Mortgage Rates in Severna Park, Maryland — March 2026
Updated March 2026 | Based on Severna Park market data and regional lending conditions
Severna Park is a growing city in Maryland with a population of 38,748. The current 30-year fixed mortgage rate in Severna Park is 6.76%, which is 0.11% above the national average. With a median home price of $378,000 and a 20% down payment of $75,600, homebuyers can expect a monthly principal and interest payment of approximately $1,963.
Current Mortgage Rates in Severna Park, MD
Below are the current average mortgage rates available in the Severna Park area as of March 2026. Rates vary by lender, credit score, and loan-to-value ratio. Use our free calculator above to see your personalized estimate.
| Loan Type | Rate | National Avg | Difference |
|---|---|---|---|
| 30-Year Fixed | 6.76% | 6.65% | +0.11% |
| 15-Year Fixed | 6% | 5.89% | +0.11% |
| 5/1 ARM | 6.26% | 6.15% | +0.11% |
| FHA | 6.5% | 6.25% | +0.25% |
| VA | 6.25% | 6.05% | +0.2% |
| Jumbo | 7.01% | 6.85% | +0.16% |
Severna Park Housing Market Overview
The Severna Park housing market reflects moderate demand with prices near the national average. The median household income in Severna Park is $85,400, and the cost of living index is 104.2 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $99,257 to comfortably afford the median-priced home in Severna Park, which exceeds the current median household income.
Monthly Payment Breakdown for Severna Park
Based on the median home price of $378,000 with 20% down ($75,600), here is what you can expect to pay monthly in Severna Park:
15-Year vs. 30-Year Mortgage in Severna Park
Choosing a 15-year mortgage in Severna Park at 6% instead of a 30-year at 6.76% would save you $247,320 in total interest over the life of the loan. However, your monthly payment would be $2,552 instead of $1,963 — an increase of $589 per month.
Calculate Your Severna Park Mortgage Payment
Use our free calculator to get a personalized estimate based on your loan amount, interest rate, and term.
Open Free CalculatorFrequently Asked Questions About Mortgages in Severna Park
What are the current mortgage rates in Severna Park, MD?
As of March 2026, the average 30-year fixed mortgage rate in Severna Park, Maryland is 6.76%, while the 15-year fixed rate is 6%. FHA loans average 6.5% and VA loans 6.25%. These rates are 0.11% above the national average of 6.65%.
How much is a monthly mortgage payment in Severna Park?
Based on the median home price of $378,000 with 20% down, the estimated monthly mortgage payment in Severna Park is $1,963 for principal and interest. Including property taxes of $353/month, the total monthly housing cost is approximately $2,316.
What income do I need to buy a home in Severna Park?
Using the 28% rule, you would need an annual income of approximately $99,257 to afford the median-priced home in Severna Park at $378,000. The median household income in Severna Park is $85,400. This means most households would need to either earn above the median or consider homes below $378,000.
Is Severna Park a good place to buy a home in 2026?
Severna Park has a moderate cost of living with a cost of living index of 104.2 (national average = 100). The property tax rate in Maryland is 1.12%, which is near the national average. Severna Park has a population of 38,748 and offers a balanced lifestyle.
Mortgage Rates in Other Maryland Cities
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Last updated: March 2026. Rates are approximate averages based on regional lending data for the Severna Park, Maryland area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.