Today's 30-year mortgage rate in Massachusetts is 6.35%, sitting below the national average of 6.83%. Homebuyers can access supportive programs such as Down Payment Assistance and MI Plus that might reduce their costs.
Mortgage
Today's Mortgage Rates in Massachusetts (December 2024)
Updated: December 6, 2024
Advertising & Editorial Disclosure
MoneyGeek uses publicly available data from Zillow for the rates on this page. Mortgage rates shift daily, and we take a snapshot of rates to analyze rate information for Massachusetts. We update the data frequently to ensure you have access to the most recent rates, but the values may differ slightly between reporting sources. Unless specifically noted otherwise, rates featured in the content are annual percentage rates (APRs).
This data was last updated in December 2024.
Current Mortgage Rates in Massachusetts
In December 2024, the average APR for a 30-year fixed-rate mortgage in Massachusetts dropped to 6.35%, down from 6.8% the previous month. For a $250,000 loan with a 20% down payment, this decrease could save approximately $7,113 over the loan term, not including additional expenses like property taxes or homeowners' association fees.
Rates fluctuate frequently due to varying economic conditions and Federal Reserve policies. The line chart below illustrates the recent month-to-month changes in mortgage rates.
Even small changes in mortgage rates can significantly impact your finances. Stay updated on the current mortgage rate in Massachusetts to calculate your potential monthly payments and budget effectively.
Who Needs to Know Current Mortgage Rates in Massachusetts?
Prospective homeowners and those looking to refinance will find today's mortgage rates in Massachusetts particularly useful.
First-time homebuyers
First-time homebuyers in Massachusetts can understand what mortgage rates to expect and determine if the rates they receive are competitive.
Homeowners with mortgages
Homeowners can compare current Massachusetts mortgage rates with their own, potentially prompting a mortgage refinance for savings.
Purchase and refinance rates can vary, affecting your loan costs. In Massachusetts, the current rate for a 30-year fixed mortgage for homebuyers is 6.35%, while the refinance rate is slightly higher at 6.74%. This small difference impacts your monthly payments and total loan cost over time.
SEE CURRENT MORTGAGE RATES IN NEIGHBORING STATES
Current Mortgage Rates in Massachusetts by Loan Type
A 30-year fixed-rate mortgage in Massachusetts typically has a higher interest rate than a 15-year mortgage due to the longer loan term, which increases the lender's risk. Over 30 years, interest rates can fluctuate, and the chance of default is higher.
Explore different mortgage types in Massachusetts to find the right mortgage for your financial needs. Use a mortgage calculator to estimate monthly payments and see how interest rates affect your loan costs.
Data filtered by:Results filtered by:
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Loan Type:10-Year Fixed
| 5.62% | 5.81% |
INTEREST RATE VS. APR: WHAT'S THE DIFFERENCE?
In a mortgage, the interest rate shows the yearly cost of borrowing, expressed as a percentage of the loan. The current average interest rate for a 30-year fixed-rate mortgage in Massachusetts is 6.28%.
The APR, or annual percentage rate, includes the interest rate and additional fees, giving a clearer picture of the total yearly loan cost. For a 30-year fixed-rate mortgage in Massachusetts, the average APR is 6.35%.
Current Mortgage Rates in Massachusetts by Credit Score
In Massachusetts, if your credit score is 740 or above and you're putting down between 5% and 20%, the average APR for a 30-year fixed mortgage is 7.17%. If your credit score drops below 680, the rate goes up to 7.49%.
Your credit score directly impacts the mortgage rates you can get in Massachusetts. Our interactive table shows the rates you might get based on your credit score and down payment amount.
Data filtered by:Results filtered by:
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Credit Score Range:680 - 740
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Down Payment:20% or higher
| 10-year Fixed | 6.37% |
| 15-year Fixed | 5.86% |
| 20-year Fixed | 6.55% |
| 30-year Fixed | 6.71% |
| 5-year ARM | 7.34% |
| 7-year ARM | 7.23% |
Mortgage Types in Massachusetts
In December 2024, VA loans have the lowest average APR for 30-year fixed-rate mortgages in Massachusetts at 6.27%. Knowing the rates for different mortgage options can help you make an informed decision and save money. Check out the table below for a comparison of the mortgage types in Massachusetts:
Mortgage Type | Definition | Impact on Rates | 30-Year Rates in Massachusetts |
|---|---|---|---|
Conventional Loans | In Massachusetts, conventional loans are not insured by government agencies. | Rates for conventional loans are influenced by credit score and down payment size. | 6.35% |
FHA Loans | Massachusetts FHA loans are backed by the Federal Housing Administration. | FHA loans typically have lower eligibility requirements, affecting interest rates. | 7.87% |
VA Loans | For veterans in Massachusetts, VA loans are government-backed mortgages. | VA loans offer competitive rates due to government backing and no down payment requirement. | 6.27% |
USDA Loans | USDA loans in Massachusetts are for rural homebuyers, government-backed. | USDA loans often have lower interest rates and mortgage insurance costs due to government support. | currently unavailable |
Jumbo Loans | In Massachusetts, jumbo loans exceed the conforming loan limits. | Jumbo loans may carry higher interest rates due to larger loan amounts and increased risk. | 6.66% |
MORTGAGE RATE STRUCTURES IN MASSACHUSETTS
Mortgage rates in Massachusetts come in two types: fixed and adjustable.
- Fixed-rate mortgages lock you into a rate that won't change, offering a stable monthly mortgage payment.
- Adjustable-rate mortgages (ARM) often start lower and adjust with the market, potentially decreasing payments.
