Baltimore FHA Loan Rates, Closing Costs & Stats
BALTIMORE-COLUMBIA-TOWSON, MD
FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.
FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.
While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.
For additional requirements as defined by the FHA, click here.
Baltimore's 217 lenders originated 6,859 FHA loans during 2023. The total origination value was $2,107,425,000, with an average FHA loan value of $307,250.
Baltimore FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Baltimore
averaged
7.04%
for the week of 2024-04-19, compared to the national average (all FHA variants) of
6.855% for the same period.
Baltimore's average FHA mortgage closing costs are $9,424.
The average rate for the prior week (2024-04-12) was
6.64% and
one month ago for the week of 2024-03-15, the
average rate was 6.4%.
The average rate one year ago was 6.23%.
For refis of the same type during the week of 2024-04-19, the average rate
was 7.18%.
Baltimore FHA Loan Lenders by Rates & Fees
The below table looks at the average fees/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Baltimore level.
The top Baltimore FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with
523 FHA loans originated. Their average total fees are
$12,869, which is $2,166
lower than the next largest lender,
UNITED WHOLESALE MORTGAGE, LLC.
The lowest fee Baltimore FHA lenders (with over 10 loans originated) are
CHERRY CREEK MORTGAGE, LLC ($3,910), STATE EMPLOYEES CREDIT UNION OF MARYLAND, INCORPORATED ($5,247), Mortgage Research Center, LLC ($6,678), C & F Mortgage Corporation ($7,470) and PNC Bank ($9,445).
The lowest rate Baltimore FHA lenders (with over 10 loans originated) are
DHI MORTGAGE COMPANY, LTD. (5.62%), PULTE MORTGAGE LLC (5.71%), NVR Mortgage Finance, Inc. (5.81%), PLANET HOME LENDING, LLC (5.87%) and AMERISAVE MORTGAGE CORPORATION (5.97%).
Baltimore FHA Loan Limits
| Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
|---|---|---|---|---|---|---|
| BALTIMORE-COLUMBIA-TOWSON, MD | ANNE ARUNDEL | 2022 | $583,050 | $746,400 | $902,250 | $1,121,250 |
| BALTIMORE-COLUMBIA-TOWSON, MD | BALTIMORE | 2022 | $583,050 | $746,400 | $902,250 | $1,121,250 |
| BALTIMORE-COLUMBIA-TOWSON, MD | CARROLL | 2022 | $583,050 | $746,400 | $902,250 | $1,121,250 |
| BALTIMORE-COLUMBIA-TOWSON, MD | HARFORD | 2022 | $583,050 | $746,400 | $902,250 | $1,121,250 |
| BALTIMORE-COLUMBIA-TOWSON, MD | HOWARD | 2022 | $583,050 | $746,400 | $902,250 | $1,121,250 |
| BALTIMORE-COLUMBIA-TOWSON, MD | QUEEN ANNE'S | 2022 | $583,050 | $746,400 | $902,250 | $1,121,250 |
| BALTIMORE-COLUMBIA-TOWSON, MD | BALTIMORE CITY | 2022 | $583,050 | $746,400 | $902,250 | $1,121,250 |
| BALTIMORE-COLUMBIA-TOWSON, MD | ANNE ARUNDEL | 2023 | $632,500 | $809,700 | $978,750 | $1,216,350 |
| BALTIMORE-COLUMBIA-TOWSON, MD | BALTIMORE | 2023 | $632,500 | $809,700 | $978,750 | $1,216,350 |
