Massachusetts Mortgage Rates - August 2026
Brian McKay
Brian McKay
Founder & Data Architect- Automated Online Rate Data Aggregation
- Location-Based Rate Tables
- Bank & Credit Union Health Safety Ratings
- Bank & Credit Union Star Ratings
- Finance Calculators
Current 30-year fixed mortgage rates in Massachusetts include Institution for SavingsInstitution for Savings112 County Rd, Amesbury, MA, 01913A+5.0 ★Texas Ratio: 0.11% at 5.25%, Florence BankFlorence Bank1 Main St, Amherst, MA, 01002A+5.0 ★Texas Ratio: 4.08% at 5.62%, Cape Ann Savings BankCape Ann Savings Bank109 Main St, Gloucester, MA, 01930A+5.0 ★Texas Ratio: 1.84% at 5.88%, Commonwealth Co-operative BankCommonwealth Co-operative Bank1172 River St, Boston, MA, 02108A+5.0 ★Texas Ratio: 1.09% at 5.99%, and Washington Savings Bank Lowell, MAWashington Savings Bank Lowell, MA100 Broadway Rd, Dracut, MA, 01826A+5.0 ★Texas Ratio: 4.14% at 6.06%. Mortgage rates as of August 28, 2026 according to verified data from MonitorBankRates.
Use the tabs below to compare mortgage rates across all loan types in Massachusetts side-by-side. Massachusetts mortgage rates currently start as low as 5.25% from Institution for Savings at 112 County Rd, Amesbury, MA, 01913. Rates are continually updated — we recommend checking back frequently.
Mortgage Rates reflect actual verified offers from lenders actively lending to Massachusetts borrowers. Your final approved rate will depend on your credit profile, loan-to-value ratio, and daily market movements. Last Updated and Verified: August 28, 2026
Compare Mortgage Rates Today in Massachusetts
Massachusetts 30 Year Fixed Mortgage Rates
No additional details available.
No additional details available.
No additional details available.
Based on 20% downpayment and/or 80% LTV, mortgage rates apply to owner occupied single family properties only. Minimum loan amount is $100,000. Payments do not include property taxes or insurance. Your payment may be greater if the loan is secured by a first lien. Property insurance is required. Flood insurance may be required. All rates are subject to change without notice. Other restrictions may apply.
No additional details available.
UP TO $2; Additional Terms*
**
As low as; 750K Max
No additional details available.
No additional details available.
20% Down; Max. Loan Amount: See note 1
11% Down1; Reduced closing costs. All Interest Rates and program guidelines may change without prior notice. Other restrictions may apply. Please contact TSB for details.
No additional details available.
No additional details available.
20% Down; Max. Loan Amount: See note 1
Up to 89% financing with no mortgage insurance required.
No additional details available.
No additional details available.
No additional details available.
No additional details available.
No additional details available.
No additional details available.
No additional details available.
No additional details available.
No additional details available.
No additional details available.
No additional details available.
No additional details available.
No additional details available.
Rate with 20% down
You Don't Have to Pay Points on Your Mortgage!
No additional details available.
No additional details available.
No additional details available.
No additional details available.
No additional details available.
No additional details available.
No additional details available.
No additional details available.
No additional details available.
No additional details available.
No additional details available.
No additional details available.
No additional details available.
Rate with 20% down
Conforming
No additional details available.
Rate as low as 6.375%
No additional details available.
No additional details available.
Massachusetts 15 Year Fixed Mortgage Rates
No additional details available.
No additional details available.
Add .25% for loans less than $100,000. Based on 20% downpayment and/or 80% LTV, mortgage rates apply to owner occupied single family properties only. Minimum loan amount is $100,000. Payments do not include property taxes or insurance. Your payment may be greater if the loan is secured by a first lien. Property insurance is required. Flood insurance may be required. All rates are subject to change without notice. Other restrictions may apply.
No additional details available.
No additional details available.
No additional details available.
20% Down; Max. Loan Amount: See note 1
No additional details available.
No additional details available.
Rate as low as 5.625%
No additional details available.
No additional details available.
No additional details available.
