The average mortgage rate in Massachusetts is currently 6.66% for the 30-year fixed loan term.
Here are the interest rates offered to Massachusetts residents looking to buy or refinance a home as of 03/07/2023:
- 30-year fixed purchase: 6.66%
- 30-year fixed refi: 6.19%
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The average fixed rate on a 30-year mortgage fell slightly for the second consecutive week on the heels of high-profile bank failures that resulted in a more moderate rate hike by the Federal Reserve. Mortgage rates are highly volatile ahead of the busy spring homebuying season.
Mortgage interest rates are twice as high as they were at the beginning of 2022, which continues to have a tangible impact on mortgage affordability and consumer housing sentiment. Mortgage rates are still widely expected to fall throughout the course of 2023 but have stayed stubbornly high in the first quarter of the year. Here are the current mortgage rates, without discount points unless otherwise noted, as of March 23:
- 30-year fixed: 7% (down from 7.04% a week ago).
- 20-year fixed: 6.78% (down from 6.85% a week ago).
- 15-year fixed: 6.2% (down from 6.27% a week ago).
- 10-year fixed: 6.25% (up from 6.2% a week ago).
- 5/1 ARM: 5.71% (down from 5.78% a week ago).
- 7/1 ARM: 5.86% (down from 5.91% a week ago).
- 10/1 ARM: 6.14% (down from 6.16% a week ago).
- 30-year jumbo loans: 7.06% (down from 7.09% a week ago).
- 30-year FHA loans: 6% with 0.06 point (down from 6.15% a week ago).
- VA purchase loans: 6.21% with 0.05 point (down from 6.37% a week ago).
Massachusetts residents can take advantage of homebuyer programs through MassHousing and the Massachusetts Housing Partnership. Benefits include down payment and closing cost assistance, waived mortgage insurance, low down payment options and more.
- Available to: First-time homebuyers with low or moderate income (you can qualify if you haven’t owned a home in the last three years).
- Income limits: Vary by community.
- First-time homebuyers only? Yes.
- Loan options: 30-year, fixed-rate mortgage.
- Benefits: The loan has a low down payment requirement of 3% for most properties, only half of which must come from the homebuyer. The loan doesn’t require private mortgage insurance, and low-income borrowers can qualify for subsidized payments in the first seven years of homeownership.
- Available to: Eligible Massachusetts homebuyers.
- Income limits: Vary by county (see MassHousing income limits).
- First-time homebuyers only? No.
- Benefits: Provides access to affordable and fixed interest rates, flexible underwriting and down payment assistance. Some borrowers may also qualify for discounted mortgage insurance premiums, as well as mortgage payment protection that can help you make your payments if you lose your job.
- Available to: Eligible active-duty service members and members of the Reserves or National Guard who are also first-time homebuyers.
- Income limits: Vary by county (see MassHousing income limits).
- First-time homebuyers only? Yes, unless you are purchasing a home in Boston, Chelsea, Cambridge, Everett, Fall River, Lawrence, Lynn, North Adams and Somerville.
- Benefits: Provides access to affordable and fixed interest rates, flexible underwriting, down payment assistance and a closing cost credit of up to $2,500. Some borrowers may also qualify for discounted mortgage insurance premiums, as well as mortgage payment protection that can help you make your payments if you’re deployed or you lose your job.
- Available to: Eligible Massachusetts homebuyers who want to make renovations or improvements before moving in.
- Income limits: Vary by county (see MassHousing income limits).
- First-time homebuyers only? No.
- Benefits: Provides access to affordable and fixed interest rates, flexible underwriting, down payment assistance and mortgage payment protection that can help you make your payments if you lose your job.
- Available to: Eligible Massachusetts first-time homebuyers.
- Income limits: Vary by county (see MassHousing income limits).
- First-time homebuyers only? Yes.
- Down payment and closing cost assistance: Offers a second mortgage for up to $15,000 or 5% of the purchase price, whichever is less. The mortgage has a 2% interest rate and is repaid over 15 years and is due in full upon sale or refinance of the loan if either of those happens before the 15-year term ends.
U.S. News selects the Best Loan Companies by evaluating affordability, borrower eligibility criteria and customer service. Those with the highest overall scores are considered the best lenders.
To calculate each score, we use data about the lender and its loan offerings, giving greater weight to factors that matter most to borrowers. For mortgage lenders, we take into account each company’s customer service ratings, interest rates, loan product availability, minimum down payment, minimum FICO score and online features.
The weight each scoring factor receives is based on a nationwide survey on what borrowers look for in a lender.
To receive a rating, lenders must offer qualifying loans nationwide and have a good reputation within the industry. Read more about our methodology.
To recap, here are the picks:
