and deposits that are non-recurring in nature are not eligible. Examples of deposits that are not eligible include check deposits, peer-to-peer transfers (e.g., transfers from Zelle, PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), bank ACH funds transfers, wire transfers from external accounts, and IRS tax refunds. SoFi Bank shall, in its sole discretion, assess your Eligible Direct Deposit activity to determine eligibility and may require additional documentation to complete this verification.
Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your initial Eligible Direct Deposit. After SoFi validates the details of your Eligible Direct Deposit, your Direct Deposit Bonus will be based on the date we received your initial Eligible Direct Deposit.
What else is important to know?
•This promotion is available between 12/7/2023 at 12:01AM ET and 12/31/2026 at 11:59PM ET. SoFi reserves the right to modify or end the promotion at any time without notice. The terms of this promotion take precedence over the terms of any prior Direct Deposit promotion.
•SoFi reserves the right to exclude any members from participating in this promotion for any reason, such as suspected fraud, misuse, or suspicious activity.
•SoFi members with Eligible Direct Deposit activity can earn 3.30% annual percentage yield (APY) on savings balances. Interest rates are variable and subject to change at any time. These rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at http://www.sofi.com/legal/banking-rate-sheet.
•Bonuses are considered miscellaneous income, and may be reportable to the IRS on Form 1099-MISC (or Form 1042-S, if applicable). SoFi is required to do this reporting in compliance with the applicable federal and state reporting requirements. Recipient is responsible for any applicable federal, state or local taxes associated with receiving the bonus offer; consult with your tax advisor to determine applicable tax consequences.
•This promotion is offered by SoFi Bank, N.A, Member FDIC (“SoFi”)
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
By Derek Stratton |
Uncategorized |
Comments Off on $30 an hour salary converter
$30 an Hour Is How Much a Year?
If you earn $30 an hour, your yearly salary would be $62,400 before taxes. This calculator helps you quickly convert $30 per hour into yearly, monthly, and weekly amounts, giving you a better sense of your overall earnings.
*The information provided by this calculator is for illustrative purposes only. These figures assume full-time employment and do not include deductions like taxes.
FAQ
How much is $30 an hour weekly, monthly, and annually before taxes?
Before taxes, if you make $30 an hour and work 40 hours a week, your weekly pay would be $1,200. Over a month, that adds up to $5,200, assuming you work all 52 weeks without unpaid time off. Annually, this totals about $62,400 for a full-time schedule.
What is the annual take-home pay for someone earning $30 an hour after taxes?
Your take-home pay will depend on your tax bracket, state taxes, and deductions. On average, after federal taxes and typical deductions, you might take home between $47,000 and $52,000 per year. This estimate can vary based on your financial situation and location.
How does a yearly salary of $30 an hour compare to the average salary in the U.S.?
A salary of $62,400 (at $30 an hour) is close to the national average salary of $63,795 and a bit above the median salary of $59,384. This puts you near the middle of U.S. earners, though the value of your salary can depend on where you live and the industry you work in.
How does $30 an hour compare to minimum wage?
At $30 an hour, you are well above the federal minimum wage of $7.25 an hour. In most states, where the minimum wage ranges from $8 to $15 an hour, $30 an hour is more than double or even triple the minimum wage, depending on the state.
SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC. The SoFi® Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
1
Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at http://www.sofi.com/legal/banking-rate-sheet.
SoFi Bank assesses Eligible Direct Deposit or Qualifying Deposits based on a rolling 31-calendar day period and may request additional information for verification of eligibility. A rolling 31-calendar day period means that each time you receive an Eligible Direct Deposit or $5,000 in Qualifying Deposits, a new 31-day period begins, during which you will earn the interest rates and APYs for account holders with Eligible Direct Deposit or Qualifying Deposits. If you receive another Eligible Direct Deposit or $5,000 in Qualifying Deposits during the current 31-day period, the period will reset, and a new 31-day period will begin from the date the criteria are met. You can view the end date of your current 31-day period, based on your most recent deposit activity, by visiting the APY details page within your account.
SoFi Bank reserves the right to grant a grace period to account holders following a change in Eligible Direct Deposit or Qualifying Deposit activity before adjusting interest rates and APYs. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Eligible Direct Deposit activity or $5,000 in Qualifying Deposits within a rolling 31-day period, or did not pay the SoFi Plus Subscription Fee every 30 days, and, if applicable, the grace period, then you will begin earning the interest rates and APYs earned by members without Eligible Direct Deposit, $5,000 in Qualifying Deposits or SoFi Plus Paid Subscription.
As long as you receive an Eligible Direct Deposit or $5,000 in Qualifying Deposits every 31 calendar days, or pay the SoFi Plus Subscription Fee every 30 calendar days, you will continue earning the interest rates and APYs earned by account holders with Eligible Direct Deposit, $5,000 in Qualifying Deposits or SoFi Plus Paid Subscription. See additional details at http://www.sofi.com/legal/banking-rate-sheet
2
No Account Fees
We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
†
Who is eligible for a Direct Deposit Bonus?
New and existing SoFi members who have never set up direct deposit with SoFi are eligible for the Direct Deposit Bonus. Bonuses are limited to one bonus per SoFi member. In the case of a joint account, direct deposit activity will only be counted towards the primary account holder’s eligibility for the bonus (the primary account holder is the member who opened the joint account first).
How do I earn the Direct Deposit Bonus?
1. Set up your first Eligible Direct Deposit. SoFi must receive it on or before 12/31/26.
2. Once SoFi receives and recognizes your first Eligible Direct Deposit, we will add up the Total Eligible Direct Deposits received over the next 25 calendar days. This total will determine the bonus amount.
Total Eligible Direct Deposit
Bonus Amount
Timing
$1.00 - $999.99
$0
To determine your bonus amount, SoFi will add up all your Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit.
$1,000.00 - $4,999.99
$50
$5,000.00 or more
$300
3. You will receive the bonus amount in your SoFi Checking account within 7 business days of completing all requirements listed above. You are only eligible to receive one bonus amount. You must have an open SoFi Checking account in good standing at the time of the bonus payment.
What is an Eligible Direct Deposit? Eligible: Recurring ACH deposit of regular income to your SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by your employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”)
Not Eligible Deposits that are not from an employer, payroll or benefits provider or government agency and deposits that are non-recurring in nature are not eligible. Examples of deposits that are not eligible include check deposits, peer-to-peer transfers (e.g., transfers from Zelle, PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), bank ACH funds transfers, wire transfers from external accounts, and IRS tax refunds. SoFi Bank shall, in its sole discretion, assess your Eligible Direct Deposit activity to determine eligibility and may require additional documentation to complete this verification.
Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your initial Eligible Direct Deposit. After SoFi validates the details of your Eligible Direct Deposit, your Direct Deposit Bonus will be based on the date we received your initial Eligible Direct Deposit.
What else is important to know?
•This promotion is available between 12/7/2023 at 12:01AM ET and 12/31/2026 at 11:59PM ET. SoFi reserves the right to modify or end the promotion at any time without notice. The terms of this promotion take precedence over the terms of any prior Direct Deposit promotion.
•SoFi reserves the right to exclude any members from participating in this promotion for any reason, such as suspected fraud, misuse, or suspicious activity.
•SoFi members with Eligible Direct Deposit activity can earn 3.30% annual percentage yield (APY) on savings balances. Interest rates are variable and subject to change at any time. These rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at http://www.sofi.com/legal/banking-rate-sheet.
•Bonuses are considered miscellaneous income, and may be reportable to the IRS on Form 1099-MISC (or Form 1042-S, if applicable). SoFi is required to do this reporting in compliance with the applicable federal and state reporting requirements. Recipient is responsible for any applicable federal, state or local taxes associated with receiving the bonus offer; consult with your tax advisor to determine applicable tax consequences.
•This promotion is offered by SoFi Bank, N.A, Member FDIC (“SoFi”)
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
By Derek Stratton |
Uncategorized |
Comments Off on $20 an hour converter
$20 an Hour Is How Much a Year?
If you’re earning $20 an hour, you’d be making $41,600 a year before taxes. Use this calculator to quickly break down down your earnings into weekly and monthly amounts, giving you a clearer view of your pay.
*The information provided by this calculator is for illustrative purposes only. These figures assume full-time employment and do not include deductions like taxes.
FAQ
What is $20 an hour weekly, monthly, and annually before taxes?
