Current Massachusetts Mortgage and Refinance Rates

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LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
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Current 30 year-fixed mortgage rates are averaging: 7.52%

Current 15-year fixed mortgage rates are averaging: 6.83%

Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners on the previous day for each combination of loan program, loan term and loan amount. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree’s Terms of Use for more details.

Compare MA mortgage rates today

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  Refinance rates in Massachusetts

  • Rate-and-term refinances give you an opportunity to change either your interest rate or loan term — or both. Homeowners who can benefit from an interest rate change may also want to lengthen their loan term, as this will reduce your monthly mortgage payment.
    Refinance rates may be a bit lower than purchase mortgage rates.
  • Cash-out refinances allow you to borrow against your home equity while simultaneously refinancing your mortgage.
    Anticipate higher rates than regular refinances when you’re also cashing out some of your equity.
  • Conventional refinances aren’t a part of a government loan program, and they typically come with higher rates than government-backed refinances.
  • FHA refinances which are backed by the Federal Housing Administration (FHA), are designed to make homeownership possible for a wider swath of people.
    Look for FHA rates to be lower than conventional refinance rates — in the current rates environment, that difference can be more than half a percentage point.
  • VA refinances are backed by the U.S. Department of Veterans Affairs (VA) and designed for military borrowers and their qualifying spouses. There are fewer hoops you need to jump through to qualify for a VA loan, especially with regard to credit scores and down payments.
    VA refinance rates are usually the lowest available, and right now it’s not unusual to see a difference between conventional refinance rates and VA refinance rates that exceeds a full percentage point.

Current 30 year-fixed mortgage refinance rates are averaging: 7.76%

The current average rate for a 15-year fixed mortgage refinance is: 6.99%

Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners on the previous day for each combination of loan program, loan term and loan amount. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree’s Terms of Use for more details.
See whether refinancing makes sense for you using our mortgage refinance calculator.

  What is the current mortgage rates forecast for 2024?

After nine weeks of steady decline, mortgage rates are once again fluctuating slightly but remain between 6% and 7%. The current mortgage rates forecast is for rates to stay in this range, with the potential for a dip below 6% at some point in 2024.

How do I get the best mortgage rate for my Massachusetts home loan?

There are many factors determining mortgage rates, but only some of them are within your control. Below are some of the most effective steps you can take to get the best mortgage rate:

  1. Boost your credit. Your credit score is one of the first factors lenders look at when assessing your loan application. Push your score as high as you can to get the best mortgage rates.
  2. Lower your debt-to-income (DTI) ratio. Your DTI ratio is another crucial number that lenders use to evaluate you. It not only tells them how much debt you’re carrying now, but how much they think you can afford to add on. If you can lower your DTI, you’ll look like less of a risk to lenders and get lower rate offers.
  3. Buy a single-family, site-built home. Lenders also see certain forms of housing as a little more risky than others. Borrowers buying a manufactured home, a multifamily home, a vacation home or an investment property will usually have to pay higher interest rates.
  4. Pay mortgage points. Mortgage points give you the chance to “buy down” your interest rate, which can be very appealing in today’s market. You can usually reduce your quoted rate by up to 0.25 percentage points for each mortgage point you purchase. It may seem strange, but it’s essentially an upfront interest payment that can save you far more over the entire loan term.
  5. Compare offers from multiple lenders. Compare loan estimates from three to five lenders — it’s a straightforward way to make sure you’re getting the lowest interest rate possible. It can also save you thousands or tens of thousands of dollars in interest charges, according to LendingTree data.
  Read more about our picks for the best mortgage lenders.
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When should I lock in my mortgage rate?

Once you’ve applied for a mortgage, you should get a loan estimate from your lender within three business days. If the offer looks appealing, keep in mind that the rate in that loan estimate can change if you don’t request a mortgage rate lock. Once your rate is locked in, however, you can head toward closing without having to worry that your interest rate could go up.

2024 Massachusetts home loan programs

MassHousing

MassHousing is an agency run by the Commonwealth of Massachusetts. It offers home loans that provide up to $30,000 or $50,000 in down payment assistance, depending on where you purchase.

Who qualifies

Borrowers must:

Purchase in Massachusetts
Have a minimum 640 to 700 credit score, depending on your loan program
Earn less than $190,755 per year
Buy a single-family home, condo or two- to four-unit property

  Looking for a MassHousing lender? We’ve got you covered.

Massachusetts first-time homebuyer programs in 2024

Massachusetts has several first-time homebuyer programs, including programs that help cover your down payment and closing costs.

Who qualifies as a first-time homebuyer?

People who have never owned a home
People who haven’t owned real estate in the last three years

ONE+Boston

This program is a great opportunity for low- and moderate-income Bostonians who may be struggling to buy a home in the city’s expensive housing market. One+Boston loans are 30-year, fixed-rate mortgages that come with discounted interest rates, down payment assistance and freedom from the expensive private mortgage insurance (PMI) premiums associated with conventional loans.

Who qualifies

Borrowers must:

Be a first-time homebuyer
Live in Boston currently and purchase a home in the city
Make no more than ONE+Boston’s income limits, which range from $107,600 for a one-person household to $202,850 for an eight-person household
Have at least a 640 credit score (but borrowers with no credit can still apply)
Contribute at least 1.5% of the purchase price from your own funds
Have less than $75,000 in assets
Take a homebuyer education course

Ready to own in Boston? Find a ONE+Boston lender here.

City of Lawrence First Time Homebuyer Program

Low- and moderate-income homebuyers looking to purchase in Lawrence, you’re in luck — through this program you can get up to $25,000 toward your down payment and closing costs. And because the loan is forgivable, you won’t have to pay the money back unless you sell or refinance the home within five to 10 years.

Who qualifies

Borrowers must:

Be a first-time homebuyer
Purchase a home within the program’s price limits
Earn no more than the program’s income limits
Have no more than $25,000 in assets
Contribute a minimum amount of your own funds (1.5% of the purchase price in most cases)
Complete a homebuyer education course

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Learn about different types of MA mortgage loans

Massachusetts conventional loans. It’s easy to see why conventional loans are a common choice — they typically offer reasonable interest rates and loan terms. However, you will need to meet the minimum requirements set by Fannie Mae and Freddie Mac to qualify.

Massachusetts FHA loans. FHA loans are in reach for more borrowers than conventional loans are, as FHA loan requirements are a little less stringent. If you have a credit score between 500 and 579, you’ll need to put 10% down. For borrowers with a 580 credit score or higher, though, a 3.5% down payment is the minimum.

Massachusetts VA loans. VA loan requirements are even more forgiving than conventional or FHA loan requirements. There’s no minimum credit score set by the VA — though many lenders set a 620 minimum — and no minimum down payment as long as you have full VA loan entitlement. These include the ability to purchase or refinance without making a down payment or paying for mortgage insurance.

Massachusetts streamline refinances are for borrowers who want to refinance from an FHA loan into another FHA loan, or from a VA loan into another VA loan. FHA streamline refinance loans and VA interest rate reduction refinance loans (IRRRLs) allow for a quicker process with less documentation — which is why they’re called “streamline” refinances.

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