As of December 2024, Massachusetts' average APR on 30-year fixed mortgages is 6.35%, and for seven-year ARMs, it's 7.28%.
Mortgage Lenders in Massachusetts
Rocket Mortgage, Bank of America and Lower are solid mortgage options in Massachusetts, all having strong BBB ratings and homeowner assistance programs. However, other lenders may also suit your needs.
Mortgage rates vary by lender, so compare options to secure the best deal and save on costs.
- Rocket
- 4Number of Mortgage Options
- YesOnline Application
- A+BBB Rating
- Monday to Friday, 8:30 am to 9:00 pm ET Saturday, 9:00 am to 4:00 pm ETCustomer Service Hours
Rocket Mortgage provides a range of mortgage options, including FHA and conventional loans. FHA loans require a minimum credit score of 580 and a 3.5% down payment, while conventional loans need at least a 620 credit score and a 3% down payment.
Customer support is available via phone and chat Monday to Friday from 8:30 a.m. to 9 p.m. ET and Saturday from 9 a.m. to 4 p.m. ET. The lender also offers homeowner assistance programs like ONE+, HomeReady, HomePossible and Freddie Mac's BorrowSmart Access, which cater to buyers with lower down payments or specific income qualifications.
Pros
- Online prequalification enabled
- Homebuyer programs with Fannie Mae, Freddie Mac
- ONE+ program covers 2% downpayment
Cons
- No local branches
- No USDA loans
- Lower.com
- 5Number of Mortgage Options
- YesOnline Application
- A+BBB Rating
- Monday to Friday, 9 am to 5 pm ETCustomer Service Hours
Lower offers online mortgage services exclusively for Massachusetts residents, providing conventional and FHA loans. A minimum credit score of 580 is required.
Customer support via phone and text is available Monday to Friday from 9 a.m. to 5 p.m. ET. Lower is recognized as a top HELOC lender in many states and offers a homeowner assistance program called Buy Before You Sell, which aids homeowners during property transitions.
Pros
- Online prequalification available
- Excellent BBB rating
- Buy Before You Sell program offered
Cons
- Limited mortgage product uniqueness
- In-person support unavailable
- Online application not fully virtual
- Bank of America
- 6Number of Mortgage Options
- YesOnline Application
- ABBB Rating
- Monday to Friday, 8 am to 10 pm ET Saturday 8 am to 6:30 pm ETCustomer Service Hours
Bank of America provides both online and in-person mortgage options. It offers a variety of mortgages, including fixed-rate, adjustable-rate, jumbo, FHA, VA and Affordable Loan Solution mortgages, as well as specialized financing for doctors.
Credit score and down payment requirements vary by loan type. For instance, VA loans require no down payment, while the Affordable Loan Solution mortgage requires as little as 3%. Bank of America also offers programs like America’s Home Grant® and Down Payment Grant to assist with home purchase funding.
Customer service via virtual channels, phone or in person is available Monday to Friday from 8 a.m. to 10 p.m. ET and Saturday from 8 a.m. to 6:30 p.m. ET.
Pros
- Unique mortgage options available
- Client Assistance Program for payment flexibility
- Online financial calculators for planning
Cons
- Can't prequalify without online profile setup
- Minimum credit score not disclosed
Mortgage Programs in Massachusetts
Owning a home means dealing with hidden costs that can affect your budget. In Massachusetts, Mass Housing offers mortgage programs to support you.
Program | Description |
|---|---|
Eligible buyers can receive funds up to 10% of their home’s purchase price, capped at $50,000 or $30,000, depending on location. Two options are available: an interest-free loan due upon selling, refinancing or paying off the mortgage or a 15-year loan with a 2% interest rate to help manage finances. | |
A mortgage insurance option that offers added security by covering up to six months of mortgage payments, with a maximum of $2,000 per month, in case of unexpected job loss. This feature is included with all MassHousing-insured loans at no extra cost, helping you stay home while searching for a new job. |
FAQ: Mortgage Rates in Massachusetts
We’ve covered your pressing questions about today’s mortgage rates in Massachusetts. Understanding these rates is important for anyone buying a home in the Bay State.
What are the current mortgage rates in Massachusetts?
Current average APRs for mortgages in Massachusetts as of December 2024 vary by loan type, such as 7.28% for a seven-year ARM and 6.35% for a 30-year fixed conforming loan. Other factors also influence the rates.
How do mortgage rates in Massachusetts compare to national rates?
Massachusetts' average APRs, like 7.23% for a five-year adjustable-rate mortgage and 5.78% for a 15-year fixed-rate mortgage in December 2024, compare favorably against national averages, which are 7.79% and 6.12% respectively for the same loan types.
How does my credit score impact the mortgage rates I get in Massachusetts?
A higher credit score generally secures low mortgage rates as it indicates lower risk to lenders in Massachusetts.
Are there any special mortgage programs in Massachusetts to help homebuyers?
Yes, Massachusetts offers several mortgage programs such as Down Payment Assistance and MI Plus to aid homebuyers.
How can I get the best possible mortgage rate in Massachusetts?
To secure the best mortgage rates in Massachusetts, consider a larger down payment, improving your credit score and comparing rates from multiple lenders.
What are today's mortgage refinance rates in Massachusetts?
Today's refinance rates in Massachusetts are, on average, 6.10% for a 15-year fixed and 6.74% for a 30-year fixed.
How do I calculate my mortgage payments?
To determine your payments, use a mortgage calculator for Massachusetts, which takes into account your loan amount, term and interest rate.
About Zachary Romeo, CBCA
Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.
Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.
sources
- Mass Housing. "Down Payment Assistance." Accessed December 6, 2024.
- Mass Housing. "MI Plus." Accessed December 6, 2024.