Compare mortgage rates and fees for leading lenders in Worcester, 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 Worcester.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Worcester. 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 Worcester 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 Worcester, MA is $303,588
The median household income for Worcester, MA is $71,432
Based on current mortgage rates and a 10% down payment, you need to make $56,325 per year to buy the median priced home in Worcester
The home price you can afford to buy based on household income in Worcester is 127% of the median home value which means housing prices are average
Worcester ranks 5 out of 14 counties in Massachusetts and 2,813 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Worcester, MA is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Worcester below.
Conforming loan limits for Worcester, MA
FHA loan limits for Worcester, MA
VA loan limits for Worcester, 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