Mortgage and Refinance Rates in Massachusetts

Use our comparison table to compare refinance and mortgage rates in Massachusetts

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Today's Rates In Massachusetts

Frequently asked questions

This is a loan upon which you pay the same interest rates throughout the loan.

This is a loan upon which the interest rates change with time, depending on other market forces. It is possible to limit the degree to which the interest rates vary per time. This is done by applying interest-rate caps.

No, the interest rate is the cost accrued for taking out the mortgage loan, but the APR(Annual Percentage Rate) is an aggregation of the interest, other hidden loan costs, and fees expressed as an annual percentage.


Massachusetts is a relatively small state, and what it lacks in landmass, it makes up for in expensive homes. From Newton to Lynn, becoming a homeowner may be a somewhat uphill task as they gulp a lot money-wise. Coupled with this is the high cost of living in the state, and high property taxes generally make it more expensive to live here than in other states.

Embarking on this kind of financial decision requires plenty of thought, research, and bargaining. The homes may be expensive, but Massachusetts still boasts one of the lowest mortgage rates. This rate tends to keep the homeownership rates relatively stable.

Tips to Consider In Selecting Mortgage Rates in Massachusetts

In buying anything expensive, you need to sit down and get familiar with the product and its market so that you can make the best money choices. With something as sensitive as housing mortgages, having these tips at the back of your mind makes it more likely for you to save money and get the best deals!

1. It's Shopping Season

You will have to seek out the best deals actively; they won't just fall on your lap. Your chances of clinching a sweet money-saver improve markedly the more options you have. Also, to effectively assess the market and compare mortgage rates in Massachusetts, you need as many offers as you can get.

2. Work with what works for you

It's a market out there, and everyone is trying to sell their mortgage loan services. As such, they will announce mouth-watering rates on the surface, but you will need to be discerning enough to see past the 'once-in-a-lifetime opportunities' dangled in front of you.

In reality, some of the 'friendly rate' offers might not be as juicy as they are touted when applied to you, as they may only cater to prospective homeowners with a specific credit score or the ability to pay more significant down-payments. Thus, to make a more accurate estimation of the market, you would need to get personalized rates. This is known as getting Pre-qualified.

Prequalification involves presenting details about your credit score, loan amount, and down payment cost to the mortgage provider so they can give you a tailor-made rate quote based on the current rates. Doing this helps you to be more realistic about your prospects while giving you a better basis for comparison between offers. We provide a rate quote form at the top of this page that can be used to calculate these rates for you.

3. Look through the lens of APRs

APR means Annual Percentage Rate. APRs will show you what the mortgage loan will cost you each year, in totality; by adding up the loan cost and whatever hidden fees and rates accrued and condensing it into a single interest rate. You need to think in terms of APRs because of something in the definition - hidden costs!

You can spot and avoid potentially bad deals that appear thrifty in adverts by merely paying attention to their APR instead of the rates they advertise. They are an excellent basis for comparison for long-term house ownership prospects.

4. Beware, the clock is ticking

Rates change frequently. To make good decisions, you should be conscious of the role time plays and even use it to make great comparisons between offers. A general rule of thumb is to only compare rates offered on the same day. You'll be operating with obsolete information when you compare rate quotes provided by lenders on different days.

If you find rates that you're satisfied with, lenders will allow you to lock them in, such that even when those rates fluctuate later, you'll still be charged at the rate you had locked. It gets even better. In a case where the rates continue to go lower, some lenders afford you a one-time opportunity to re-lock your rates if the rates do not go below 0.25% of the initial locked rates.

Factors That Affect Mortgage Rates

It helps to know the little things that may have a profound impact on the rates you might be getting. Some of them are:

  • Loan Duration: 15-year mortgage loans have lower rates than their 30-year counterparts.
  • Down-payment: Lower down-payment goes hand in hand with much higher mortgage rates in comparison with loans requiring higher down-payment.
  • Credit Score: Your credit score goes a long way in determining the kind of rates lenders assign you. If you have a high credit score, you'll tend to get better grades.
  • House Cost: More expensive houses that require Jumbo loans will attract higher mortgage rates than the ones that meet the Freddie Mac and Fannie Mae guidelines.