No additional details available.
No additional details available.
No additional details available.
No additional details available.
No additional details available.
No additional details available.
No additional details available.
No additional details available.
No additional details available.
No additional details available.
No additional details available.
No additional details available.
As low as
No additional details available.
No additional details available.
No additional details available.
No additional details available.
Rate with 20% down
Rates Subject to Change. APR=Annual Percentage Rate. Rates Effective August 4, 2026. View Full Disclosures .
No additional details available.
Rates listed include 0.125% autopay and paperless discount. Rates include a 0.125 percentage point reduction which requires a Citizens consumer checking account set up at time of loan origination with automatic monthly payment deduction.
No additional details available.
No additional details available.
No additional details available.
No additional details available.
No additional details available.
Important Assumptions
No additional details available.
No additional details available.
No additional details available.
No additional details available.
Jumbo
No additional details available.
No additional details available.
No additional details available.
No additional details available.
No additional details available.
Massachusetts 5/1 ARM Mortgage Rates
with closing costs
No additional details available.
No additional details available.
No additional details available.
Fixed for the first 5 years then adjusts every 6 months to the 30-day average SOFR index plus 3.00%.
***
Fully Indexed Rate: 6.375%
No additional details available.
No additional details available.
Jumbo; Fully Indexed Rate: 6.375%
ARM Index/Margin/Cap Table: 5/6* ARM
No additional details available.
No additional details available.
No additional details available.
No additional details available.
Initial 60 months at 5.250%; 12 months at 6.750%; 287 months at 6.750%; 1 month at 6.750%
No additional details available.
Fully Indexed Rate: 6.750%
no closing costs
Fully Indexed Rate: 7.000%
No additional details available.
Rate Caps: 2%/2%/5%; Fully Indexed Rate: 6.500%
Months 1 - 60
No additional details available.
No additional details available.
Fully Indexed Rate: 6.885% Maximum Interest Rate: 10.250% Months to First Rate Adjustment: 60 Months Permanent Loan Payment Stream
caps 2/2/6 repayment schedule based on 30 years
No additional details available.
No additional details available.
Rate: 5.750% / 6.875% / 6.875%
Rate as low as 5.250%
30-year term/amortization. Payment examples do not include taxes or insurance premiums, monthly payment obligations will be higher.
Fully Indexed Rate: 7.000%
Your Mortgage Journey
No additional details available.
Conforming; Fully Indexed Rate: 6.375%
Rates Subject to Change. APR=Annual Percentage Rate. Rates Effective August 4, 2026. View Full Disclosures .
No additional details available.
No additional details available.
No additional details available.
No additional details available.
No additional details available.
Fully Indexed Rate: 7.250%. Initial 5 Years. Remaining 25 Years.
Requires Automatic Loan Payment from a TSB checking account with direct deposit of your income for the life of the loan. Other restrictions may apply. Please contact TSB for details.
ARM terms available. Your interest rate under this ARM can change after 60 months and every 12 months thereafter. Your interest rate cannot increase or decrease more than 5 percentage points at first adjustment and 2 percentage points per subsequent adjustment from the initial interest rate excluding any buydown. Your interest rate will never be greater than 5 percentage points above the initial interest rate or lower than 2.75%.
Rate Caps: 2%/2%/6%; Margin/Index: 2.875%
Initial/Annual/Life Rate Change Caps: 2%/2%/6%; Margin/Index: 2.875%
Initial Fixed Term: 60 months; Remaining Adjustable Term: 300 months; Fully Indexed Rate: 7.125%
No additional details available.
Rate Caps: 2%/2%/6%; Margin/Index: 2.875%
Massachusetts 30-Year Jumbo Mortgage Rates
No additional details available.
Fully Indexed Rate: 6.375%
Rate with 20% down
No additional details available.
No additional details available.
20% Down; Max. Loan Amount: See note 2
No additional details available.
Based on 20% downpayment and/or 80% LTV, mortgage rates apply to owner occupied single family properties only. Minimum loan amount is $100,000. Payments do not include property taxes or insurance. Your payment may be greater if the loan is secured by a first lien. Property insurance is required. Flood insurance may be required. All rates are subject to change without notice. Other restrictions may apply.