| BALTIMORE-COLUMBIA-TOWSON, MD | CARROLL | 2023 | $632,500 | $809,700 | $978,750 | $1,216,350 |
| BALTIMORE-COLUMBIA-TOWSON, MD | HARFORD | 2023 | $632,500 | $809,700 | $978,750 | $1,216,350 |
| BALTIMORE-COLUMBIA-TOWSON, MD | HOWARD | 2023 | $632,500 | $809,700 | $978,750 | $1,216,350 |
| BALTIMORE-COLUMBIA-TOWSON, MD | QUEEN ANNE'S | 2023 | $632,500 | $809,700 | $978,750 | $1,216,350 |
| BALTIMORE-COLUMBIA-TOWSON, MD | BALTIMORE CITY | 2023 | $632,500 | $809,700 | $978,750 | $1,216,350 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Baltimore (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
|---|---|---|---|---|
| 2018-01-01 | $284,973 (5.6%) | $383,002 (5.9%) | 1.06 | 8,252 |
| 2018-02-01 | $284,998 (3.7%) | $380,887 (3.4%) | 1.03 | 7,973 |
| 2018-03-01 | $299,900 (3.5%) | $394,407 (3.0%) | 1.05 | 8,646 |
| 2018-04-01 | $312,400 (4.2%) | $402,821 (0.7%) | 1.06 | 9,360 |
| 2018-05-01 | $324,225 (6.3%) | $417,124 (3.2%) | 1.08 | 9,971 |
| 2018-06-01 | $326,990 (6.3%) | $418,722 (2.5%) | 1.09 | 10,270 |
| 2018-07-01 | $327,450 (7.4%) | $418,130 (3.2%) | 1.09 | 10,558 |
| 2018-08-01 | $324,450 (7.6%) | $414,530 (1.3%) | 1.09 | 10,655 |
| 2018-09-01 | $319,000 (5.3%) | $405,145 (-0.8%) | 1.07 | 11,036 |
| 2018-10-01 | $316,500 (5.5%) | $403,186 (0.0%) | 1.07 | 11,156 |
| 2018-11-01 | $309,450 (4.9%) | $396,119 (1.1%) | 1.05 | 10,888 |
| 2018-12-01 | $299,900 (5.2%) | $385,311 (-0.3%) | 1.03 | 9,732 |
| 2019-01-01 | $299,250 (5.0%) | $382,892 (0.0%) | 1.03 | 8,717 |
| 2019-02-01 | $299,900 (5.2%) | $389,695 (2.3%) | 1.01 | 8,315 |
| 2019-03-01 | $312,757 (4.3%) | $409,327 (3.8%) | 1.02 | 8,779 |
| 2019-04-01 | $329,900 (5.6%) | $428,588 (6.4%) | 1.05 | 9,486 |
| 2019-05-01 | $337,900 (4.2%) | $432,894 (3.8%) | 1.06 | 10,145 |
| 2019-06-01 | $339,999 (4.0%) | $435,245 (4.0%) | 1.06 | 10,520 |
| 2019-07-01 | $337,450 (3.1%) | $431,993 (3.3%) | 1.06 | 10,543 |
| 2019-08-01 | $332,200 (2.4%) | $426,467 (2.9%) | 1.05 | 10,424 |
| 2019-09-01 | $328,150 (2.9%) | $422,182 (4.2%) | 1.05 | 10,303 |
| 2019-10-01 | $324,500 (2.5%) | $418,036 (3.7%) | 1.05 | 10,173 |
| 2019-11-01 | $319,900 (3.4%) | $415,653 (4.9%) | 1.05 | 9,604 |
| 2019-12-01 | $302,995 (1.0%) | $407,509 (5.8%) | 1.01 | 8,144 |
| 2020-01-01 | $305,600 (2.1%) | $407,330 (6.4%) | 1.02 | 7,135 |
| 2020-02-01 | $317,500 (5.9%) | $417,428 (7.1%) | 1.04 | 6,767 |
| 2020-03-01 | $326,000 (4.2%) | $428,267 (4.6%) | 1.02 | 6,941 |
| 2020-04-01 | $325,000 (-1.5%) | $429,221 (0.2%) | 1.02 | 6,689 |
| 2020-05-01 | $340,000 (0.6%) | $441,696 (2.0%) | 1.03 | 6,711 |
| 2020-06-01 | $348,250 (2.4%) | $458,793 (5.4%) | 1.03 | 6,239 |
| 2020-07-01 | $350,000 (3.7%) | $469,340 (8.7%) | 1.01 | 5,505 |
| 2020-08-01 | $347,200 (4.5%) | $468,701 (9.9%) | 0.99 | 5,055 |
| 2020-09-01 | $339,900 (3.6%) | $459,242 (8.8%) | 0.97 | 4,998 |
| 2020-10-01 | $335,000 (3.2%) | $462,994 (10.8%) | 0.96 | 4,972 |
| 2020-11-01 | $325,000 (1.6%) | $448,779 (8.0%) | 0.95 | 4,636 |
