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.
December 9, 2019
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%
The median home value for Boston, MA (Suffolk County) is $540,736
The median household income for Boston, MA (Suffolk County) is $63,114
Based on current mortgage rates and a 10% down payment, you need to make $100,324 per year to buy the median priced home in Boston
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 3,117 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
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
FHA loan limits for Boston, MA
VA loan limits for Boston, MA
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/
Conforming Loan Limits: https://www.fhfa.gov/DataTools/Downloads/Pages/Conforming-Loan-Limits.aspx
FHA Loan Limits: https://entp.hud.gov/idapp/html/hicostlook.cfm
VA Loan Limits: https://www.benefits.va.gov/homeloans/purchaseco_loan_limits.asp
FREEandCLEAR Housing Affordability Index