Rate with 20% down
caps 2/2/6 repayment schedule based on 30 years
Rate as low as 6.250%
No additional details available.
Rate with 20% down
Fully Indexed Rate: 6.375%
No additional details available.
No additional details available.
No additional details available.
Caps 2/6 - Margin 2.875; Year 1-7, rate 5.750%, 84 payments of $5.83; Year 8-30, rate 6.785%, 276 payments of $6.44
Rate: Index 1 YR Treasury + 2.75% Margin
Payments per thousand do not include taxes and insurance. Your actual monthly payment will be higher.
No additional details available.
No additional details available.
No additional details available.
No additional details available.
No additional details available.
Caps 5/2/6 - Margin 2.875; Year 1-10, rate 6.250%, 120 payments of $6.16; Year 11-30, rate 6.875%, 240 payments of $6.47
No additional details available.
No additional details available.
No additional details available.
No additional details available.
No additional details available.
Index: 1 YR Treasury; Cap: 2/6; Margin: + 3.000%
Index: 1 YR Treasury; Cap: 2/6; Margin: +3.000%
Jumbo; Rate: Index 1 YR Treasury + 3.00% Margin
Index: 1 YR Treasury; Cap: 2/6; Margin: + 3.000%
No additional details available.
Index: 1 YR Treasury; Cap: 2/6; Margin: + 3.000%
No additional details available.
No additional details available.
No additional details available.
No additional details available.
No additional details available.
No additional details available.
Index: 1 YR Treasury; Cap: 2/6; Margin: +3.000%
No additional details available.
No additional details available.
No additional details available.
Index: 1 YR Treasury; Cap: 2/6; Margin: +3.000%
No additional details available.
Massachusetts 15-Year Jumbo Mortgage Rates
Based on 20% downpayment and/or 80% LTV, mortgage rates apply to owner occupied single family properties only. Minimum loan amount is $100,000. Payments do not include property taxes or insurance. Your payment may be greater if the loan is secured by a first lien. Property insurance is required. Flood insurance may be required. All rates are subject to change without notice. Other restrictions may apply.
No additional details available.
No additional details available.
Rate with 20% down
No additional details available.
No additional details available.
No additional details available.
No additional details available.
Massachusetts 5/1 Jumbo ARM Mortgage Rates
No additional details available.
Fully Indexed Rate: 6.375%
No additional details available.
caps caps 2/2/6 repayment schedule based on 30 years
Caps 2/6 - Margin 2.75; Year 1-5, rate 5.625%, 60 payments of $5.76; Year 6-30, rate 6.750%, 300 payments of $6.39
No additional details available.
No additional details available.
Index: 1 YR Treasury; Margin: +3.00%; Cap: 2/6
Index: 1 YR Treasury; Cap: 2/6; Margin: +3.000%
Index: 1 YR Treasury; Cap: 2/6; Margin: +3.000%
Index: 1 YR Treasury; Cap: 2/6; Margin: +3.000%
No additional details available.
Massachusetts FHA Loan Rates
No additional details available.
Important Assumptions
Massachusetts VA Loan Rates
3 year/1 year variable rate
No additional details available.
No additional details available.
No additional details available.
No additional details available.
No additional details available.
No additional details available.
No additional details available.
Banks and Credit Unions: If you need to update your rate data or request removal from MonitorBankRates.com, please contact us here.
Massachusetts Mortgage Rate Trends
Compare local Massachusetts mortgage rate quotes against the statewide average
Daily mortgage rate averages tracked across our database of verified mortgage rate quotes — updated every evening.
Massachusetts 30-year fixed rates rose 0.234 points over the past 7 days to 6.592%.
Massachusetts 15-year fixed rates rose 0.125 points over the past 7 days to 6.253%.
Massachusetts Mortgage Rate Forecast — Next 12 Months
Where are Massachusetts mortgage rates headed through August 2027?
Based on Fed funds rate futures, 10-year Treasury path, and historical mortgage spread model. Not financial advice.
