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Boston

Current Mortgage Rates in Boston, Massachusetts

Compare mortgage rates and fees for leading lenders in Boston, MA. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lender offering the best mortgage rates in Boston.

We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Boston. Plus, shopping lenders is free and there is no obligation.

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Mortgage Rates in Boston, MA as of January 19, 2020
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Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. Click for more information on rates and product details.
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How Do Today's Boston, MA Mortgage Rates Compare?

January 19, 2020

The current average rate for a 30 year fixed rate mortgage in Boston 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%

Mortgage Program
Today's
Boston, MA Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.690%
15 Year Fixed Rate
B.BBB%
3.150%
5/1 Adjustable Rate Mortgage
C.CCC%
3.350%

How Affordable is Housing in Boston, Massachusetts?

Below we provide helpful information on the real estate market, home prices and housing affordability in Boston. Understand how much you need to earn to afford a home in Boston, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Boston fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Boston is right for you.

The median home value for Boston, MA (Suffolk County) is $567,773

Based on current mortgage rates and a 10% down payment, you need to make $102,184 per year to buy the median priced home in Boston

With this income, you could qualify for a $510,996 mortgage, assuming your monthly debt expense is reasonable

Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Boston is $2,366

The median household income for Boston, MA (Suffolk County) is $64,588

Based on this income, you can afford a home valued at approximately $358,876

The home price you can afford to buy based on household income in Boston is 63% of the median home value which means housing prices are very expensive. Boston (Suffolk County) ranks 12 out of 14 counties in Massachusetts and 3,116 out of 3,142 counties in the United States for housing affordability.

According to the FREEandCLEAR Housing Affordability Index, the housing market in Boston, MA is very expensive

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Loan Limits for Boston, Massachusetts

Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Boston (Suffolk County) below.

Conforming loan limits for Boston, MA

1 unit: $690,000
2 units: $883,300
3 units: $1,067,750
4 units: $1,326,950

FHA loan limits for Boston, MA

1 unit: $690,000
2 units: $883,300
3 units: $1,067,750
4 units: $1,326,950

VA loan limits for Boston, MA

1 unit: $690,000

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