Before taxes, if you make $20 an hour and work a 40 hour week, your weekly pay would be $800. For a month, that’s $3,467 assuming 52 weeks a year with no unpaid time off. Annually, that’s $41,600 assuming full time.
What is the annual take home pay for someone making $20 an hour after taxes?
Take home pay will depend on your tax bracket, state taxes and deductions. On average, after federal taxes and other typical deductions you might take home around $32,000 to $35,000 a year. This is just an estimate and will vary based on your location and financial situation.
How does the annual salary of $20 an hour compare to the average salary in the US?
A salary of $41,600 (at $20 an hour) is below the US national average salary which is around $63,795. But it’s close to the median salary which is around $59,384. Salaries can vary greatly based on the cost of living in different states and industries.
How does $20 an hour compare to minimum wage?
The federal minimum wage in the US is $7.25 an hour, though many states have higher minimums. $20 an hour is above the federal minimum and in most cases above the state minimums which range from $8 to $15 an hour depending on the state.
SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC. The SoFi® Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
1
Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at http://www.sofi.com/legal/banking-rate-sheet.
SoFi Bank assesses Eligible Direct Deposit or Qualifying Deposits based on a rolling 31-calendar day period and may request additional information for verification of eligibility. A rolling 31-calendar day period means that each time you receive an Eligible Direct Deposit or $5,000 in Qualifying Deposits, a new 31-day period begins, during which you will earn the interest rates and APYs for account holders with Eligible Direct Deposit or Qualifying Deposits. If you receive another Eligible Direct Deposit or $5,000 in Qualifying Deposits during the current 31-day period, the period will reset, and a new 31-day period will begin from the date the criteria are met. You can view the end date of your current 31-day period, based on your most recent deposit activity, by visiting the APY details page within your account.
SoFi Bank reserves the right to grant a grace period to account holders following a change in Eligible Direct Deposit or Qualifying Deposit activity before adjusting interest rates and APYs. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Eligible Direct Deposit activity or $5,000 in Qualifying Deposits within a rolling 31-day period, or did not pay the SoFi Plus Subscription Fee every 30 days, and, if applicable, the grace period, then you will begin earning the interest rates and APYs earned by members without Eligible Direct Deposit, $5,000 in Qualifying Deposits or SoFi Plus Paid Subscription.
As long as you receive an Eligible Direct Deposit or $5,000 in Qualifying Deposits every 31 calendar days, or pay the SoFi Plus Subscription Fee every 30 calendar days, you will continue earning the interest rates and APYs earned by account holders with Eligible Direct Deposit, $5,000 in Qualifying Deposits or SoFi Plus Paid Subscription. See additional details at http://www.sofi.com/legal/banking-rate-sheet
2
No Account Fees
We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
†
Who is eligible for a Direct Deposit Bonus?
New and existing SoFi members who have never set up direct deposit with SoFi are eligible for the Direct Deposit Bonus. Bonuses are limited to one bonus per SoFi member. In the case of a joint account, direct deposit activity will only be counted towards the primary account holder’s eligibility for the bonus (the primary account holder is the member who opened the joint account first).
How do I earn the Direct Deposit Bonus?
1. Set up your first Eligible Direct Deposit. SoFi must receive it on or before 12/31/26.
2. Once SoFi receives and recognizes your first Eligible Direct Deposit, we will add up the Total Eligible Direct Deposits received over the next 25 calendar days. This total will determine the bonus amount.
Total Eligible Direct Deposit
Bonus Amount
Timing
$1.00 - $999.99
$0
To determine your bonus amount, SoFi will add up all your Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit.
$1,000.00 - $4,999.99
$50
$5,000.00 or more
$300
3. You will receive the bonus amount in your SoFi Checking account within 7 business days of completing all requirements listed above. You are only eligible to receive one bonus amount. You must have an open SoFi Checking account in good standing at the time of the bonus payment.
What is an Eligible Direct Deposit? Eligible: Recurring ACH deposit of regular income to your SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by your employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”)
Not Eligible Deposits that are not from an employer, payroll or benefits provider or government agency and deposits that are non-recurring in nature are not eligible. Examples of deposits that are not eligible include check deposits, peer-to-peer transfers (e.g., transfers from Zelle, PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), bank ACH funds transfers, wire transfers from external accounts, and IRS tax refunds. SoFi Bank shall, in its sole discretion, assess your Eligible Direct Deposit activity to determine eligibility and may require additional documentation to complete this verification.
Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your initial Eligible Direct Deposit. After SoFi validates the details of your Eligible Direct Deposit, your Direct Deposit Bonus will be based on the date we received your initial Eligible Direct Deposit.
What else is important to know?
•This promotion is available between 12/7/2023 at 12:01AM ET and 12/31/2026 at 11:59PM ET. SoFi reserves the right to modify or end the promotion at any time without notice. The terms of this promotion take precedence over the terms of any prior Direct Deposit promotion.
•SoFi reserves the right to exclude any members from participating in this promotion for any reason, such as suspected fraud, misuse, or suspicious activity.
•SoFi members with Eligible Direct Deposit activity can earn 3.30% annual percentage yield (APY) on savings balances. Interest rates are variable and subject to change at any time. These rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at http://www.sofi.com/legal/banking-rate-sheet.
•Bonuses are considered miscellaneous income, and may be reportable to the IRS on Form 1099-MISC (or Form 1042-S, if applicable). SoFi is required to do this reporting in compliance with the applicable federal and state reporting requirements. Recipient is responsible for any applicable federal, state or local taxes associated with receiving the bonus offer; consult with your tax advisor to determine applicable tax consequences.
•This promotion is offered by SoFi Bank, N.A, Member FDIC (“SoFi”)
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
• Mortgage rates in Maryland have ranged from 7.79% in 2000 to a low of 3.70% in 2012 and 2016 — slightly below the average U.S. mortgage rate.
• Economic factors, consumer factors, and the type of mortgage you choose all affect mortgage rates in Maryland.
• Maryland offers many mortgage types, including fixed-rate, adjustable-rate, FHA, VA, USDA, and jumbo loans.
• First-time homebuyer programs, down payment assistance, and refinancing options are available in Maryland.
Introduction to Mortgage Interest Rates
Securing a favorable mortgage rate puts you one giant step closer to closing the deal on your new home. In Maryland, mortgage rates are determined by a complex interplay of economic factors and each individual borrower’s financial standing. Let’s look more closely at mortgage rates in Maryland, including historical trends, factors affecting rates, types of mortgages available, and strategies for securing a competitive mortgage rate.
Where Mortgage Rates Come From
The Federal Reserve, often referred to as the Fed, has a significant influence on mortgage rates. The Fed sets the short-term interest rates that banks use as a benchmark for their own lending rates. Home loans tend to follow the same economic trend, so when the Fed lowers its interest rate, mortgage rates tend to decrease, making it more affordable for individuals to borrow money for home purchases.
But your own personal financial numbers also factor into the specific rate a lender might offer you. Your credit scores, down payment amount, debts, loan amount, loan term, and property type can all play a role.
How Interest Rates Affect Home Affordability
Why does the mortgage rate in Maryland matter so much to homebuyers? While many homebuyers focus on the purchase price of a property, mortgage rates play a huge part in determining the overall cost of homeownership. Even a small difference in the interest rate can significantly impact the monthly mortgage payments and the total amount of interest paid over the life of the loan.
For instance, a $280,000 loan with a 30-year term and a 4% interest rate would result in monthly payments of $1,336. However, if the interest rate increases by just 1 percentage point to 5%, the monthly payments would jump to $1,503. That might not seem like a dealbreaker, but consider that this increases the total interest paid over the life of the loan by $59,881.
Should Homebuyers Wait for Interest Rates to Drop?
Homebuyers often face the dilemma of whether to purchase a home immediately or wait for mortgage rates to drop. While it is true that rates can fluctuate, it is important to consider the opportunity cost of waiting. Home prices also tend to rise over time, potentially offsetting any savings gained by waiting for lower interest rates.
Homeowners who are concerned about rising interest rates can consider refinancing their mortgage in the future if rates drop (or if their credit score or other personal financial stats become rosier). Refinancing allows homeowners to obtain a new mortgage, potentially reducing their monthly payments and saving money over the long term.
Get matched with a local
real estate agent and earn up to
$9,500‡ cash back when you close.
Pair up with a local real estate agent through HomeStory and unlock up to $9,500 cash back at closing.‡ Average cash back received is $1,700.
