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Essex

Current Mortgage Rates in Essex, Massachusetts

Compare mortgage rates and fees for leading lenders in Essex, 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 Essex.

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

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Mortgage Rates in Essex, MA as of September 19, 2020
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Data provided by Brown Bag Marketing, Inc. Payments do not include amounts for taxes and insurance premiums. Read through our lender table disclaimer for more on rates and product details.
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How Do Today's Essex, MA Mortgage Rates Compare?

September 19, 2020

The current average rate for a 30 year fixed rate mortgage in Essex 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
Essex, MA Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.650%
15 Year Fixed Rate
B.BBB%
3.090%
5/1 Adjustable Rate Mortgage
C.CCC%
3.390%

How Affordable is Housing in Essex, Massachusetts?

Below we provide helpful information on the real estate market, home prices and housing affordability in Essex. Understand how much you need to earn to afford a home in Essex, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Essex 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 Essex is right for you.

The median home value for Essex, MA is $429,214

Based on current mortgage rates and a 10% down payment, you need to make $77,247 per year to buy the median priced home in Essex

With this income, you could qualify for a $386,292 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 Essex is $1,789

The median household income for Essex, MA is $77,551

Based on this income, you can afford a home valued at approximately $430,901

The home price you can afford to buy based on household income in Essex is 100% of the median home value which means housing prices are average. Essex ranks 9 out of 14 counties in Massachusetts and 2,989 out of 3,142 counties in the United States for housing affordability.

According to the FREEandCLEAR Housing Affordability Index, the housing market in Essex, MA is average

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Loan Limits for Essex, Massachusetts

Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Essex below.

Conforming loan limits for Essex, MA

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

FHA loan limits for Essex, MA

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

VA loan limits for Essex, MA

1 unit: $690,000

Additional Mortgage Resources for Essex, MA Residents

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