Massachusetts Mortgage Rates

Compare Massachusetts mortgage rates and choose the best option for your needs.

By Myfin Team
Updated May 21, 2024
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Purchase Price
Down payment
Loan term
  • 10-Year Fixed
  • 15-Year Fixed
  • 20-Year Fixed
  • 30-Year Fixed
  • 40-Year Fixed
  • 1-Year ARM
  • 3-Year ARM
  • 5-Year ARM
  • 7-Year ARM
  • 10-Year ARM
  • 3-Year ARM I/O
  • 5-Year ARM I/O
  • 7-Year ARM I/O
  • I/O = Interest only
Credit score
  • 740-850
  • 720-739
  • 700-719
  • 680-699
  • 660-679
  • 640-659
  • 620-639
  • 350-620
More options
  • Up to 3
  • 0
  • 0-1
  • 1-2
Property type
  • Single Family
  • Condo (Less than 4 stores)
  • Condo (More than 4 stores)
  • 41 - 2 units
  • 42 - 3 units
  • 43 - 4 units
Property use type
  • Primary Residence
  • Second Home
  • Investment
Showing 4 mortgages
Includes 0.289 Points (($925))
30-Year Fixed;
On partner's site
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Includes 0.438 Points ($1,402)
30-Year Fixed;
On partner's site
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Includes 0.038 Points (($122))
30-Year Fixed;
On partner's site
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NMLS#Not a Lender
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Data provided by Icanbuy. Payments do not include amounts for taxes and insurance premiums. The actual payment obligation will be greater if taxes and insurance are included. More information on rates and product details.
For example, if you apply for a 15-year $400,000 mortgage with an interest rate of 6.15% and a down payment of 10% you would receive $360,000 and make 180 payments of $3,067.14. The total amount paid would be $552,084.

Mortgage in Massachusetts: Top Lenders in 2024

Looking to buy a home in Massachusetts State? The process is made easier with a mortgage loan, regardless of whether you're eyeing a residential estate or an apartment. Keep in mind that mortgage terms vary among lenders, so it's essential to shop around (use our mortgage calculator to estimate your future expenses). In this guide, we'll explore some of the top-rated lenders and provide additional information to help you make an informed decision.

MA Mortgage Lenders Comparison

All the lenders are reputable companies with competitive rates and solid track records. To provide you with the most detailed information, we'll compare them based on several key criteria, including APR, minimum down payment, eligibility requirements, and more. This will help you make a well-informed decision tailored to your needs.

Quicken Loans Mortgage

Quicken Loans is the previous brand name of Rocket Mortgage, has been a leader in the consumer lending industry since its adoption in 1999. As such, you can expect the same range of options, terms, and services. These encompass everything from simple conventional mortgages, whether fixed or adjustable rates, to jumbo loans, home equity loans, HELOCs, and federally-insured programs like FHA and VA loans, catering to both purchase and refinancing needs.

For conventional loans, a minimum credit score of 620 is required. The advertised APR for a 30-year fixed-rate mortgage is 7.199%, which falls on the higher end compared to similar offers. This lender operates nationwide, including in all states and Washington D.C.

Pros: Cons:
High availability. No construction loans.
Easy application process. Rates above the market average.
Plethora of experience.


AmeriSave has established itself as a nationwide lender since its foundation in 2002. Nonetheless, the lender originates from Georgia. The lender's credibility is underscored by its excellent ratings from BBB (A+) and Trustpilot (4.3/5).

The advertised rate of 4.899% necessitates a FICO score as high as 740 and a 20% down payment. However, it's important to note that your actual rate may exceed the advertised rate. For conventional loans, a credit score of 620 is required, while government-insured plans are available starting from 600.

Pros: Cons:
Highly lucrative mortgage rates. Not all of the lender fees included in the closing costs are transparently disclosed at the lender’s website.
Diversity of loan types offered. This includes purchase and refinancing with fixed and adjustable rates, as well as the three main kinds of government-backed loans (FHA, VA and USDA).
Easy and convenient, mobile-friendly application process.

PenFed Credit Union

Pentagon Federal Credit Union , established in 1935, initially catered exclusively to service members. However, nowadays, its services are available to everyone.

The APR values are 5.596% for a conventional 15-year mortgage, 6.078% for a 20-year, and 6.548% for a 30-year (applicable for credit scores ranging from 700 to 739 and a 20% down payment). The minimum satisfactory credit score is as high as 650 for a conventional loan and 700 for a non-conforming jumbo loan. For FHA options, a typical value of 620 is enough.