Examining historical mortgage rate trends can put current mortgage rates in Maryland into perspective. While rates in Maryland have experienced fluctuations over the years, they tend to hover just slightly above the national average. (The Federal Housing Finance Agency stopped tracking specific state trends in 2018.)
Year
Maryland Rate
U.S. Rate
2000
8.00
8.14
2001
7.05
7.03
2002
6.58
6.62
2003
5.91
5.83
2004
5.81
5.95
2005
6.05
6.00
2006
6.67
6.60
2007
6.49
6.44
2008
6.12
6.09
2009
5.03
5.06
2010
4.97
4.84
2010
4.72
4.84
2011
4.55
4.66
2012
3.65
3.74
2013
3.91
3.92
2014
4.14
4.24
2015
3.98
3.91
2016
3.79
3.72
2017
4.15
4.03
2018
4.66
4.57
Source: Federal House Finance Agency
Historical U.S. Mortgage Rates
Seeing the average 30-year mortgage rate plotted on a chart shows that, although mortgage rates did increase in recent years, they are still significantly lower compared to historical peaks. In the early 1980s, mortgage rates reached double-digit figures, making homeownership a challenge for many Americans.
Factors Affecting Mortgage Rates in Maryland
Numerous factors influence mortgage rates in Maryland and across the United States. These factors can be broadly categorized into two groups: economic factors and consumer factors. Let’s look at each more closely:
Economic Factors
• The Federal Reserve plays a pivotal role in shaping mortgage rates through its monetary policy decisions. The federal funds rate, which is the interest rate that banks charge each other for overnight loans, serves as a benchmark for other interest rates, including mortgage rates. When the Fed raises the federal funds rate, higher mortgage rates typically follow.
• Inflation can also impact mortgage rates. When inflation rises, the purchasing power of money decreases, making it more expensive for lenders to lend money. To compensate for this, lenders may increase interest rates.
• Unemployment influences mortgage rates indirectly. When unemployment is high, the Fed often reduces its benchmark rate to encourage job creation. Mortgage rates often fall in response.
Consumer Factors
• A borrowers credit scoreis a crucial factor in determining mortgage rates. A higher credit score indicates a lower risk of default, making borrowers more attractive to lenders and qualifying them for lower rates.
• The down payment a borrower makes also factors in. A larger down payment reduces the loan amount, which reduces the risk for the lender. Borrowers who make a larger down payment often receive lower mortgage interest rates.
• A steady income and sufficient assets send a lender reassuring signals about a borrower’s financial stability. The lender typically rewards that with lower rates.
• The type of mortgage loan a borrower chooses is important. Adjustable-rate mortgages (ARMs) often offer lower initial rates compared to fixed-rate mortgages. Additionally, government-backed loans, such as VA loans, may have lower interest rates. And a shorter loan term typically comes with a lower interest rate than a longer loan term.
In Maryland, homebuyers have access to a variety of mortgage types to suit their individual needs and financial situations. These include fixed-rate mortgages, adjustable-rate mortgages (ARMs), Federal Housing Administration (FHA) loans, Veterans Affairs (VA) loans, and U.S. Department of Agriculture (USDA) loans.
Fixed-Rate Mortgages
A fixed-rate mortgage offers stability and predictability in monthly payments. The interest rate remains the same throughout the entire loan term, typically ranging from 10 to 30 years. This type of mortgage is ideal for borrowers who prefer a consistent monthly housing expense and want to lock in a favorable interest rate.
Adjustable-Rate Mortgage (ARM)
Adjustable-rate mortgages (ARMs) provide an initial interest rate that is lower than fixed-rate mortgages. This lower rate is typically fixed for a specific period, such as 5 or 10 years, after which the interest rate can fluctuate based on market conditions. ARMs can be a good option for borrowers who plan to sell or refinance their home before the fixed-rate period ends. However, it is important to carefully consider the potential for interest rate increases and ensure that you can afford higher monthly payments if the interest rate adjusts.
FHA Loan
FHA loans are government-backed mortgages that offer more lenient eligibility requirements compared to conventional loans. FHA loans are insured by the FHA, which reduces the risk to lenders and allows borrowers with lower credit scores and smaller down payments to obtain a mortgage.
VA Loans
VA loans are government-backed mortgages available to qualifying veterans, active-duty military members, and certain members of the Reserve and National Guard, as well as surviving spouses. VA loans offer competitive interest rates and do not require a down payment, making them an attractive option for eligible borrowers.
