Today’s MA Mortgage & Refinance Interest Rates

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Massachusetts home buying

According to ZillowThe average home value in Massachusetts is greater than the $356,026 that’s common across the US. Massachusetts’ average home value is $587,998, with home values increasing 11.1% in the past year. 

Massachusetts historic mortgage rates

You can see trends in the average Massachusetts mortgage rates since 2010 for fixed 30-year mortgages, fixed 15-year mortgages, and adjustable 7/1 mortgages.

Compare today’s mortgage rates to historical Massachusetts rates to decide if you would get a great deal by refinancing your mortgage or getting one now.

Calculator for mortgage

Insider’s Mortgage calculator free shows you how today’s mortgage rates will affect your monthly payments.

Click on “More Details” to see the interest rate over time.

Massachusetts first-time homebuyer program

These financial assistance programs could be right for you MassHousingYou can get a mortgage from any participating lender

• Assistance with down payment:A loan is available for up to 5% of your purchase price, or $15,000 if you have a lower down payment. The loan will be paid off in 15 years with a 2% interest rate.
• Workforce Advantage 2.0:Buy a Boston property and you will be eligible for either a loan up to 5% or $25,000 down payment assistance. The lesser of 5% and $15,000. is available for those who buy elsewhere in Massachusetts. The loan doesn’t have interest. You’ll be able to pay the entire amount back when you sell your house, refinance or pay off your mortgage. Workforce Advantage 2.0 is more restrictive than the Down Payment Assistance program.
• Purchase & Renovation:You can include the cost of major renovations in your mortgage if you purchase a home that is in dire need of repairs.
• Operation Welcome Home:As an active-duty member of the military, veteran, National Guard, Reserves or Gold Star family member, you can get up to $2,500 towards closing costs.
• MI Plus:Get up to $2,000 per Month in interest and principal payments. MI Plus can be used for up to 6 months during the first 10 year of your home’s ownership.
• Federal Housing Administration mortgage: With a minimum credit score of 580, you can get a 3.5% down payment or a mortgage with credit scores between 500-580 and 10% using this loan. 
• United States Department of Agriculture mortgage: These loans, also known as USDA loans, are useful for low-to moderate income borrowers who wish to buy a house in a rural area or suburb.
• Veterans Affairs mortgage: These mortgages (also known as VA loans) are for veterans and active-duty military members.

Refinance your Massachusetts Mortgage

Mortgage refinance rates are at all-time lows right now, so it could be a good idea to switch your current mortgage for one with a better interest rate — especially if the new rate would be significantly lower.

You may decide to Refinance with a single lenderAlthough it was the first lender you used to get your mortgage, it may not be the best. Another lender might offer you a better deal. Look around to find the best interest rates. Low fees.

How to get a low rate of interest on your mortgage

These are some ways to get a great interest rate for your mortgage

• You can save more on your down payment.You may be able put down as low as 3% for a conventional loan. A higher down payment is rewarded by lenders with a better rate. You may be able to save more money if the mortgage rates stay low for a while.
• Your credit score should be increased.A variety of lenders require you to provide this information. Minimum credit score of 620You will need to qualify for a mortgage. A higher score can help you get a better interest rate. Paying all your bills on-time is the most important thing to boost your score.
• Lower your debt-to-income ratio.Your DTI is the monthly amount that you pay towards debts divided by your gross monthly earnings. A majority of lenders require a description of your DTI. DTI below 36%A conventional mortgage rate will be lower if you have a lower DTI. Reduce your debts, or look into income opportunities that could improve your DTI.
• Choose from Federally backed mortgage.You may be eligible to apply for a USDA Loan (for low-to-moderate income borrowers buying in a rural area), a VA Loan (for military members and veterans), or an FHA loan(Not intended for any specific group). These loans often have lower interest rates that conventional mortgages. For USDA and VA loans, there is no down payment.

You can get the best interest rates by improving your financial position and selecting the right mortgage type for you.

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