Pros: Cons:
Doesn’t charge lender fees. The lender does not support USDA-insured plans.
Allows calculating rates on the spot – without filling out any annoying forms. The mortgage application process requires a preliminarily completed online form and a deposit of $5 into a savings account.
The lender provides nationwide coverage.

Average Mortgage Rate in Massachusetts from 1978 to 2018

The chart shows average conventional mortgage 30-Year Fixed Rates in Massachusetts.

Source: Federal Housing Finance Agency Monthly Interest Rate Survey

Information about the Housing Market and Real Estate Prices in Massachusetts

Criteria Amount, $
The median home value in Massachusetts $547,482
The income required to buy the median priced home in Massachusetts $89,703
The monthly mortgage payment required to buy the median priced home in Massachusetts $2,077
The median household income for Massachusetts $94,319

Things to Consider When Choosing a Mortgage Lender

Taking out a mortgage loan entails a significant commitment spanning 15 to 30 years, so it's crucial to carefully weigh your options before finalizing any agreements with a lender. Several key aspects should be considered when selecting a lending entity.

  • Type of Lender. Primarily, there are two popular options: banks and online mortgage lenders. Banks typically offer appealing rates but often conduct stringent credit checks, resulting in longer approval times and rigorous eligibility criteria. Conversely, online lenders operate with greater speed and may have less stringent requirements for homebuyers.
  • APR and Fees. Each loan carries its own costs, and mortgages are no exception. Beyond the interest rate, these costs encompass additional fees such as origination fees, mortgage insurance fees, closing costs, and more. As of the latest data, the average mortgage rate for a fixed-rate 30-year loan in Massachusetts stands at 6.58%.
  • Terms and Conditions. Considerations here include the minimum down payment required, which can range from 0% to 20% depending on the loan type and your current status (e.g., military, employed, self-employed, etc.). Another crucial parameter is the loan term, representing its total duration, with common options being 15 and 30 years.

What Mortgage Lender is the Number One in Massachusetts?

The list of reliable MA mortgage lenders is extensive, so it's hard to give an unambiguous answer to this question. Everything depends. For example, one of the industry leaders is Rocket Mortgage with a loan volume of $11.5 billion for the year 2021. To take your pick wisely, check our list of recommended lenders.

First-Time Homebuyer Programs in Massachusetts

Buying a home for the first time can be quite challenging, but residents of Massachusetts have access to various governmental programs aimed at enhancing mortgage affordability.

  1. Federal Housing Administration (FHA) Loan Program. Under this program, buyers receive insurance from the federal government, with the insurance fee included in the total loan cost. In exchange, homebuyers enjoy significant benefits, including a low interest rate and minimal credit requirements. This means that a FICO score as low as 500 and a debt-to-income ratio of just 50% may be accepted.
  2. USDA Loan Program. Geared towards those residing in rural areas, this program offers mortgage loans with a zero down payment option. However, participants must ensure that their annual income does not exceed 115% of the average income in the region.
  3. VA Loan Programs. Insured by the Department of Veteran Affairs, these mortgage options are available to former military personnel or their spouses, providing them with favorable terms and benefits tailored to their service.

Pre-Approval: What Does It Mean?

Preliminary approval serves as a confirmation of a prospective homebuyer's credibility, signaling to home sellers that lenders are prepared to approve a mortgage loan for the buyer. To obtain pre-approval, individuals must furnish documentary evidence of their financial capacity. A typical document set includes earning statements, account statements, a W2 form, or alternative proof of income spanning at least 2 years. Additionally, completing the Uniform Residential Loan Application form is necessary.


Whether I Qualify for a Mortgage in Massachusetts or Not?

Qualification requirements for mortgage borrowers can slightly vary in different lending entities, but in most cases, they include a credit score of 620 and higher, and a debt-to-income ratio of at least 50%. Also, you need to provide evidence of your paying capacity and credibility: tax and account statements, employment status, credit reports, etc. Finally, you must be able to make the required down payment.

What is the maximum mortgage duration in MA?

The maximum length of a mortgage loan in the US is 30 years. There can be some exceptions with unqualified mortgages where the term can reach 40 years. However, these cases are very rare, and the terms of such loans are far from being favorable.

What is the mortgage rate right now in Massachusetts?

There is no simple answer to this question, as the final APR is defined individually for each borrower. However, there are average values for every US state. In Massachusetts, the current average mortgage rate for a 30-year period is 6.58%. For the term of 15 years, it is 5.98%.