Updated: January 13, 2025
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Massachusetts' current mortgage refinance rates are 6.1% for a 15-year fixed loan and 6.74% for a 30-year fixed loan, lower than the national averages of 6.12% and 7.08%, respectively.
We provide the latest insights and practical advice on refinancing your mortgage in Massachusetts, covering everything from today's rates by credit score to tips on when and how to refinance.
MoneyGeek used Zillow data for the rates on this page. Because mortgage rates shift daily, we use a snapshot 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 noted otherwise, featured rates are annual percentage rates (APRs).
This data was last updated in December 2024.
The current 30-year refinance rate in Massachusetts is 6.74%. The state's average mortgage debt was $303,009 as of September 2023, according to Experian.
If your existing rate exceeds 6.74%, refinancing your mortgage can lower your monthly payments and reduce the total interest over the life of your loan. Below are the current refinance rates in Massachusetts to help you explore your options.
| 15-Year Fixed | 5.98% | 6.10% |
| 30-Year Fixed | 6.67% | 6.74% |
In December 2024, the 15-year refinance rate in Massachusetts increased to 6.1% from 6.01% in November, while the 30-year refinance rate slightly dropped to 6.74% from 6.77%.
Data from 2024
Interest rates increase due to the Federal Reserve's monetary policy, economic growth and inflation. These also impact refinance rate trends in Massachusetts. Understanding these influences helps in planning for financial changes.
Refinancing your mortgage in Massachusetts can reduce your interest rate or monthly payments. Understanding the steps will help you make informed decisions. Here's how to make refinancing work for you.
Credit scores impact the rates you qualify for. If your score is below Massachusetts' average of 732, consider paying down debts or disputing errors.
Compare your current mortgage terms with market rates. If Massachusetts' rates of 6.1% for 15 years or 6.74% for 30 years are lower, it might be time to refinance. Also, consider your stay duration in the home.
Prepare documents like tax returns, pay stubs and bank statements to ensure a smoother application process with your current mortgage lender.
Compare lenders for competitive rates, fees and customer service. Look for transparency, responsiveness and favorable terms to find the best fit.
Be aware of costs like closing costs, which average $6,223 in Massachusetts, according to the National Association of Realtors.
Submit your application with all required documents to your chosen lender. To streamline the process, ensure all information is accurate and complete.
Secure your rate with a mortgage rate lock to protect against market fluctuations. Confirm the lock-in period with your lender for added security.
Finalize the loan by signing the necessary documents. Review all terms and conditions carefully. Scheduling a morning closing can help address any issues promptly.
Begin payments according to your new loan schedule. Setting up automatic payments can help you stay on track and avoid late fees.
Periodically assess market rates and your financial situation to determine if refinancing again would be beneficial. Tracking rate trends can provide opportunities for further savings.
In Massachusetts, how soon you can refinance a mortgage depends on the loan type. Conventional loans allow immediate refinancing, but a cash-out refinance usually requires a six-month seasoning period. USDA loans typically require a 12-month waiting period before refinancing.
The average refinance rate in Massachusetts was 5.97% in October, down from 8.15% in July. This drop makes it a good time to refinance, as lower rates can make it worthwhile. However, refinancing comes with closing costs that can take years to recover, so it’s generally not worth it unless there's a significant interest rate reduction.
Refinancing your mortgage can lower your interest rates and monthly payments. Yet, closing costs might offset these savings. Knowing when to refinance a mortgage in Massachusetts ensures a financially sound decision. Explore the following situations where refinancing could be beneficial.
Refinancing when interest rates drop can reduce monthly payments and total interest. Visiting local banks and credit unions to discuss current rates can help you secure the best deal.
Higher property value boosts home equity. Simple upgrades like landscaping can enhance value. With Massachusetts' average home value at $635,183, leveraging increased equity can lead to better loan terms.
A better credit score can lower your refinancing rate. Paying bills on time and reducing debt can improve your score.
Refinancing to a shorter term can save on interest and build equity faster. For instance, opting for a 15-year mortgage reduces the repayment period and interest costs.
Switching from an adjustable-rate mortgage (ARM) to a fixed-rate loan provides stability. A fixed rate shields you from market fluctuations, offering predictable payments and peace of mind.
Use MoneyGeek's free mortgage refinance calculator to determine whether refinancing is beneficial for your situation.
Make sure refinancing your existing home loan will save you money.
Total Savings:
By refinancing, you’ll pay $0
Your credit score influences the rates you qualify for. Massachusetts' current refinance rate for a 30-year fixed-rate loan with a loan-to-value ratio of 80% or lower is 6.94% for scores between 680 and 740, compared to 6.74% for scores above 740. The table below shows average APRs for various credit scores and loan types.
| 6.17% | 6.42% |
Loan type also affects the rates you qualify for. Massachusetts' current average refinance rate for a 30-year fixed-rate loan is 6.74%, compared to 6.58% for a 30-year fixed-rate jumbo loan. The table below shows average APRs for various loan types.
| 5.80% | 5.99% |
Understanding refinance rates in Massachusetts can be tricky due to fluctuating rates and economic changes. To help you, we answer common questions about refinancing.
Refinancing your mortgage could be beneficial if it results in a lower interest rate or a shorter loan term. Evaluate your financial situation and goals to determine if refinancing aligns with them.
To secure the best refinance rate, improve your credit score by paying bills on time and reducing debt. Also, consider paying down your mortgage to lower your loan-to-value ratio.
The pros of refinancing include potentially lower monthly payments and a shorter loan term, while the cons may involve closing costs and extending the loan term, which could increase the total interest over time.
Refinancing a mortgage typically involves costs such as application fees, appraisal fees and closing costs, which can add up to several thousand dollars.
Massachusetts' current average refinance rates are 6.1% for a 15-year fixed loan and 6.74% for a 30-year fixed loan. Rates in Boston are likely to reflect these state averages, but the rates you qualify for may vary based on factors like your credit score and loan-to-value ratio.
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.
