Insider’s experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our our partners, however, our opinions are our own. Terms apply to offers listed on this page.
Buying a home in Massachusetts
According to Zillow, the typical home value in Massachusetts is higher than the typical value of $356,026 across the US. The typical home value in Massachusetts is $587,998, and home values have increased 11.1% over the past year.
Historic mortgage rates for Massachusetts
By looking at the average mortgage rates in Massachusetts since 2010, you can see trends for 30-year fixed mortgages, 15-year fixed mortgages, and 7/1 adjustable mortgages:
Seeing how today’s rates compare to historic Massachusetts mortgage rates may help you decide whether you’d be getting a good deal by getting a mortgage or refinancing now.
Mortgage calculator
Insider’s free mortgage calculator shows you how today’s mortgage rates will affect your monthly payments.
By clicking on “More details,” you can see how much you’ll pay in interest over the years.
First-time homebuyer programs in Massachusetts
You may qualify for one of the following financial assistance programs from MassHousing if you get a mortgage from a participating lender:
Down Payment Assistance: Get a loan for 5% of your purchase price or $15,000 (whichever is less) for down payment assistance. You’ll pay off the loan over 15 years at a 2% interest rate.Workforce Advantage 2.0: If you buy a home in Boston, you can get either get a loan for 5% of your purchase price or $25,000 toward down payment assistance (whichever is less). If you buy in other parts of Massachusetts, you’ll get the lesser of 5% or $15,000. You won’t pay interest on the loan, and you’ll pay it back when you sell the house, refinance your mortgage, or pay off your mortgage in full. The eligibility requirements are a little stricter for Workforce Advantage 2.0 than for the Down Payment Assistance program.Purchase & Renovation: If you buy a home that needs major repairs, you can wrap the cost of renovation into your mortgage.Operation Welcome Home: Get up to $2,500 toward closing costs as an active-duty military member or veteran, member of the National Guard or Reserves, or Gold Star family.MI Plus: Receive up to $2,000 per month for your principal and interest payments. You can use MI Plus for any 6-month period during the first 10 years of owning the home.Federal Housing Administration mortgage: You can get a down payment of 3.5% with a credit score of at least 580, or get a mortgage with a credit score between 500 and 580 with 10% down using this loan, which is also called an FHA loan. United States Department of Agriculture mortgage: These loans, also called USDA loans, can be useful if you are a low-to-moderate income borrower looking to buy a home in a rural or suburban area.Veterans Affairs mortgage: These mortgages, also called VA loans, are for active-service military members or veterans, or spouses of members who have died and can provide lower interest rates than conventional mortgages.
Refinancing your mortgage in Massachusetts
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 the same lender that gave you your initial mortgage, but it’s not always the best idea. A different lender may offer you a better deal the second time around. Shop around for a company that will offer the best interest rate and charge relatively low fees.
How to get a low interest rate on your mortgage
Here are some tips for landing a good interest rate on your mortgage:
Save more for a down payment. With a conventional loan, you may be able to put down as little as 3%. But lenders reward a higher down payment with a better interest rate. Mortgage rates should stay low for a while, so you may have time to save a bigger down payment.Increase your credit score. Many lenders require a minimum credit score of 620 to receive a mortgage. But you can land a better interest rate with a higher score. The most important factor for boosting your score is to pay all your bills on time.Lower your debt-to-income ratio. Your DTI is the amount you pay toward debts each month, divided by your gross monthly income. Most lenders want to see a DTI of 36% or less for a conventional mortgage, but a lower DTI can result in a lower rate. To improve your DTI, pay down debts or consider opportunities to increase your income.Choose a federally backed mortgage. If you’re eligible, you might consider 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 designated for any particular group). These loans typically come with lower interest rates than conventional mortgages. Additionally, you won’t need a down payment for USDA or VA loans.
Improving your financial situation and choosing the right type of mortgage for your needs can help you get the best interest rate possible.
Mortgage and refinance rates by state
Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
Washington DC
West Virginia
Wisconsin
Wyoming