| 2020-12-01 | $319,950 (5.6%) | $447,043 (9.7%) | 0.95 | 3,969 |
| 2021-01-01 | $318,375 (4.2%) | $448,724 (10.2%) | 0.95 | 3,334 |
| 2021-02-01 | $312,450 (-1.6%) | $455,132 (9.0%) | 0.91 | 2,791 |
| 2021-03-01 | $324,995 (-0.3%) | $451,524 (5.4%) | 0.92 | 2,885 |
| 2021-04-01 | $329,995 (1.5%) | $454,067 (5.8%) | 0.89 | 3,205 |
| 2021-05-01 | $349,000 (2.7%) | $470,002 (6.4%) | 0.93 | 3,549 |
| 2021-06-01 | $339,950 (-2.4%) | $460,627 (0.4%) | 0.89 | 4,004 |
| 2021-07-01 | $345,000 (-1.4%) | $457,978 (-2.4%) | 0.91 | 4,496 |
| 2021-08-01 | $334,950 (-3.5%) | $438,698 (-6.4%) | 0.89 | 4,840 |
| 2021-09-01 | $334,950 (-1.5%) | $438,167 (-4.6%) | 0.89 | 4,860 |
| 2021-10-01 | $324,900 (-3.0%) | $430,277 (-7.1%) | 0.87 | 4,741 |
| 2021-11-01 | $314,950 (-3.1%) | $424,023 (-5.5%) | 0.84 | 4,221 |
| 2021-12-01 | $309,950 (-3.1%) | $425,042 (-4.9%) | 0.84 | 3,505 |
| 2022-01-01 | $295,700 (-7.1%) | $423,368 (-5.7%) | 0.80 | 2,872 |
| 2022-02-01 | $299,950 (-4.0%) | $429,741 (-5.6%) | 0.78 | 2,627 |
| 2022-03-01 | $324,850 (0.0%) | $457,825 (1.4%) | 0.81 | 2,690 |
| 2022-04-01 | $329,900 (0.0%) | $456,137 (0.5%) | 0.79 | 2,964 |
| 2022-05-01 | $349,950 (0.3%) | $470,734 (0.2%) | 0.80 | 3,523 |
| 2022-06-01 | $364,950 (7.4%) | $483,536 (5.0%) | 0.81 | 4,029 |
| 2022-07-01 | $359,000 (4.1%) | $474,485 (3.6%) | 0.81 | 4,546 |
| 2022-08-01 | $350,000 (4.5%) | $474,787 (8.2%) | 0.81 | 4,665 |
| 2022-09-01 | $348,625 (4.1%) | $467,747 (6.8%) | 0.82 | 4,612 |
| 2022-10-01 | $340,000 (4.7%) | $468,235 (8.8%) | 0.80 | 4,713 |
| 2022-11-01 | $339,700 (7.9%) | $462,688 (9.1%) | 0.82 | 4,612 |
| 2022-12-01 | $329,997 (6.5%) | $450,341 (6.0%) | 0.81 | 4,058 |
| 2023-01-01 | $319,988 (8.2%) | $446,060 (5.4%) | 0.79 | 3,601 |
| 2023-02-01 | $323,250 (7.8%) | $459,861 (7.0%) | 0.78 | 3,225 |
| 2023-03-01 | $348,125 (7.2%) | $481,090 (5.1%) | 0.82 | 3,062 |
| 2023-04-01 | $340,000 (3.1%) | $485,090 (6.4%) | 0.79 | 3,149 |
| 2023-05-01 | $350,000 (0.0%) | $493,918 (4.9%) | 0.79 | 3,223 |
| 2023-06-01 | $365,250 (0.1%) | $512,972 (6.1%) | 0.82 | 3,293 |
| 2023-07-01 | $374,900 (4.4%) | $510,765 (7.7%) | 0.85 | 3,412 |
| 2023-08-01 | $377,450 (7.8%) | $507,324 (6.9%) | 0.87 | 3,490 |
| 2023-09-01 | $370,000 (6.1%) | $508,671 (8.8%) | 0.86 | 3,859 |
| 2023-10-01 | $367,450 (8.1%) | $504,970 (7.9%) | 0.86 | 4,159 |
| 2023-11-01 | $358,348 (5.5%) | $484,979 (4.8%) | 0.85 | 4,330 |
| 2023-12-01 | $345,000 (4.6%) | $469,178 (4.2%) | 0.84 | 3,864 |
| 2024-01-01 | $327,500 (2.4%) | $469,492 (5.3%) | 0.80 | 3,434 |
| 2024-02-01 | $329,500 (1.9%) | $474,953 (3.3%) | 0.79 | 3,302 |
| 2024-03-01 | $335,000 (-3.8%) | $488,354 (1.5%) | 0.79 | 3,417 |
Baltimore's median listing price comes in at 79% of the national average.
Baltimore's average listing price for 2024-03-01 was $488,354, a difference of $7,264 (1.5%) versus the prior year and $13,401 versus the prior month.
