Massachusetts residents who want to find a lower interest rate may be eligible for first-time homebuyer programs and down payment assistance.
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WEEKLY TRENDS AND INSIGHTS
On the week of September 5, 2024, the current average interest rate for a 30-year fixed-rate mortgage decreased NaN basis points from the prior week to %. The current average interest rate on a 15-year fixed-rate mortgage decreased NaN basis points from the prior week to %.
For context, a 30-year fixed-rate mortgage was NaN basis points higher a year ago. As for a 15-year fixed-rate mortgage, it was NaN basis points higher a year ago.
Massachusetts lenders have the power to set mortgage rates themselves. To determine the rates they will charge, lenders consider the following:
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In Massachusetts, first-time homebuyers can take advantage of multiple mortgage programs that target people who haven’t owned a home in the last three years. These programs are available to residents from Boston to Pittsfield and everywhere in between, as long as they meet certain qualifying criteria.
Through MassHousing, residents of Massachusetts can obtain affordable financing and down payment assistance. MassHousing works with 80 approved lenders from around the state. The program provides eligible first-time homebuyers with mortgage financing and down payment assistance up to $30,000. To qualify, you must meet these requirements:
First-time homebuyers in Massachusetts have access to the Massachusetts Housing Partnership ONE Mortgage program, which offers fixed-rate mortgages to eligible buyers With this mortgage, you can put down as little as 3% of the cost of your new home and avoid paying private mortgage insurance.
To qualify for ONE Mortgage, you’ll need to:
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Mortgage rates drop or rise daily, reacting to changing economic conditions, central bank policy decisions, and investor sentiment. The table below shows recent trends in mortgage rates.
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General Information and Rate Disclosures: The listings that appear on this page are from companies that pay Credible compensation. This table does not include all companies or all available products. Displayed information is valid as of Sep 08, 2024 and assumes a customer with a 750 credit score borrowing a conventional loan for a single-family, primary residence, at or near zero discount points, and a 80% loan-to-home-value ratio. For products indicated as a jumbo (e.g. 30-year fixed jumbo rate), displayed information follows the same assumptions as a conventional loan but set at loan above the conforming limit. Here is an example of your payment based on a $400,000 loan amount, for each advertised loan term:
*Payments do not include amounts for taxes and insurance premiums, your actual payment obligation will be greater. The IP address of the customer accessing this page has been used to determine which U.S state should be used for pricing. In states where Credible does not have a license to operate, we are providing information about rates available in a nearby state. If you are viewing this page from an IP address in one of the states where Credible is not licensed, the rates displayed above are for consumers located in the neighbouring state shown below: IP state without license - Assumed location Missouri - Kansas Hawaii - California Rates, payments, and all information displayed are for informational purposes only and are subject to change without notice. This is not a credit decision or commitment to lend. Mortgage rates and terms you may qualify for depend on your individual financial circumstances. Payment Disclosures: All monthly payment amounts above assume on time monthly payments each month for the full duration of the loan term (e.g. 360 monthly payments for a 30 year loan). Displayed monthly payment amounts do not include amounts for property taxes and hazard insurance. Your actual monthly payment obligation will be higher. Amounts for borrower-paid mortgage insurance premiums are included in the monthly payment if (1) the loan amount is below the “conforming thresholds” set by Fannie Mae and Freddie Mac, and (2) the loan-to-home-value ratio is greater than 80%; mortgage insurance premiums are excluded from the monthly payment if either the loan amount is above the conforming thresholds or the loan-to-home-value ratio is less than or equal to 80%. Your actual payment obligation may be higher. “Conforming thresholds” depend on the county where the property is located. Fees Disclosures: The fee amounts shown above include estimates of loan costs and closing costs you may pay in connection with a mortgage transaction with the assumptions above. This includes fees the lender charges, including points and underwriting fees, and third party services the lender does not let you shop for such as a flood certification fee. It does not include title charges, recording costs, prepaids, initial escrow deposit, and other fees. ARM Disclosures: Variable rate products, such as ARMs, have interest rates that can change over the life of the loan. Changes in the interest rate will cause required payment amounts to change.” The displayed rate and payment will be in effect for the number of years in the product’s description (e.g. 5/1 ARM means the initial rate and payment are in effect for 5 years, 7/1 means they are in effect for 7 years, etc.), after which the rate and monthly payment will change every 12 months. Last updated on Sep 08, 2024. These rates are based on the assumptions shown here. Actual rates may vary. |
In Massachusetts, you’ll get the best mortgage rate if you can show lenders that you are not only a qualified borrower, but also trustworthy. To get the best rate, you should:
You can find various loan types in Massachusetts, whether you are a first-time buyer, a veteran, or buying a more expensive home. The right mortgage for you will depend on your financial situation, including how much money you have to put down and your credit score.
Here are some of the top mortgage programs in Massachusetts and what they require:
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