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 239 lenders originated 9,290 FHA loans during 2022. The total origination value was $2,754,640,000, with an average FHA loan value of $296,517.
Baltimore FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Baltimore
averaged
6.29%
for the week of 2023-05-26, compared to the national average (all FHA variants) of
6.612% for the same period.
Baltimore's average FHA mortgage closing costs are $9,032.
The average rate for the prior week (2023-05-19) was
6.16% and
one month ago for the week of 2023-04-21, the
average rate was 6.2%.
The average rate one year ago was 4.92%.
For refis of the same type during the week of 2023-05-26, the average rate
was 5.24%.
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
616 FHA loans originated. Their average total fees are
$10,734, which is $1,020
lower than the next largest lender,
UNITED WHOLESALE MORTGAGE, LLC.
The lowest fee Baltimore FHA lenders (with over 10 loans originated) are
STATE EMPLOYEES CREDIT UNION OF MARYLAND, INCORPORATED ($4,004), CHERRY CREEK MORTGAGE, LLC ($4,262), VILLAGE CAPITAL MORTGAGE ($4,472), Lakeview Community Capital, LLC ($6,151) and Mortgage Research Center, LLC ($6,998).
The lowest rate Baltimore FHA lenders (with over 10 loans originated) are
Lakeview Community Capital, LLC (3.51%), VILLAGE CAPITAL MORTGAGE (3.63%), LAKEVIEW LOAN SERVICING, LLC (3.76%), PENNYMAC LOAN SERVICES, LLC (3.95%) and Mr. Cooper ( Nationstar Mortgage ) (4.20%).
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 | $284,950 (5.6%) | $382,651 (5.9%) | 1.06 | 8,233 |
| 2018-02-01 | $284,900 (4.0%) | $380,624 (3.4%) | 1.04 | 7,955 |
| 2018-03-01 | $299,900 (3.6%) | $394,101 (3.0%) | 1.05 | 8,628 |
| 2018-04-01 | $311,945 (4.0%) | $402,555 (0.8%) | 1.06 | 9,342 |
| 2018-05-01 | $322,500 (6.1%) | $416,986 (3.2%) | 1.08 | 9,955 |
| 2018-06-01 | $325,000 (6.6%) | $418,590 (2.6%) | 1.08 | 10,252 |
| 2018-07-01 | $327,250 (7.7%) | $418,063 (3.2%) | 1.09 | 10,544 |
| 2018-08-01 | $324,200 (8.1%) | $414,502 (1.3%) | 1.09 | 10,639 |
| 2018-09-01 | $319,000 (6.3%) | $405,127 (-0.7%) | 1.07 | 11,016 |
| 2018-10-01 | $316,000 (5.4%) | $403,108 (0.1%) | 1.07 | 11,137 |
| 2018-11-01 | $308,998 (4.9%) | $396,023 (1.1%) | 1.05 | 10,875 |
| 2018-12-01 | $299,900 (5.2%) | $385,114 (-0.3%) | 1.03 | 9,714 |
| 2019-01-01 | $299,000 (4.9%) | $382,669 (0.0%) | 1.03 | 8,700 |
| 2019-02-01 | $299,900 (5.3%) | $389,468 (2.3%) | 1.01 | 8,299 |
| 2019-03-01 | $309,900 (3.3%) | $403,298 (2.3%) | 1.03 | 8,970 |
| 2019-04-01 | $329,900 (5.8%) | $428,538 (6.5%) | 1.05 | 9,477 |
| 2019-05-01 | $337,450 (4.6%) | $432,672 (3.8%) | 1.05 | 10,130 |
| 2019-06-01 | $339,990 (4.6%) | $435,029 (3.9%) | 1.06 | 10,506 |
| 2019-07-01 | $337,450 (3.1%) | $431,961 (3.3%) | 1.06 | 10,533 |
| 2019-08-01 | $339,000 (4.6%) | $438,569 (5.8%) | 1.06 | 10,533 |
| 2019-09-01 | $337,000 (5.6%) | $434,713 (7.3%) | 1.06 | 9,441 |