What Forecast Rates Mean for Massachusetts Home Buyers
Monthly principal & interest payment on Massachusetts median home of $562,100 (20% down, 30-year fixed, state-level Census ACS median)
| Scenario | Rate | Mo. Payment | vs. Today | % of Income |
|---|---|---|---|---|
| Today (MA avg) | 6.592% | $2,870 | — | 33.1% |
| 6-Month Forecast | 6.592% (6.24–6.89%) | $2,870 | +$0/mo | 33.1% |
| 12-Month Forecast | 6.192% (5.84–6.49%) | $2,752 | -$118/mo | 31.8% |
Income column = annual mortgage payment as % of Massachusetts median household income ($103,960). Above 30% is generally considered cost-burdened.
MonitorBankRates Housing Affordability Index (MBR-HAI)
A daily-updated affordability score for Massachusetts — updated every night from live mortgage rates across our monitoring network combined with U.S. Census Bureau income, home value, and cost burden data.
What This Score Means for Massachusetts Home Buyers
With a score of 77.2, Massachusetts is 22.2 points less affordable than the national average of 99.4. Massachusetts ranks #49 out of 51 states for affordability — among the more expensive states relative to income.
The index reflects the current Massachusetts 30-year mortgage rate of 6.592% combined with Census median home values, household income, property taxes, and cost burden data. A 0.25% rate change shifts the score by approximately 0.8-1.0 points — meaning today’s rate environment directly impacts how affordable homeownership is relative to local incomes across Massachusetts.
Scores update each morning, computed from rate data captured the previous night. Computed from live mortgage rates across FDIC-insured banks and NCUA-chartered credit unions, combined with U.S. Census Bureau ACS 5-Year Estimates (2024) and CPS/HVS Q4 2025. Score of 100 = national average at 6.5% reference rate. Full methodology →
How Mortgage Rates Impact Home Affordability in Massachusetts
Massachusetts Housing Market Overview
According to the U.S. Census Bureau, the median owner-occupied home value in Massachusetts is approximately $562,100. The 2026 FHFA conforming loan limit for Massachusetts is $832,750.
Massachusetts Homeownership Rate
The homeownership rate in Massachusetts stands at 62.3%, near the national average of 65.7%. The homeowner vacancy rate of 0.7% signals a tight market with limited available inventory — making it critical to secure the best possible rate quickly when a suitable property becomes available.
Monthly Payment Estimates for Massachusetts Buyers
Even a small difference in your interest rate can add up to tens of thousands of dollars over the life of a loan. The table below shows monthly principal and interest payments on a $450,000 mortgage — based on a 20% down payment on the Massachusetts median home value.
| Interest Rate | Loan Term | Monthly Payment | Total Interest Paid |
|---|---|---|---|
| 6.092% | 30-year fixed | $2,725 | $530,875 |
| 6.592% Current Avg | 30-year fixed | $2,872 | $583,771 |
| 7.092% | 30-year fixed | $3,022 | $637,818 |
| 6.253% | 15-year fixed | $3,859 | $244,645 |
A 0.500% rate increase on a $450,000 loan adds roughly $150 per month and over $54,047 in total interest over a 30-year term. That’s why comparing verified, current rates from multiple lenders — using the rate table above — is one of the most impactful financial decisions a Massachusetts buyer can make.
Data sources: U.S. Census Bureau; Federal Housing Finance Agency (FHFA). Monthly payments shown are principal & interest only — taxes, insurance, and PMI not included.
Massachusetts Income & Housing Affordability
At a price-to-income ratio of 5.4x, Massachusetts is a moderately expensive housing market. That ratio — median home value divided by median household income — is a standard benchmark used by housing economists to gauge how accessible homeownership is relative to local earnings. The national baseline is approximately 3.8x.
What This Means for Massachusetts Buyers
With a median household income of $103,960 per year in Massachusetts ($8,663/month) and a median home value of approximately $562,100, a buyer financing at 80% LTV at the current average rate would commit roughly 33.1% of gross monthly income to principal and interest alone. That places most buyers above the 30% threshold housing economists use to define "cost burdened" — before taxes, insurance, HOA fees, or PMI are factored in.
