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Massachusetts Mortgage Rates

Massachusetts Mortgage Rates
Betsalel Cohen


In order to help you see how Massachusetts mortgage rates compare with National rates, check out the following rate table from the industry website These rates represent national averages and are based on specific loan assumptions.

Shopping for Best Mortgage Rates in Massachusetts

It is important to shop around for the best terms. Make sure that you compare rates, lender fees and learn about third party fees. When comparing mortgage offers check out the term (length), interest rate (fixed vs. variable), and if applicable the cost of mortgage insurance. Get more information about mortgage rates and mortgage fees. Also, FHA loans, which always require mortgage insurance, differ from conventional loans, which require Private Mortgage Insurance (PMI) if your loan to value ratio (LTV) is over 80%. Make sure that you use all of your costs when comparing loans.

Qualifying for a Mortgage in Massachusetts

In order to qualify for the best mortgage rates in Massachusetts it is important to have an excellent credit score. Also, you want to make sure that your debt to income ratio (DTI) and your downpayment or equity position , your loan to value ratio (LTV) are sufficient to qualify. Read this article about qualifying for a mortgage.

Mortgage Resources for Massachusetts

Massachusetts is the fifteenth most populous US state. According to the US census, as of 2017, there is an estimated population of over 6.8 million residents, which represents 2.1% of the US population. Massachusetts is home to many Universities including top ranking Harvard and MIT. It also has a vibrant high-tech sector located on Route 128 in Boston. Also, Massachusetts has 13 of the top ranked Fortune 500 companies, including General Electric and two Insurance companies.

Based on 2015 HMDA data, Massachusetts compared to National loan program distribution, has a higher percentage of conventional loans (83% vs 68% nationally). Both FHA loans and VA loans were about 6-7% lower than the national average.

Here are some outside resources that can help you understand the Massachusetts mortgage environment:

  1. FHA loan amounts in Massachusetts: (note:set the table to Massachusetts). There are 14 counties in the state of Massachusetts of which of which 14% of the single family units meet the Highest loan limit, currently at $636,150. Only 14% of the counties are at the Standard loan limit, currently at $275,665. The remaining 72% are between those two limits.
  2. FHFA Conventional Loan Amounts: Check the pdf from FHFA for all states and search for Massachusetts and your county or check out the FHFA conforming limit map. Since the FHFA has higher base limits than the FHA, currently at $424,100, there are 43% of the counties that fit this category. 14% of the counties have the Highest Loan limit of $636,150. The remaining 43% are between those two limits.
  3. Massachusetts First Home Buyer Programs: There are programs for first time home buyers in Massachusetts, specially geared to help low income families. The One Mortgage program offers a low down payment loan (only 3%), no PMI, and for some borrowers who qualify based on income criteria, subsidized mortgage payments up to seven years. Other programs include a loan for veterans, and homebuyer education programs.
  4. Check out the Hud’s website for more information about homeowner programs and homeowner education programs.

Mortgage Trends and Statistics for Massachusetts

Mortgage rates, loan amounts, LTV, (etc) vary based on areas. The FHFA provides a useful insight into differences in conventional loans. based on Metropolitan Areas.

Source of Data: FHFA Historical Table - (TERMS ON CONVENTIONAL HOME MORTGAGES) Table V - Averages for Major Metropolitan Areas: Loans Closed

Check out some differences in One MSA area in Massachusetts:

  • Mortgage Rates for Conventional Loans in One MSA in Massachusetts
  • Mortgage Fees in One MSA in Massachusetts
  • Loan Amount in Massachusetts for One MSA
  • LTV over 90% in One MSA in Massachusetts

Mortgage Rates for Conventional Loans in One MSA in Massachusetts

Mortgage Fees in One MSA in Massachusetts

Loan Amount in Massachusetts for One MSA

LTV over 90% in One MSA in Massachusetts for One MSA