| 2019-10-01 | $324,125 (2.6%) | $417,751 (3.6%) | 1.05 | 10,163 |
| 2019-11-01 | $319,900 (3.5%) | $415,612 (5.0%) | 1.05 | 9,595 |
| 2019-12-01 | $302,950 (1.0%) | $407,482 (5.8%) | 1.01 | 8,135 |
| 2020-01-01 | $305,150 (2.1%) | $407,299 (6.4%) | 1.02 | 7,126 |
| 2020-02-01 | $317,250 (5.8%) | $417,481 (7.2%) | 1.04 | 6,757 |
| 2020-03-01 | $325,995 (5.2%) | $428,266 (6.2%) | 1.02 | 6,933 |
| 2020-04-01 | $325,000 (-1.5%) | $429,181 (0.2%) | 1.02 | 6,682 |
| 2020-05-01 | $339,999 (0.8%) | $441,658 (2.1%) | 1.03 | 6,704 |
| 2020-06-01 | $348,250 (2.4%) | $458,844 (5.5%) | 1.03 | 6,232 |
| 2020-07-01 | $350,000 (3.7%) | $469,345 (8.7%) | 1.01 | 5,498 |
| 2020-08-01 | $346,000 (2.1%) | $468,719 (6.9%) | 0.99 | 5,047 |
| 2020-09-01 | $339,869 (0.9%) | $459,243 (5.6%) | 0.97 | 4,988 |
| 2020-10-01 | $335,000 (3.4%) | $463,115 (10.9%) | 0.96 | 4,960 |
| 2020-11-01 | $325,000 (1.6%) | $448,734 (8.0%) | 0.95 | 4,625 |
| 2020-12-01 | $319,950 (5.6%) | $446,860 (9.7%) | 0.95 | 3,957 |
| 2021-01-01 | $315,000 (3.2%) | $448,578 (10.1%) | 0.94 | 3,322 |
| 2021-02-01 | $310,000 (-2.3%) | $455,012 (9.0%) | 0.90 | 2,781 |
| 2021-03-01 | $324,950 (-0.3%) | $451,309 (5.4%) | 0.92 | 2,877 |
| 2021-04-01 | $329,900 (1.5%) | $453,812 (5.7%) | 0.89 | 3,198 |
| 2021-05-01 | $349,000 (2.7%) | $469,923 (6.4%) | 0.93 | 3,543 |
| 2021-06-01 | $339,950 (-2.4%) | $460,507 (0.4%) | 0.89 | 3,997 |
| 2021-07-01 | $345,000 (-1.4%) | $457,895 (-2.4%) | 0.91 | 4,490 |
| 2021-08-01 | $334,450 (-3.3%) | $438,577 (-6.4%) | 0.89 | 4,833 |
| 2021-09-01 | $334,950 (-1.5%) | $438,007 (-4.6%) | 0.89 | 4,853 |
| 2021-10-01 | $324,900 (-3.0%) | $430,164 (-7.1%) | 0.87 | 4,732 |
| 2021-11-01 | $314,925 (-3.1%) | $423,845 (-5.6%) | 0.84 | 4,214 |
| 2021-12-01 | $309,900 (-3.1%) | $424,768 (-4.9%) | 0.84 | 3,500 |
| 2022-01-01 | $295,000 (-6.4%) | $423,368 (-5.6%) | 0.80 | 2,865 |
| 2022-02-01 | $299,950 (-3.2%) | $429,651 (-5.6%) | 0.78 | 2,621 |
| 2022-03-01 | $323,475 (-0.5%) | $457,295 (1.3%) | 0.81 | 2,683 |
| 2022-04-01 | $329,900 (0.0%) | $455,478 (0.4%) | 0.79 | 2,957 |
| 2022-05-01 | $349,950 (0.3%) | $470,234 (0.1%) | 0.80 | 3,515 |
| 2022-06-01 | $363,450 (6.9%) | $482,995 (4.9%) | 0.81 | 4,018 |
| 2022-07-01 | $355,000 (2.9%) | $473,098 (3.3%) | 0.80 | 4,533 |
| 2022-08-01 | $350,000 (4.7%) | $474,037 (8.1%) | 0.81 | 4,656 |
| 2022-09-01 | $346,225 (3.4%) | $466,911 (6.6%) | 0.81 | 4,600 |
| 2022-10-01 | $340,000 (4.7%) | $467,375 (8.7%) | 0.80 | 4,697 |
| 2022-11-01 | $338,550 (7.5%) | $461,577 (8.9%) | 0.81 | 4,600 |
| 2022-12-01 | $329,900 (6.5%) | $449,681 (5.9%) | 0.81 | 4,048 |
| 2023-01-01 | $319,950 (8.5%) | $445,265 (5.2%) | 0.79 | 3,596 |
| 2023-02-01 | $322,500 (7.5%) | $459,460 (6.9%) | 0.78 | 3,225 |
| 2023-03-01 | $347,750 (7.5%) | $481,018 (5.2%) | 0.82 | 3,062 |
| 2023-04-01 | $340,000 (3.1%) | $484,846 (6.5%) | 0.79 | 3,148 |
Baltimore's median listing price comes in at 79% of the national average.