For the 2024-03-01 period, Baltimore had 3,417 MLS listings, a difference of 115 listings (3%) versus the prior month and 355 listings (12%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Baltimore (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Time on Market | Median Square Footage |
|---|---|---|
| 2018-01-01 | 74 days | 1,752 sqft |
| 2018-02-01 | 67 days | 1,764 sqft |
| 2018-03-01 | 43 days | 1,784 sqft |
| 2018-04-01 | 41 days | 1,783 sqft |
| 2018-05-01 | 39 days | 1,815 sqft |
| 2018-06-01 | 44 days | 1,863 sqft |
| 2018-07-01 | 47 days | 1,860 sqft |
| 2018-08-01 | 51 days | 1,848 sqft |
| 2018-09-01 | 52 days | 1,823 sqft |
| 2018-10-01 | 52 days | 1,844 sqft |
| 2018-11-01 | 56 days | 1,843 sqft |
| 2018-12-01 | 65 days | 1,815 sqft |
| 2019-01-01 | 72 days | 1,800 sqft |
| 2019-02-01 | 66 days | 1,815 sqft |
| 2019-03-01 | 50 days | 1,862 sqft |
| 2019-04-01 | 38 days | 1,922 sqft |
| 2019-05-01 | 40 days | 1,948 sqft |
| 2019-06-01 | 45 days | 1,956 sqft |
| 2019-07-01 | 50 days | 1,960 sqft |
| 2019-08-01 | 51 days | 1,944 sqft |
| 2019-09-01 | 51 days | 1,931 sqft |
| 2019-10-01 | 52 days | 1,920 sqft |
| 2019-11-01 | 59 days | 1,902 sqft |
| 2019-12-01 | 69 days | 1,878 sqft |
| 2020-01-01 | 75 days | 1,870 sqft |
| 2020-02-01 | 63 days | 1,888 sqft |
| 2020-03-01 | 40 days | 1,914 sqft |
| 2020-04-01 | 48 days | 1,910 sqft |
| 2020-05-01 | 56 days | 1,932 sqft |
| 2020-06-01 | 48 days | 1,949 sqft |
| 2020-07-01 | 41 days | 1,960 sqft |
| 2020-08-01 | 37 days | 1,923 sqft |
| 2020-09-01 | 32 days | 1,872 sqft |
| 2020-10-01 | 41 days | 1,838 sqft |
| 2020-11-01 | 44 days | 1,800 sqft |
| 2020-12-01 | 51 days | 1,777 sqft |
| 2021-01-01 | 57 days | 1,741 sqft |
| 2021-02-01 | 43 days | 1,733 sqft |
| 2021-03-01 | 34 days | 1,775 sqft |
| 2021-04-01 | 30 days | 1,777 sqft |
| 2021-05-01 | 30 days | 1,810 sqft |
| 2021-06-01 | 30 days | 1,772 sqft |
| 2021-07-01 | 31 days | 1,778 sqft |
| 2021-08-01 | 32 days | 1,751 sqft |
| 2021-09-01 | 36 days | 1,751 sqft |
| 2021-10-01 | 39 days | 1,710 sqft |
| 2021-11-01 | 42 days | 1,697 sqft |
| 2021-12-01 | 48 days | 1,687 sqft |
| 2022-01-01 | 52 days | 1,650 sqft |
| 2022-02-01 | 37 days | 1,663 sqft |
| 2022-03-01 | 31 days | 1,714 sqft |
| 2022-04-01 | 29 days | 1,740 sqft |
| 2022-05-01 | 30 days | 1,790 sqft |
| 2022-06-01 | 31 days | 1,824 sqft |
| 2022-07-01 | 34 days | 1,807 sqft |
| 2022-08-01 | 36 days | 1,811 sqft |
| 2022-09-01 | 41 days | 1,798 sqft |
| 2022-10-01 | 42 days | 1,786 sqft |
| 2022-11-01 | 45 days | 1,769 sqft |
| 2022-12-01 | 51 days | 1,746 sqft |
| 2023-01-01 | 57 days | 1,741 sqft |
| 2023-02-01 | 49 days | 1,758 sqft |
| 2023-03-01 | 43 days | 1,800 sqft |
| 2023-04-01 | 36 days | 1,812 sqft |
| 2023-05-01 | 36 days | 1,824 sqft |
| 2023-06-01 | 36 days | 1,857 sqft |
| 2023-07-01 | 37 days | 1,856 sqft |
| 2023-08-01 | 37 days | 1,867 sqft |
| 2023-09-01 | 37 days | 1,855 sqft |
| 2023-10-01 | 37 days | 1,839 sqft |
| 2023-11-01 | 39 days | 1,818 sqft |
| 2023-12-01 | 46 days | 1,774 sqft |
| 2024-01-01 | 53 days | 1,748 sqft |
| 2024-02-01 | 44 days | 1,752 sqft |
| 2024-03-01 | 36 days | 1,760 sqft |
Baltimore's median square footage for active listings during the 2024-03-01 period was 1,760 sqft. One year prior, the average listing was 1,800 sqft.