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.
November 13, 2019
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%
The median home value for New Bedford, MA (Bristol County) is $304,818
The median household income for New Bedford, MA (Bristol County) is $64,425
Based on current mortgage rates and a 10% down payment, you need to make $56,553 per year to buy the median priced home in New Bedford
The home price you can afford to buy based on household income in New Bedford is 114% of the median home value which means housing prices are average
New Bedford (Bristol County) ranks 7 out of 14 counties in Massachusetts and 2,910 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
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
FHA loan limits for New Bedford, MA
VA loan limits for New Bedford, 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