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Mortgage rates in Massachusetts

Interest rates on a 30-year $300,000 conventional mortgage start at around 3.500%

If you have a credit score between 700 and 719 and can put 5% down, you’ll generally pay about 3.625% for a 30-year conventional loan with a fixed interest rate on a $350,000 home. But how much interest you pay for your Massachusetts home will depend on several factors, including your credit score, loan amount and lender.

Rates were last checked on January 10 and are from the Consumer Financial Protection Bureau (CFPB) website.

Your credit score affects the rate you’ll get

People with higher credit scores generally get lower interest rates because lenders assume they’re less likely to stop paying a mortgage. Here are the most common interest rates in Massachusetts by mortgage amount, according to the Consumer Financial Protection Bureau (CFPB).

Credit score $200,000 mortgage $300,000 mortgage $400,000 mortgage $500,000 mortgage
620-639 4.250% 4.250% 4.250% 4.188%
640-659 4.125% 4.063% 4.000% 4.000%
660-679 3.875% 3.875% 3.875% 3.875%
680-699 3.750% 3.688% 3.688% 3.625%
700-719 3.750% 3.625% 3.625% 3.625%
720-739 3.625% 3.500% 3.500% 3.500%
740-759 3.500% 3.500% 3.500% 3.375%
760-779 3.500% 3.500% 3.500% 3.375%
780-799 3.500% 3.500% 3.500% 3.375%
800+ 3.500% 3.500% 3.500% 3.375%

*Based on a 10% down payment for a 30-year fixed-rate conventional mortgage

Interest rates vary by lender

Interest rates are affected by the economy and the federal funds rate, or the rate that banks charge each other for overnight loans. But they’re also affected by individual lenders, which can have differing overhead costs, profit margins and credit score requirements.

Comparing lenders can help you find the best deal. Select See rates to provide the company with basic property and financial details for personalized rates.

Name Product Loan products offered State availability Min. credit score
Rocket Mortgage
(NMLS #3030)
Rocket Mortgage
Conventional, Jumbo, FHA, VA, Refinance
Available in all states
620
Streamline your mortgage from quote to final payment — all from your computer or phone.
AmeriSave
(NMLS #1168)
AmeriSave
Conventional, Jumbo, FHA, VA, USDA, Refinance
Not available in: NY
620
Great customer reviews and customized rate quotes in three minutes with no SSN needed.
Veterans United
(NMLS #1907)
Veterans United
Conventional, FHA, VA, USDA, Jumbo, Refinance
Available in all states
620
Veterans United stands out from other lenders for its focus on serving the military community.
Better
(NMLS #330511)
Better
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.
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Compare up to 4 providers

Interest rates also vary by loan type

The type of loan you get can also affect how much you pay for your Massachusetts home. 15-year mortgages generally offer lower interest rates than 30-year mortgages, and you’ll see different rates for conventional loans than government loans.

Loan type $200,000 mortgage $300,000 mortgage $400,000 mortgage $500,000 mortgage
15-year conventional 2.625% 2.625% 2.625% 2.625%
30-year conventional 3.750% 3.625% 3.625% 3.625%
15-year FHA 3.000% 2.875% Not eligible Not eligible
30-year FHA 3.500% 3.500% Not eligible Not eligible
15-year VA 3.250% 3.000% 3.000% 2.875%
30-year VA 3.563% 3.500% 3.500% 3.500%

*Based on a 10% down payment, fixed interest rate and 710 credit score

Research ahead of time to get the best rates

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.

Home values in Massachusetts are forecast to increase

Home values in Massachusetts will continue to rise by as much as 6% or 7% across most counties in 2022, according to Zillow. But there are some standouts. Barnstable County, which houses cities like Cape Cod and Barnstable Town, could see growth as high as 17% next year, while Boston, Pittsfield and Worcester are forecast to see home values increase by over 12%.

If you’re moving to Massachusetts in the coming months, consider waiting until winter if possible, when housing prices are generally lower due to fewer people wanting to move in inclement weather.

6 fast facts about the Massachusetts housing market

Consider the following facts before jumping into Massachusetts’ housing market:

  1. Median home prices in Massachusetts were over half a million dollars in 2021, up from $383,000 in 2019.
  2. Massachusetts is in the top five states with the most expensive cost of living, according to CNBC.
  3. Property taxes are relatively high, with Massachusetts being the 18th highest rate in the US at 1.23%.
  4. Cape Cod has seen the most drastic price increases, with the cost of a single family home rising almost 30% over 2020 prices.
  5. MassHousing provides down payment and closing costs assistance to first time homebuyers in Massachusetts and those with low and moderate income.
  6. Massachusetts is one of only a handful of states to allow both buyers and sellers to be represented by the same real estate agent — a practice called Dual Agency.

Bottom line

Mortgage rates in Massachusetts vary by loan type, and factors like your credit score and lender affect what rate you get. But factors like your credit score and lender affect what rate you get. Compare mortgage lenders and programs to find one that best fits your homeownership goals.

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