Massachusetts can be an excellent place to lay down roots, and you are not alone in thinking so. Bay State has 2.9 million housing units According to the US Census Bureau, the homemade rate of 61.8% 2018 American Community Survey.
The median housing price for Massachusetts is $ 400,700, with a national average price of $ 229,700, but some counties are cheaper than others.
What are the mortgage rates in Massachusetts?
Average interest rate for a 30 year fixed rate Mortgages in Massachusetts Corresponds 2.91%. House interest rates Range from 2.45% Service 3.63% In Massachusetts.
What are today’s mortgage rates?
By locking in a low mortgage rate today, you can save thousands over the life of your loan. Compare your mortgage rate offers with national average trends.
|
Loan type |
Rate of this week |
Last week rate |
| 30-Year Fixed Rate Mortgage | 2.96% | 3.06% |
| 15-Year Fixed Rate Mortgage | 2.48% | 2.62% |
| 30-Year Fixed-Rate Jumbo Mortgage | 2.96% | 3.01% |
| 5/1 ARM | 3.04% | 3.03% |
| 5/1 Jumbo ARM | 2.92% | 2.89% |
* Rates up to November 13, 2020
US News’ Best Massachusetts Mortgage Lenders
US News conducted an in-depth review of major direct mortgage lenders. Research was based on program availability and customer satisfaction ratings. Because each consumer has different needs, the top finishers were chosen in several key areas.
Methodology: US News conducted an in-depth review of major direct mortgage lenders in Massachusetts. The research was based on program availability, customer satisfaction ratings, and qualification requirements. Because each consumer has different needs, the top finishers were chosen in several key areas.
Before you apply
- Mortgage Type: ARM, Traditional, FHA, Refinance, USDA and VA
- Minimum FICO Credit Score: 660
- Maximum loan amount: $ 1.5 million
- Better Business Bureau Rating: A +
Lender highlights
- Mortgage Type: ARM, traditional, FHA, first time homebuyer program, home equity lines of credit, refinance, VA
- Minimum FICO Credit Score: 600
- Maximum loan amount: $ 5 million
- Better Business Bureau Rating: A +
Best counter
-
Different types of mortgages
-
Annual percentage rate or closing cost rebate for qualifying Bank of America and Merrill Lynch clients
-
No closing costs and no annual cash balance fees for balance transfers and HELOCs
Before you apply
- Mortgage Type: Traditional, FHA, Jumbo, Refinance, USDA and VA
- Minimum FICO Credit Score: 580
- Maximum loan amount: $ 3 million
- Better Business Bureau Rating: a
Best counter
-
Homebuyer offers programs for the first time
-
FICO accepts mortgage applicants with credit scores as low as 580
Before you apply
- Mortgage Type Offered: ARM, Traditional, FHA, Jumbo, Refinance and VA
- Minimum FICO Credit Score: 620
- Maximum loan amount: $ 3 million
- Better Business Bureau Rating: A +
Best counter
-
Accepts up to 3% down payment
-
Receives high marks from Better Business Bureau
Before you apply
- Mortgage Type: ARM, Traditional, FHA, Jumbo, Manufactured Homes, Refinance, Reverse, USDA & VA
- Minimum FICO Credit Score: 600
- Maximum loan amount: Different
- Better Business Bureau Rating: A +
Best counter
-
Receives strong customer service rating from Better Business Bureau
-
Offers a wide range of mortgage products
-
Offers exclusive mortgage programs for first time buyers and manufactured homebuyers
main characteristics:
- Mortgage Type Offered: Traditional, FHA, VA, ARM, Refinance (Conventional), Refinance (FHA), Refinance (VA), Home Equity Loan
- Minimum FICO Credit Score: 500 with conditions
- Maximum debt-to-income ratio: 43% for FHA
- Maximum combined debt-to-value ratio: 90%
- JD Power Satisfaction Rating: Four out of five
Best counter
-
The LoanDepot mortgage has a lifetime guarantee, which means that if you ever decide to refinance an existing LoanDepot loan, the company will waive the lender fee and reimburse the appraisal fee.
main characteristics:
- Loan Type: Traditional, FHA, VA, USDA, ARM, Refinance
- Minimum FICO Score: 600
- Maximum debt-to-value ratio: Not disclosed
- Maximum debt-to-income ratio: 43%
- Total Closing Cost: 2% to 6% of the loan amount
- Equity required: Not disclosed
- JD Power Satisfaction Rating: Not rated
Best counter
-
Offers various types of mortgage loans.
-
Nationwide provides mortgage loans.
-
Helps with closing costs.
Highlight:
- Mortgage Type Offered: ARM, FHA, VA, Refinance (FHA), USDA, Traditional, Refinance (Traditional)
- Minimum FICO Credit Score: 580 (FHA), other loans vary
- Maximum debt-to-income ratio: 60%
- JD Power Satisfaction Rating: Five out of five
Best counter
-
The complete loan procedure is available online.
-
Wide variety of mortgage products.
-
Good customer service rating.
mortgage calculator
Are you reaching your dream home? US News’ mortgage calculator will show you how much home you can buy.
What are some Massachusetts homebuyer programs?
Massachusetts residents can benefit from homebuyer programs through Massachusetts and Massachusetts Housing Partnerships. Benefits include down payment and closing cost assistance, mortgage insurance, low payment options and more.
- available to: First time low or middle income homebuyers (you may be eligible if you have not owned a home in the last three years).
- Income Range: Different by community.
- Homebuyers for the first time only? Yes.
- Loan Options: 30-Year, Fixed Rate Mortgage.
- Benefit: Most properties have a low down payment requirement of 3% in loans, of which only half must come from homebuyers. The loan does not require private mortgage insurance, and low-income borrowers may qualify for discounted payments in the first seven years of homeownership.
- available to: Qualified Massachusetts Homebuyers.
- Income Range: Different from county (see) Mass income limit).
- Homebuyers for the first time only? No.
- Benefit: Provides access to affordable and fixed interest rates, flexible underwriting and down payment assistance. Some lenders may qualify for discounted mortgage insurance premiums, as well as mortgage payment protection that can help pay you off if you lose your job.
- available to: Qualified active-duty service members and Reserve or National Guard members who are also first time homebuyers.
- Income Range: Different from county (see) Mass income limit).
- Homebuyers for the first time only? Yes.
- Benefit: Provides access to affordable and fixed interest rates, flexible underwriting, down payment assistance, and closing cost credits of up to $ 2,500. Some lenders may qualify for discounted mortgage insurance premiums, as well as mortgage payment protection that can help you make your payments if you are stationed or if you lose your job.
- available to: Qualified Massachusetts homebuyers who want to renovate or improve before moving in.
- Income Range: Different from county (see) Mass income limit).
- Homebuyers for the first time only? Yes.
- Benefit: Provides access to affordable and fixed interest rates, flexible underwriting, down payment assistance and mortgage payment protection that can help you pay if you lose your job.
- available to: Worthy Massachusetts first time homebuyers.
- Income Range: Different from county (see) Mass income limit).
- Homebuyers for the first time only? Yes.
- Payment and closing cost assistance: Offers a second mortgage for $ 15,000 or up to 5% of the purchase price, whichever is less. The mortgage has a 2% interest rate and has been repaid for 15 years, and is due to a full sale or refinance of the loan if it occurs before the 15-year period expires.
Advertisement Disclosure: Some of the loan offers on this site are from companies that are advertising customers of US News. Advertising considerations can influence where offers appear on the site but do not affect any editorial decisions, such as which loan products we write about and how to evaluate them. This site does not include all loan companies or all loan offers available in the market.