Compare mortgage rates and closing costs for leading lenders in Massachusetts. Review free, personalized mortgage rates for Massachusetts based on your specifc loan amount, program and other factors. Easily compare APRs, fees and monthly payments to find the lender offering the best mortgage terms.
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December 11, 2019
The current average rate for a 30 year fixed rate mortgage in Massachusetts is A.AAA%, the rate for a 15 year fixed rate mortgage is B.BBB% and the rate for a 5/1 adjustable rate mortgage (ARM) is C.CCC%
The median home value for Massachusetts is $422,748
The median household income for Massachusetts is $78,123
Based on current mortgage rates and a 10% down payment, the income required to buy the median priced home in Massachusetts is $78,433
The home price you can afford to buy based on household income in Massachusetts is 100% of the median home value which means housing prices are very expensive. Massachusetts ranks 43 out of 50 states for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the real estate market in Massachusetts is very expensive
US Census Bureau American Community Survey: https://www.census.gov/programs-surveys/acs
FHFA House Price Index: https://www.fhfa.gov/DataTools/Downloads/Pages/House-Price-Index-Datasets.aspx#qat
Income Growth: https://www.bls.gov
National Average Rates: http://www.freddiemac.com/pmms/
FREEandCLEAR Housing Affordability Index