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.
July 16, 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%
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
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