Interest Rate
Average home price

If you’re ready to buy a home in Massachusetts, you’ll want to make sure that you get the best mortgage rate possible. Your final rate can depend on a wide variety of factors, including your credit score, your debt-to-income ratio, your level of income, and how much of a down payment you can put down.

You can assure that you get the best mortgage rate available to you in Massachusetts by checking your credit report for errors prior to applying for a home loan. Also be sure to have all of your documentation ready to submit to a professional mortgage lender so that you can be preapproved.

Here’s a quick look at current Massachusetts mortgage rates:

Loan Program Mortgage Rate APR* 1 Day Change
Conventional 30 year fixed 6.467% 6.546% -0.05%
Conventional 20 year fixed 5.946% 6.023% Unchanged
Conventional 15 year fixed 5.833% 5.964% -0.04%
Conventional 7 year ARM 7.003% 7.69% Unchanged
Conventional 5 year ARM 6.618% 7.663% -0.01%
FHA 15 year fixed 6.5% 7.2% Unchanged
FHA 30 year fixed 6.075% 6.823% Unchanged
VA 30 year fixed 5.933% 6.185% Unchanged
VA 15 year fixed 5.55% 6.016% Unchanged
VA 5 year ARM 6.075% 6.976% Unchanged

Data source: ©Zillow, Inc. Use is subject to the Terms of Use

Buying a Home in Massachusetts

Ready to purchase a home in Massachusetts? This could be a great time to find your dream home in the Bay State. Here’s what you need to know:

Where do you want to live? Massachusetts has a population of just over 6.6 million, one in five of which live in the top five cities:

  • Boston (capital city)
  • Worcester
  • Springfield
  • Lowell
  • Cambridge

Next, you’ll need to decide how much home you can afford. Massachusetts is ranked 4th in US homes for sale at average price, and 7th for homes over $1,000,000. Getting preapproval from a professional mortgage lender can help you decide what your price point is before you start looking for your dream home.

First-time Homebuyers

If you are a first time homebuyer, you should look into whether you qualify for assistance through a program administered by MassHousing.

MassHousing Mortgage offers a fixed-rate mortgage featuring MI Plus, a type of mortgage payment protection that covers the mortgage principal and interest in the event of a job loss. MI Plus covers payments for as long as six months, and up to $2,000 per month.

To qualify for this first-time home buyer program in Massachusetts, you’ll need:

  • To meet credit and other eligibility requirements as determined by your mortgage lender
  • To complete a homebuyer education course
  • To meet MassHousing income limits
  • To be purchasing a single- to four-family home

Refinancing in Massachusetts

If you want to take advantage of favorable Massachusetts mortgage rates by refinancing a home in Massachusetts, you can do any of the following:

  • Refinance to acquire a lower interest rate
  • Refinance to put a longer term in place
  • Refinance to cash out your equity
  • Refinance to remove your private mortgage insurance (PMI)

You may qualify for a streamlined refinance if you have a certain type of loan. Ask your lender for more information.


Buying a Home?

Each step-by-step guide is designed to shepherd you through a process from start to finish. Know what to expect and how to proceed, no matter where you are in your home buying journey.

1 The First Step in Buying a Home – Preapproval

What Is a Mortgage Preapproval? | How Much Will My Monthly Payment Be? | How Much Will My Down Payment Be? | How Long Does a Mortgage Preapproval Last? | What Is the Difference Between a Standard Preapproval and an Underwritten Preapproval?

Read More

3 How much money do I need?

How Can I Lower My Mortgage Payment? | How Can I Lower My Closing Costs? | When Do I Pay Out-Of-Pocket Costs? | What are Prepaid Items or Escrows? | What Will My Closing Costs Be?

Read More

4 The Basics of Mortgage

What Documents Need to be Updated During the Home Loan Process? | What Contingencies Do I Need? | How Important is the Closing Date? | Steps in the Loan Process | Understanding Common Mortgage Terms

Read More

5 Finding a Real Estate Agent

What Are the Top 6 Questions to Ask a Real Estate Agent? | Should I Use the Seller's Real Estate Agent? | Are Online Discount Realty Services a Good Idea? | How Much Does a Buyer's Real Estate Agent Cost? | Why Do I Need a Real Estate Agent to Buy a Home?

Read More
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