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Mortgage Rates in Massachusetts

January 22, 2021

The Ascent is reader-supported: we may earn a commission from offers on this page. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation.

If you're looking to buy a home in Massachusetts, you'll want to find the best mortgage rates available. It's a good idea to shop around for a home loan with multiple mortgage lenders to snag the best deals. Generally, each lender sets its own standards for credit score and other requirements, so applying with several lenders makes sense. Below, we’ve listed today’s mortgage rates in Massachusetts.

Current Mortgage and Refinance Rates in Massachusetts

Rates As of Jan 22, 2021
Product Interest Rate Average Points/Credits
Fixed 30 Year 2.825% -0.282
Fixed 15 Year 2.154% -0.800
Fixed 30 Year - FHA 2.726% -0.076
Fixed 30 Year - VA 2.515% -0.478
Fixed 30 Year - Jumbo 2.830% -0.196
Fixed 30 Year 2.924% -0.307
Fixed 20 Year 2.686% -0.435
Fixed 15 Year 2.362% -0.357
Fixed 30 Year - FHA 2.614% -0.197
Fixed 30 Year - VA 2.448% 0.406
Fixed 30 Year - Jumbo 2.925% -0.326
The Ascent's Mortgage Rates Tracking Methodology

5 affordable places to live in Massachusetts

Though New England homes can be pricey, there are a number of places in Massachusetts where you can find affordable housing. Here are five in particular worth looking at.

1. Springfield

Located right on the Connecticut-Massachusetts border, Springfield offers a thriving economy and a network of parks, making it a huge draw for families. The median home value in Springfield is $152,400, according to Niche, which is a steal compared to the median Massachusetts home value of $433,883 (according to Zillow). Meanwhile, the average property tax rate in Hampden County, where Springfield is located, is 1.36% of a home's assessed value. That's a bit higher than the average property tax rate in Massachusetts, which Tax-rates.org reports as 1.04%.

2. Worcester

Located an hour west of Boston, Worcester is an emerging hub for startup tech companies. The city also has a nice array of parks and restaurants that make it appealing to young professionals. The median home value in Worcester is $220,700, while the average property tax rate in Worcester County is 1.1% of a home's assessed value.

3. Cambridge

Home to renowned universities like Harvard and MIT, Cambridge's economy largely revolves around academia and education. And since it's very much a college town, it's loaded with restaurants, bars, and coffee shops. The median home value in Cambridge is $719,300, clearly quite high compared to the median home value statewide. But property taxes in Middlesex County, where Cambridge is located, are right in line with the state's average -- 1.04%.

4. Boston

One of the East Coast's busiest cities, Boston is loaded with restaurants, bars, shops, and job opportunities, which explains why young professionals flock there. The median home value in Boston is $487,300, while the average property tax rate in Suffolk County, where Boston is located, is 0.78% of a home's assessed value. That's lower than the average property tax rate statewide.

5. Winchendon

Located near the New Hampshire border about 90 minutes west of Boston, Winchendon has a large network of parks that appeals to families as well as young professionals. The median home value in Winchendon is $195,200, while the average property tax rate in Worcester County, where Winchendon is located, is 1.1% of a home's assessed value.

If you're eager to buy a home in Massachusetts, be sure to put yourself in the best possible position to get a competitive mortgage rate. That could mean raising your credit score, paying off debt to lower your debt-to-income ratio, or saving for a larger down payment. The lower your mortgage rate, the more affordable your home will be for many years to come. Check out our mortgage calculator to help you estimate your monthly payment, including principal, interest, insurance, taxes, and PMI.

Select the state you want to see mortgage rates for:

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Check out more mortgage rates:

15-year mortgage rates

20-year mortgage rates

30-year mortgage rates

Refinance mortgage rates

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5/1 ARM rates

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