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Springfield

Current Mortgage Rates in Springfield, Massachusetts

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

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

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Mortgage Rates in Springfield, MA as of March 31, 2020
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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.
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How Do Today's Springfield, MA Mortgage Rates Compare?

March 31, 2020

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

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

The median home value for Springfield, MA (Hampden County) is $231,730

Based on current mortgage rates and a 10% down payment, you need to make $41,705 per year to buy the median priced home in Springfield

With this income, you could qualify for a $208,557 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 Springfield is $966

The median household income for Springfield, MA (Hampden County) is $55,058

Based on this income, you can afford a home valued at approximately $305,919

The home price you can afford to buy based on household income in Springfield is 132% of the median home value which means housing prices are average. Springfield (Hampden County) ranks 2 out of 14 counties in Massachusetts and 2,755 out of 3,142 counties in the United States for housing affordability.

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

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Loan Limits for Springfield, Massachusetts

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

Conforming loan limits for Springfield, MA

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

FHA loan limits for Springfield, MA

1 unit: $331,760
2 units: $424,800
3 units: $513,450
4 units: $638,100

VA loan limits for Springfield, MA

1 unit: $510,400

Additional Mortgage Resources for Springfield, MA Residents

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