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Norfolk

Current Mortgage Rates in Norfolk, Massachusetts

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

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

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Mortgage Rates in Norfolk, MA as of December 11, 2019
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Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. Click for more information on rates and product details.

How Do Today's Norfolk, MA Mortgage Rates Compare?

December 11, 2019

The current average rate for a 30 year fixed rate mortgage in Norfolk 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
Norfolk, MA Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.690%
15 Year Fixed Rate
B.BBB%
3.150%
5/1 Adjustable Rate Mortgage
C.CCC%
3.350%

How Affordable is Housing in Norfolk, Massachusetts?

The median home value for Norfolk, MA is $478,134

The median household income for Norfolk, MA is $98,593

Based on current mortgage rates and a 10% down payment, you need to make $88,709 per year to buy the median priced home in Norfolk

The home price you can afford to buy based on household income in Norfolk is 111% of the median home value which means housing prices are average

Norfolk ranks 8 out of 14 counties in Massachusetts and 2,932 out of 3,142 counties in the United States for housing affordability.

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

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Loan Limits for Norfolk, Massachusetts

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

Conforming loan limits for Norfolk, MA

1 unit: $688,850
2 units: $881,850
3 units: $1,065,950
4 units: $1,324,750

FHA loan limits for Norfolk, MA

1 unit: $688,850
2 units: $881,850
3 units: $1,065,950
4 units: $1,324,750

VA loan limits for Norfolk, MA

1 unit: $688,850

Additional Mortgage Resources for Norfolk, MA Residents

Mortgage Rates for Massachusetts Cities

Amherst Mortgage Rates

Barnstable Town Mortgage Rates

Boston Mortgage Rates

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Essex Mortgage Rates

New Bedford Mortgage Rates

Norfolk Mortgage Rates

Pittsfield Mortgage Rates

Plymouth Mortgage Rates

Springfield Mortgage Rates

Worcester Mortgage Rates

Sources

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