Data sources: U.S. Census Bureau. Monthly payment estimate assumes 80% LTV at current average rate; principal and interest only.
Full Cost of Homeownership in Massachusetts
A mortgage payment is just the starting point. Property taxes, insurance, and utilities add hundreds of dollars per month to the true cost of owning a home across Massachusetts. Understanding the full picture before you buy is the difference between a home you can afford and one that stretches you thin.
Owner vs. Renter Costs
Across Massachusetts, the median homeowner with a mortgage pays approximately $2,125/month in total housing costs — covering the mortgage payment, property taxes, insurance, and utilities. The median renter pays $1,762/month including utilities. The $363/month difference between owning and renting is relatively narrow — worth factoring carefully into a rent vs. buy analysis given that owners also build equity over time. Property taxes alone account for $507/month of the ownership cost, a figure that can vary dramatically by location and is often underestimated by first-time buyers.
Housing Cost Burden
The federal standard defines “cost burdened” as spending more than 30% of gross household income on housing. “Severely cost burdened” means spending 50% or more. Both thresholds leave little room for savings, emergencies, or other financial goals.
Across Massachusetts, 30% of homeowners with mortgages are cost burdened and 49.4% of renters are cost burdened. Renters face significantly higher burden rates than owners — a pattern that often reflects lower renter incomes rather than lower rental costs, and one that can make the path from renting to owning financially difficult even when mortgage payments might be affordable. With an owner burden rate of 30% near the national average of 28.0%, this market reflects typical affordability conditions for mortgage holders.
Data sources: U.S. Census Bureau, American Community Survey 5-Year Estimates. Monthly owner costs include mortgage payment, taxes, insurance, and utilities. Property taxes reflect median annual taxes for mortgage holders. Rent reflects median gross rent including utilities. Cost burden figures reflect households spending 30%+ of gross income on housing.
Massachusetts Mortgage Payment Calculator
See your estimated monthly principal & interest payment at today’s Massachusetts rates. The home price is prefilled with the local median home value — adjust anything, or click a current rate on the right to apply that loan type’s rate and term instantly.
Principal & interest only — excludes property taxes, homeowners insurance, PMI, and HOA dues. See the Full Cost of Homeownership section above for those figures. Estimates are for informational purposes only.
Run the Numbers on Your Massachusetts Home Loan
Rates are only part of the equation. Use these calculators to translate current Massachusetts mortgage rates into real numbers for your specific situation — before you talk to a lender.
Enter your loan amount, interest rate, and term length to see your estimated monthly principal and interest payment. Adjust any variable to model different scenarios — a larger down payment, a shorter term, or a rate a quarter-point lower than what you were quoted.
CalculateTell us your gross income, monthly debt obligations, and how much you have for a down payment. We’ll show you the home price range you’re likely to qualify for at current Massachusetts rates — so you can shop with a realistic number in mind rather than discovering your ceiling after you’ve fallen in love with a property.
CalculateIf you already own a home, enter your current rate, remaining loan balance, and the rate you’ve been quoted to refinance. The calculator shows your new monthly payment, how much you’d save each month, and the break-even point — the number of months it takes for your savings to cover the closing costs of refinancing.
CalculateBuying isn’t always the better financial decision, and renting isn’t always throwing money away. This calculator weighs the full cost of each path — mortgage payments, taxes, insurance, and maintenance against rent increases and the opportunity cost of a down payment — to show which option builds more wealth over your intended time horizon in Massachusetts.
CalculateTypes of Mortgages Available in Massachusetts
Borrowers in Massachusetts have access to a wide range of mortgage programs. Rates, down payment requirements, and eligibility rules vary significantly across products — understanding the differences before you compare lenders can save thousands of dollars over the life of your loan.
Fixed-Rate Mortgage
A fixed-rate mortgage locks your interest rate in for the entire loan term — your principal and interest payment on day one is identical to payment 360. That predictability is valuable for long-term financial planning, especially in markets where housing costs represent a large share of household income.
