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New Bedford

Current Mortgage Rates in New Bedford, Massachusetts

Compare mortgage rates and fees for leading lenders in New Bedford, 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 New Bedford.

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

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Mortgage Rates in New Bedford, MA as of September 29, 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 New Bedford, MA Mortgage Rates Compare?

September 29, 2020

The current average rate for a 30 year fixed rate mortgage in New Bedford 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
New Bedford, 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 New Bedford, Massachusetts?

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

The median home value for New Bedford, MA (Bristol County) is $319,449

Based on current mortgage rates and a 10% down payment, you need to make $57,493 per year to buy the median priced home in New Bedford

With this income, you could qualify for a $287,504 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 New Bedford is $1,331

The median household income for New Bedford, MA (Bristol County) is $65,930

Based on this income, you can afford a home valued at approximately $366,330

The home price you can afford to buy based on household income in New Bedford is 115% of the median home value which means housing prices are average. New Bedford (Bristol County) ranks 7 out of 14 counties in Massachusetts and 2,895 out of 3,142 counties in the United States for housing affordability.

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

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Loan Limits for New Bedford, Massachusetts

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

Conforming loan limits for New Bedford, MA

1 unit: $510,400
2 units: $653,550
3 units: $789,950
4 units: $981,700

FHA loan limits for New Bedford, MA

1 unit: $460,000
2 units: $588,850
3 units: $711,800
4 units: $884,600

VA loan limits for New Bedford, MA

1 unit: $510,400

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