Mortgage Loans In Massachusetts

Here are some mortgage loan options and types that can be obtained in the state of Massachusetts. The key is to understand their peculiarities so you can evaluate and select the ones that suit you best.

Fixed-Rate Mortgage in Massachusetts

These mortgage loans are best for long-term prospects. These are the more conventional mortgages, and they cater for homes that come under the Freddie Mac and Fannie Mae conforming guidelines. They require high credit scores from their customers to get their low rates as the rates increase for borrowers with weaker credit scores.

They may also come in the 15 year fixed mortgage rate variants, which have lower Mortgage rates than their 30-year counterparts (about 0.5% less). If homeowners do not intend to stay in the house for very long, they should consider other mortgage plans like the Adjustable Rate Mortgage (ARM).

FHA Mortgage in Massachusetts

These are backed by the Federal Housing Agency (FHA). Unlike the fixed Mortgage loans that require excellent credit scores, FHA mortgage loans can work for borrowers with credit scores of less than 620 with a down-payment of 3.5%. If you're a first-time homeowner or you've had some financial difficulty recently, this is the deal for you.

Adjustable-Rate Mortgage(ARMs) in Massachusetts

These are perfect for home buyers that plan to move and sell after some time. They have fixed mortgage rates for years before the rates become more adjustable or reflective of the current market rates. Here are some variants of the ARM:

  • 1-year Treasury ARM: The rates are only fixed for one year, after which they are determined by the treasury average index and the loan in addition to the loan margin (about 2.5% of a 30-year fixed loan). If the 30-year rates reduce, then you stand to gain a lot. But if they increase, you might be paying a lot more interest than the fixed rates.
  • Intermediate ARM: This is like the 1-year ARM, but it has a more extended time usually stated beforehand.
  • Flexible Payment option ARM: This is good for borrowers like salespeople who have variable incomes from the commission. It's selling point is its variability of payment options it provides every month. This method, however, is riddled with the heightened possibility of increased payments due to negative amortization. The risks this flexible payment option portends is discouraging enough.
  • Interest-only ARM: This allows you to pay only the interest for an agreed time; it is also excellent if you don't plan on staying in the house for a long time
  • Convertible ARM: These loans can be converted to a Fixed-rate at any time by the borrower. However, you will have higher rates with this convertible loan.

Veteran Administration (VA) LOAN in Massachusetts

This is granted to only veterans, people in active service duty, and their spouses. The Mortgage Loan does not require down-payments as the VA guarantees the loans for lenders.

United States Department of Agriculture (USDA) loans

They apply to low and medium-income families purchasing a property in rural communities. There is no need for Down-payment and monthly insurance payments. You will be paying a lower guarantee fee and presented with more options navigating the closing cost payment.

Jumbo Loans in Massachusetts

For houses more expensive than the Freddie Mac and Frannie Mae conforming guidelines, Jumbo loans are perfect for you. They also have higher interest rates and down-payment.

Reverse Mortgage in Massachusetts

Citizens 62 years and older can take out a loan against the equity of the home they currently live in with no need for repayment till the house changes hands. The interest on the mortgage is a sum of the one-year treasury rate, a margin, and a cap on the rate change. On the flip side, recipients of this loan are not allowed to take out a second loan or rent out the home. There are other intricacies to the loan, and they should be studied carefully with legal aid to understand their implications.

Refinancing Mortgage Loan in Massachusetts

You are not obligated to work with the lender who provided the original mortgage loan, and you can choose other lenders. This means you can go looking around for the best rates for refinancing. Some lenders provide fixed interest rates for the entire duration of the loan and mortgage insurance, covering borrowers in Job loss. Meticulous research in this area will deliver loan rates that help you save more.

Additional Local Rates Pages

See Boston Mortgage Rates.