Available in 10-, 15-, 20-, and 30-year terms. The 30-year minimizes monthly payments; the 15-year cuts total interest paid dramatically but requires a higher monthly commitment. The payment comparison table above shows exactly how those trade-offs look at today’s Massachusetts rate levels.
Adjustable-Rate Mortgage (ARM)
An ARM offers a fixed introductory rate for an initial period — commonly 5, 7, or 10 years — after which the rate adjusts periodically based on a market index. The starting rate is typically lower than a comparable fixed-rate loan, which reduces your monthly payment during the initial window.
ARMs work best when you have a defined exit timeline: if you plan to sell or refinance before the fixed period ends, you capture the lower rate without exposure to future adjustments. Rate caps govern how much the rate can move at each adjustment and in total, so read those terms closely before committing.
FHA Loan
Backed by the Federal Housing Administration, FHA loans are built for buyers who don’t yet meet conventional loan standards. You can qualify with a credit score of 580 and just 3.5% down — and some lenders will consider scores as low as 500 with a 10% down payment.
The cost of that lower barrier is mortgage insurance. FHA loans carry an upfront MIP of 1.75% of the loan amount (which can be rolled in) plus an annual MIP of 0.15%–0.75% depending on your term and LTV. For buyers who would otherwise wait years to save a larger down payment — given ongoing home price trends in Massachusetts — FHA is often the faster path to ownership.
VA Loan
Available to eligible active-duty service members, veterans, reservists, National Guard members, and qualifying surviving spouses, VA loans are among the most favorable mortgage programs available anywhere. No down payment is required, there is no monthly mortgage insurance, and rates are generally competitive with — and often better than — conventional loan rates.
A one-time funding fee applies — 2.15% of the loan for first-time VA borrowers with no down payment — which can be financed into the loan. In Massachusetts, where home prices require substantial savings for a conventional down payment, the zero-down VA benefit is an enormous advantage for those who qualify.
Jumbo Loan
Conforming loan limits in Massachusetts vary by county. The 2026 FHFA baseline is $832,750 for most counties, with higher limits in designated high-cost areas. Any mortgage exceeding the applicable county limit is a jumbo loan and falls outside Fannie Mae and Freddie Mac guidelines.
Jumbo underwriting is stricter: lenders typically require a credit score of 700 or higher, substantial cash reserves, thorough income documentation, and a down payment of at least 10–20%. Rates may run slightly above conforming levels, though the gap narrows in competitive lending environments.
Methodology & Data Sources
Independent, Free, and Unbiased Rate Comparisons: MonitorBankRates.com is an independent rate comparison service. Our Massachusetts mortgage rate tables are free for consumers to use, and we do not receive payment from any lender to be included or to be ranked in any particular order. Listings are based solely on the rates each lender publicly advertises on its own website.
A Note on Third-Party Rate Tools: Some pages on our site also feature rate comparison widgets and tools provided by third-party partners. These tools may include sponsored listings or affiliate links, and we may receive compensation when users click through them. We clearly label these widgets so you can tell at a glance which rates come from our independent MonitorBankRates.com tables and which come from our advertising partners.
Direct-Sourced & Verified Mortgage Rate Data: We aggregate mortgage and refinance rates for Massachusetts directly from the official websites of local lenders, credit unions, and national mortgage originators using our proprietary rate aggregation technology and a dedicated team of rate updaters. Every rate displayed is highly accurate and trustworthy.
Local, Regional, and National Coverage: Our systems constantly monitor the market to provide a complete picture of available home loan products in Massachusetts. We feature a comprehensive mix of licensed NMLS financial institutions — from neighborhood credit unions and competitive regional banks to large national originators available to borrowers in MA.
Daily Updates & Time-Stamped Accuracy: Our rate updaters verify and update mortgage rates daily. Because rates and APRs can fluctuate rapidly based on bond markets and economic conditions, every loan product features its own “last updated” date for full transparency.
Proprietary Lender Health & Safety Grades: Beyond tracking rates, MonitorBankRates evaluates the financial stability of every listed institution. Our Health Grades (A+ to F) and Star Ratings are composite metrics calculated using objective regulatory data — including the Texas Ratio — ensuring you compare rates from secure, reliable lenders.