The key word is “eligible” and borrowers interested in a VA loan will need to get a Certificate of Eligibility from the U.S. Department of Veterans Affairs as a first step toward borrowing.
USDA Loans
USDA loans are government-backed mortgages designed for borrowers whose income falls below a certain level and who are looking to purchase a home in a rural area. (The income level varies by location as it is pegged to the area’s median household income.)
USDA partner lenders offer competitive interest rates and do not require a down payment, making them an excellent option for eligible borrowers.
Jumbo Loans
Conventional mortgage loans have a maximum loan amount, known as the conforming loan limit, set by the Federal Housing Finance Agency (FHFA). For 2026, the conforming loan limit for a single-family home in most parts of the country is $832,750. In some higher-cost areas of Maryland, including Montgomery County and Prince George’s County, the limit is higher: up to $1,249,125. Jumbo loans are conventional loans that exceed the conforming loan limit. Jumbo loans have attractive interest rates but may have more stringent credit-score and other borrower requirements.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Popular Places to Get a Mortgage in Maryland
When it comes to securing a mortgage, location plays a significant role. Homebuyers should consider areas where home prices are affordable and mortgage terms are favorable. Various online resources and real estate professionals can provide valuable insights into the best places to get a mortgage in Maryland.
The cost of living in an area can significantly impact mortgage affordability. The Cost of Living Index (COLI) is a useful tool that compares the cost of living in different states against the national average. By considering the COLI, homebuyers can assess whether their income can support a comfortable lifestyle in a particular location.
• Hagerstown In Western Maryland, near the Appalachian trail, Hagerstown offers natural beauty and nice prices. The average home value here is $276,271.
• Salisbury The largest city on Maryland’s Eastern Shore, Salisbury has an average home value of $255,904.
• Havre de Grace Proximity to Baltimore means prices are higher here, but $391,874 is still below the average for the state as a whole.
• Aberdeen An average value of $324,459 and a 30-minute commute to Baltimore make this town an attractive choice.
Most Expensive Locations
Calvert County, Charles County, and Frederick County — like St. George’s County and Montgomery County, mentioned above — are some of the most expensive locations to get a mortgage in Maryland. Many of Maryland’s priciest locations boast easy access to Washington, D.C.
Tips for Securing a Competitive Mortgage Rate in Maryland
Securing a competitive mortgage rate can significantly reduce the overall cost of homeownership. While prospective homebuyers have no say in the rates set by the Federal Reserve, there are plenty of areas where you do exert some control:
Compare Interest Rates and Fees
Don’t settle for the first offer you receive from a lender. By shopping around, you can potentially save thousands of dollars over the life of your loan. When comparing offers, it is important to consider any upfront costs or closing fees associated with the loan.
Get Preapproved
Getting preapproved for a mortgage is a crucial step in the homebuying process. It gives you a clear understanding of your borrowing power and strengthens your position when making an offer on a property. Going through the mortgage preapproval process also allows you to move quickly when you find the right home, as you will already have a lender ready to provide financing.
Maryland offers several programs specifically designed to assist first-time homebuyers:
• Maryland Mortgage Program (MMP) 1st Time Advantage offers low-interest mortgages to qualified first-time homebuyers.
• The SmartBuy Program provides loans to those with student loan debt.
• HomeAbility is designed for homebuyers with disabilities.
Down Payment Assistance
In addition to first-time homebuyer programs, Maryland offers down-payment assistance to help borrowers overcome the challenge of saving for a down payment:
• The PartnerMatch program offers a no-interest, deferred loan that may be used for down payment and closing costs.
Tools & Calculators
Running numbers through a calculator tool can help you determine how much house you can afford or what kind of mortgage you might be qualified for. You can even see how your down payment might affect the interest you’ll pay over the life of a loan.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Refinancing Options in Maryland
Homeowners in Maryland who have an existing FHA-insured mortgage may be eligible for the FHA Streamline Refinance program. This program allows homeowners to complete a mortgage refinance with minimal hassle and paperwork.
Veterans and active-duty military members who have a VA loan may be eligible for an Interest-Rate Reduction Refinance Loan (IRRRL). This program allows borrowers to reduce their monthly payments by refinancing their VA loan at a lower interest rate.
