Editor's choice: Beeline(NMLS #1799947)
- No origination fees
- Matches lower rates on eligible competing offers
- Real-time progress updates
Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
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.
30-year mortgage rates average 4.589% in the Bay State and should trend just below 4% into 2020.
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.
|Loan type||15-year average rate||30-year average rate|
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.
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|
|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|
|Providence MSA (Bristol County, MA)||4.696%||$275,000||$1,430|
|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.
Implement these strategies to get the best rate possible for your next loan.
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.
A 101 guide covering the types of mortgage loans every homebuyer should know.
Finder analyzes which states have the highest and lowest rates of employment for Black and African Americans.
Biden took office on Wednesday, but interest rates didn’t seem to take much note. Here’s the outlook for the year ahead.
Industry experts predict mortgage rates will move past 3% this year, but that doesn’t mean refinancing is off the table.
Smart strategies that homeowners can use to get rid of Private Mortgage Insurance (PMI).
We take a look at national home loan data & trends and speculate where the mortgage market is heading.
Mortgage life insurance may be a good fit for people with serious health conditions, otherwise term life insurance offers more value and flexibility.
Are birth and fertility talk the elephant in the womb? Finder research looks at birth rates, fertility rates and the average age of mothers in America.
We consider starting loan amounts, rates, fees and transparency along with four other criteria.
Now is the time to support Black-owned institutions so they can continue fighting systemic racism and working to close the wealth gap that exists in America.
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.