How a Mortgage Works in Massachusetts
A mortgage is a loan used to buy a home in Massachusetts, secured by the property itself as collateral. The borrower repays the amount over a set term, most commonly 30 or 15 years, in monthly installments that cover both principal and interest. Because the loan is secured, the lender can foreclose on the home if payments are not made, which is part of why mortgage rates are lower than rates on unsecured debt.
Fixed-Rate vs. Adjustable-Rate Mortgages for Massachusetts Buyers
A fixed-rate mortgage keeps the same interest rate for the entire term, so a Massachusetts homeowner’s principal-and-interest payment never changes. For example, Institution for Savings is listing a First-Time/Affordable Homebuyer Loan 30 Year Fixed at 5.25%. An adjustable-rate mortgage (ARM) starts with a fixed period, often five, seven, or ten years, and then adjusts periodically based on a market index. ARMs usually open with a lower rate, but the payment can rise once the fixed period ends, so they tend to suit Massachusetts borrowers who expect to move or refinance before that point. On the adjustable-rate side, Taupa Lithuanian Federal Credit Union is listing a 5/1 Year ARM at 5.25%.
How Massachusetts Mortgage Rates Are Set
Mortgage rates move with the broader bond market, particularly the yield on the 10-year Treasury, plus a spread that reflects lender costs and risk. On top of that national baseline, the rate a Massachusetts borrower is offered depends on individual factors: credit score, down payment size, loan amount, loan type, and the property itself. This is why the advertised rates above are a starting point, and a borrower’s final rate is set once an application is underwritten.
Points and Closing Costs in Massachusetts
The interest rate is not the only cost of buying a home in Massachusetts. Discount points are an optional upfront fee (one point equals one percent of the loan amount) paid to lower the rate over the life of the loan. Closing costs cover items such as origination fees, appraisal, title insurance, and recording, and typically run two to five percent of the loan. Comparing the annual percentage rate (APR) alongside the note rate helps Massachusetts shoppers account for these costs when weighing lenders.
When Massachusetts Homeowners Should Consider Refinancing
Refinancing replaces an existing mortgage with a new one, usually to secure a lower rate, change the term, or tap home equity. For Massachusetts homeowners, the general guideline is that refinancing makes sense when the savings from a lower rate recoup the closing costs within the time the borrower plans to stay in the home, known as the break-even point. Borrowers also refinance to switch from an adjustable rate to a fixed rate, or to remove mortgage insurance once enough equity has built up.
Frequently Asked Questions about Mortgage Rates in Massachusetts
How does my credit score affect my rate in Massachusetts?
What is a 30-Year Fixed Mortgage?
What are closing costs in Massachusetts?
Should I lock my mortgage rate?
What is an Adjustable-Rate Mortgage (ARM)?
What is a Jumbo Loan in Massachusetts?
Do I need 20% down to buy a house in Massachusetts?
What is the difference between Interest Rate and APR?
How do I find the best lender in Massachusetts?
What is the median home value in Massachusetts?
What is the homeownership rate in Massachusetts?
What is the conforming loan limit in Massachusetts?
What is the median monthly cost of homeownership in Massachusetts?
What are the median property taxes in Massachusetts?
What is the median rent in Massachusetts?
What percentage of homeowners are cost burdened in Massachusetts?
What percentage of renters are cost burdened in Massachusetts?
What are the best Mortgage rates in Massachusetts?
- Institution for Savings: 5.25% (First-Time/Affordable Homebuyer Loan 30 Year Fixed)
- Florence Bank: 5.62% (Welcome Home - 30-Year Fixed Rate)
- Cape Ann Savings Bank: 5.88% (First-Time Homebuyer Mortgage Program - 30 Year Fixed)
- Commonwealth Co-operative Bank: 5.99% (Mortgage Rates - 30 Year Fixed)
- Washington Savings Bank Lowell, MA: 6.06% (30-Yr. Fixed Special)
Massachusetts Rates & Resources
Mortgage Rates by City in Massachusetts