Closing Costs, Taxes, and Fees in Maryland
Closing costs are associated with the purchase of a home and typically range from 3% to 6% of the purchase price. These costs may include loan origination fees, appraisal fees, title insurance, and other administrative fees.
The specific closing costs you will incur will depend on the value of the property you are purchasing and the location. It is important to factor these costs into your overall budget when planning for homeownership.
The Takeaway
Maryland’s mortgage landscape offers a diverse range of options for homebuyers. By staying informed about current mortgage rates and exploring assistance programs, those who live in the state famous for its blue crabs and beautiful Chesapeake Bay (or who dream of living there) can make decisions that align with their financial goals.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
Predicting future mortgage rate trends is challenging, as they are influenced by various economic factors. Following economic news is one way to stay informed about potential changes in mortgage rates.
Will mortgage rates ever go back to normal?
There isn’t really a “normal” where mortgage rates are concerned. Rates fluctuate over time and it is difficult to predict when they might return to any specific level.
Will Maryland home prices ever drop?
Home prices are influenced by various factors such as supply and demand, economic conditions, and local market dynamics. Consult with a real estate professional who specializes in the market you’re interested in for a sense of where local prices are headed.
Is it a good time to buy a house in Maryland?
A good time to buy a house is when you need a place to live (maybe you’ve outgrown your current home, or your apartment lease is up) and you feel ready to take on the financial responsibility of a mortgage. Then whether it is a good time to buy will depend on whether or not you can find a house you love.
How do I lock in a mortgage rate?
To lock in a mortgage rate, you can work with a lender to secure a specific interest rate for a certain period, typically ranging from 30 to 120 days. This usually involves paying a fee to the lender, known as a rate lock fee. Locking the rate will protect you from potential interest rate increases during the specified period.
How do mortgage interest rates work?
Mortgage interest rates are determined by various factors, including the Federal Reserve’s interest rate decisions, inflation, and the unemployment rate. But your personal stats are also important, including your credit score, down payment amount, loan amount, loan term, and type of mortgage loan. Lenders use these factors to assess the risk associated with lending money and set interest rates accordingly.
SoFi Mortgages
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SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
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‡Up to $9,500 cash back: HomeStory Rewards is offered by HomeStory Real Estate Services, a licensed real estate broker. HomeStory Real Estate Services is not affiliated with SoFi Bank, N.A. (SoFi). SoFi is not responsible for the program provided by HomeStory Real Estate Services. Obtaining a mortgage from SoFi is optional and not required to participate in the program offered by HomeStory Real Estate Services. The borrower may arrange for financing with any lender. Rebate amount based on home sale price, see table for details.
Qualifying for the reward requires using a real estate agent that participates in HomeStory’s broker to broker agreement to complete the real estate buy and/or sell transaction. You retain the right to negotiate buyer and or seller representation agreements. Upon successful close of the transaction, the Real Estate Agent pays a fee to HomeStory Real Estate Services. All Agents have been independently vetted by HomeStory to meet performance expectations required to participate in the program. If you are currently working with a REALTOR®, please disregard this notice. It is not our intention to solicit the offerings of other REALTORS®. A reward is not available where prohibited by state law, including Alaska, Iowa, Louisiana and Missouri. A reduced agent commission may be available for sellers in lieu of the reward in Mississippi, New Jersey, Oklahoma, and Oregon and should be discussed with the agent upon enrollment. No reward will be available for buyers in Mississippi, Oklahoma, and Oregon. A commission credit may be available for buyers in lieu of the reward in New Jersey and must be discussed with the agent upon enrollment and included in a Buyer Agency Agreement with Rebate Provision. Rewards in Kansas and Tennessee are required to be delivered by gift card.
HomeStory will issue the reward using the payment option you select and will be sent to the client enrolled in the program within 45 days of HomeStory Real Estate Services receipt of settlement statements and any other documentation reasonably required to calculate the applicable reward amount. Real estate agent fees and commissions still apply. Short sale transactions do not qualify for the reward. Depending on state regulations highlighted above, reward amount is based on sale price of the home purchased and/or sold and cannot exceed $9,500 per buy or sell transaction. Employer-sponsored relocations may preclude participation in the reward program offering. SoFi is not responsible for the reward.
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