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Mortgage rates in Massachusetts

They tend to be lower than the national average.

Updated

Fact checked

Mortgage rates during the coronavirus

As mortgage rates fall to record lows in the wake of COVID-19, our partners are seeing an increase in demand for loans and refinancing. As they work through this influx of applications, you may see rates that are higher than expected — or no rates at all. We recommend comparing offers from multiple lenders to ensure you're getting the best deal possible.

Compare mortgage lenders in Massachusetts

30-year mortgage rates average 4.589% in the Bay State and should trend just below 4% into 2020.

Compare more mortgage lenders

Name Product Loan products offered State availability Min. credit score
Better.com
Conventional, Jumbo, FHA, Refinance
Not available in: HI, MA, MN, NV, NH, VT, VA
620
Online preapproval in minutes and no origination fees with this direct lender.
Axos Bank
Conventional, Jumbo, FHA, VA, Home Equity/HELOC, Refinance
Available in all states
620
Purchase, refinance, and home equity options available with lender fees as low as $0 (restrictions apply).
LoanDepot
Conventional, Jumbo, FHA, VA, Home Equity, Refinance
Available in all states
620
Access a wide range of mortgage and home equity options in person or online with this direct lender.
LendingTree
Conventional, Jumbo, FHA, VA, USDA, Home Equity, HELOC, Reverse, Refinance
Available in all states
620
Connect with vetted home loan lenders quickly through this online marketplace.
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How much do Massachusetts rates vary?

30-year mortgage rates averaged from 4.545% to 4.678% in 2018. Several considerations, such as loan term, go into calculating your rate. For instance, 15-year mortgages typically have a lower rate than a 30-year loan.

2018 average rates in Massachusetts by loan type

Loan type 15-year average rate 30-year average rate
Conventional 3.411% 4.561%
FHA 4.225% 4.678%
VA 4.093% 4.545%
USDA N/A 4.573%

Based on data from ffiec.cfpb.gov.

Say you borrow $275,000 with a 30-year conventional loan, with monthly payments of $1,403, excluding taxes and other charges specific to your mortgage. On the other hand, if you selected a 15-year mortgage, your monthly payment might be around $1,953.

While a 15-year mortgage has higher monthly payments, you could save $153,505 in interest over the life of the loan compared to the 30-year option.

That’s a huge savings if you’re able to pay a bit more on your mortgage monthly.

Mortgage rates in Massachusetts will likely hover below the 4% mark in 2020.

Generally, mortgage rates in Massachusetts trend below the national average. In 2018, rates in Massachusetts were 0.23% lower than the national average, and 0.17% lower in 2017.

US housing authorities are predicting mortgage rates to range between 3.55% and 3.90% in 2020. Rates in Massachusetts will likely trend at or below those levels.

Compare mortgage rates throughout Massachusetts

Each geographic area of Massachusetts may have slightly different average rates and loan amounts.

We gathered data from the Home Mortgage Disclosure Act and calculated the estimated monthly payment of the average 30-year fixed rate throughout Massachusetts.

Metropolitan statistical area (MSA) Average mortgage rate Median loan amount Estimated monthly cost
Barnstable Town 4.514% $315,000 $1,600
Boston MSA (Norfolk, Plymouth and Suffolk Counties, MA) 4.533% $385,000 $2,000
Boston MSA (Essex and Middlesex Counties, MA) 4.545% $395,000 $2,010
Pittsfield 4.562% $175,000 $890
Providence MSA (Bristol County, MA) 4.696% $275,000 $1,430
Springfield 4.647% $195,000 $1,010
Worcester MSA (Worcester County, MA) 4.706% $245,000 $1,270

The estimated amounts don’t include taxes or fees specific to your mortgage.
Based on data from ffiec.cfpb.gov.

How to get the best mortgage rate in Massachusetts

Implement these strategies to get the best rate possible for your next loan.

  1. Research loan products. Different loan programs may come with different rates. Look at all available options to see which one best fits your needs.
  2. Hone in on your credit. Lenders usually give the best rates to borrowers with good to excellent credit. Take a few months to pay off any debt, which can increase your credit score and might qualify you for a better rate.
  3. Include closing costs. Sometimes lenders will charge a low rate, then pile on the fees at closing. Massachusetts closing costs average about 0.77% to 0.97% of the final purchase price. Have a clear picture of the total cost of the loan by calculating lender fees.

Historical mortgage interest rates in Massachusetts

Bottom line

Even though rates in The Bay State usually come in lower than the national average, lenders set their own rates. Keep an eye on the national averages and compare home loans and lenders to find the right mortgage for you.

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