Today's Mortgage Rates in Massachusetts

Today's 30-year mortgage rate in Massachusetts stands at 6.78%, reflecting the national average rate of 6.90% for the same mortgage category. In Massachusetts, homebuyers have access to supportive programs such as Down Payment Assistance and MI Plus that might help ease their mortgage costs.

With a grasp on the current average rate for a 30-year fixed-rate mortgage in Massachusetts, you're equipped to dive deeper into specifics. We'll help you explore how rates may vary based on loan type and your credit score, break down the differences between interest rate and APR and give insights into different mortgage structures. You'll find information on lenders and mortgage programs tailored to the Massachusetts market, all aimed at supporting you in making an educated home financing decision.

In July 2024, the average APR for a 30-year fixed-rate mortgage in Massachusetts is 6.78%, up from 6.46% just a month earlier. With a $250,000 home loan and a 20% down payment, the latest current mortgage rate could influence your budget, with an uptick leading to an additional $15,229 in interest compared with the previous month's total interest, not accounting for other expenses like property taxes or HOA fees.

Understanding the current mortgage rate in Massachusetts can help you budget as rates often adjust due to market conditions and economic announcements. Our line chart indicates the trend of these rates in recent months, directly affecting your monthly payments.

Prospective homeowners and those looking to refinance will find today's mortgage interest rates in Massachusetts particularly useful in navigating the housing market:

Purchase rates often differ from refinance rates — this impacts the cost of your loan. In Massachusetts, the current mortgage rate for a 30-year fixed mortgage if you're buying a home is 6.78%, while the refinance APR for the same kind of loan sits higher at 8.15%. This difference can affect your monthly payments and the total cost over the life of the loan.

A 30-year fixed-rate mortgage in Massachusetts comes with a higher interest rate than a 15-year fixed-rate mortgage. This difference exists because a lender faces more risk lending money for a longer term. A lot can change in 30 years — interest rates can go up or down, and the risk of not getting paid back is higher.

You might want to explore mortgage loan types in Massachusetts to find a fit for your financial needs. When you're ready to crunch numbers, a mortgage calculator is a handy tool that can help you understand your monthly payments and the impact of interest rates on your loan.

In Massachusetts, if your credit score is 740 or above and you're putting down between 5% and 20%, the average APR for a 30-year fixed mortgage is 7.41%. Drop below a 680 credit score, and that rate goes up to an average APR of 8.10%.

Your credit score directly impacts the mortgage rates you can get in Massachusetts. Our interactive table lets you see the rates you might get based on your credit score and down payment amount:

In July 2024, 30-year fixed-rate VA loans have the lowest average APR for 30-year fixed rate mortgages in Massachusetts at 6.37%. Knowing the rates for different mortgage options can help you make an informed decision and possibly save money over the life of your loan. Check out the table below for a clear comparison of the mortgage loan types available in Massachusetts:

Rocket, Bank of America and Lower are solid options if you're looking to secure a mortgage in Massachusetts. Each lender meets our criteria — they're all operational in the state, have Better Business Bureau ratings and offer programs to assist homeowners. This list isn't exhaustive; other lenders might fit your needs just as well or better.

The mortgage rate you secure in Massachusetts can vary based on the lender you choose. Different lenders will offer you distinct mortgage rates and loan terms. By comparing options from various lenders, you position yourself to snag the best deal available, ensuring you don’t miss out on a more favorable rate.

Owning a home means dealing with hidden costs that can affect your budget. In Massachusetts, Mass Housing offers mortgage programs to support you in buying a home.

We’ve covered your pressing questions about today’s mortgage rates in Massachusetts. Understanding these rates is important for anyone buying a home in the Bay State.