Baltimore's average listing price for 2023-04-01 was $484,846, a difference of $29,368 (6.5%) versus the prior year and $3,828 versus the prior month.
For the 2023-04-01 period, Baltimore had 3,148 MLS listings, a difference of 86 listings (3%) versus the prior month and 191 listings (6%) 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 | 79 days | 1,726 sqft |
| 2018-02-01 | 73 days | 1,735 sqft |
| 2018-03-01 | 47 days | 1,756 sqft |
| 2018-04-01 | 44 days | 1,751 sqft |
| 2018-05-01 | 43 days | 1,791 sqft |
| 2018-06-01 | 45 days | 1,860 sqft |
| 2018-07-01 | 50 days | 1,858 sqft |
| 2018-08-01 | 53 days | 1,845 sqft |
| 2018-09-01 | 55 days | 1,820 sqft |
| 2018-10-01 | 56 days | 1,844 sqft |
| 2018-11-01 | 59 days | 1,843 sqft |
| 2018-12-01 | 69 days | 1,813 sqft |
| 2019-01-01 | 78 days | 1,800 sqft |
| 2019-02-01 | 71 days | 1,815 sqft |
| 2019-03-01 | 50 days | 1,852 sqft |
| 2019-04-01 | 40 days | 1,925 sqft |
| 2019-05-01 | 43 days | 1,948 sqft |
| 2019-06-01 | 47 days | 1,960 sqft |
| 2019-07-01 | 52 days | 1,964 sqft |
| 2019-08-01 | 64 days | 1,974 sqft |
| 2019-09-01 | 66 days | 1,971 sqft |
| 2019-10-01 | 57 days | 1,919 sqft |
| 2019-11-01 | 61 days | 1,904 sqft |
| 2019-12-01 | 73 days | 1,879 sqft |
| 2020-01-01 | 79 days | 1,870 sqft |
| 2020-02-01 | 70 days | 1,888 sqft |
| 2020-03-01 | 44 days | 1,913 sqft |
| 2020-04-01 | 51 days | 1,909 sqft |
| 2020-05-01 | 59 days | 1,928 sqft |
| 2020-06-01 | 52 days | 1,948 sqft |
| 2020-07-01 | 46 days | 1,961 sqft |
| 2020-08-01 | 41 days | 1,924 sqft |
| 2020-09-01 | 36 days | 1,872 sqft |
| 2020-10-01 | 44 days | 1,838 sqft |
| 2020-11-01 | 46 days | 1,800 sqft |
| 2020-12-01 | 54 days | 1,775 sqft |
| 2021-01-01 | 59 days | 1,740 sqft |
| 2021-02-01 | 48 days | 1,734 sqft |
| 2021-03-01 | 37 days | 1,773 sqft |
| 2021-04-01 | 32 days | 1,777 sqft |
| 2021-05-01 | 31 days | 1,810 sqft |
| 2021-06-01 | 31 days | 1,772 sqft |
| 2021-07-01 | 33 days | 1,777 sqft |
| 2021-08-01 | 33 days | 1,750 sqft |
| 2021-09-01 | 37 days | 1,753 sqft |
| 2021-10-01 | 40 days | 1,715 sqft |
| 2021-11-01 | 44 days | 1,694 sqft |
| 2021-12-01 | 50 days | 1,685 sqft |
| 2022-01-01 | 55 days | 1,652 sqft |
| 2022-02-01 | 39 days | 1,666 sqft |
| 2022-03-01 | 33 days | 1,713 sqft |
| 2022-04-01 | 30 days | 1,745 sqft |
| 2022-05-01 | 31 days | 1,790 sqft |
| 2022-06-01 | 31 days | 1,825 sqft |
| 2022-07-01 | 35 days | 1,807 sqft |
| 2022-08-01 | 37 days | 1,809 sqft |
| 2022-09-01 | 42 days | 1,798 sqft |
| 2022-10-01 | 43 days | 1,786 sqft |
| 2022-11-01 | 45 days | 1,770 sqft |
| 2022-12-01 | 52 days | 1,746 sqft |
| 2023-01-01 | 58 days | 1,739 sqft |
| 2023-02-01 | 52 days | 1,760 sqft |
| 2023-03-01 | 44 days | 1,800 sqft |
| 2023-04-01 | 38 days | 1,812 sqft |
Baltimore's median square footage for active listings during the 2023-04-01 period was 1,812 sqft. One year prior, the average listing was 1,745 sqft.