Best Mortgage Rates in Massachusetts

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The best rates on mortgages in Massachusetts are offered online by direct lenders, who lead the field in interest rates for both refinancing and first-time home buyers. While banks remain the most popular mortgage lenders among both current and aspiring homeowners, only a few of their advertised rates were competitive. Find out where to get the best rates in Massachusetts or insert your information into our quote tool above to obtain rates.

Best Massachusetts Mortgage Rates for Purchasing

For purchase mortgages, we relied on a theoretical Massachusetts borrower with an assumed $350,000 home purchase with a 20% down payment and personal credit score of 740.

Lowest Mortgage Rates Online for Massachusetts

Direct lender rates for purchases were usually multiple basis points lower than estimates for the same mortgage at Massachusetts bank lenders.

LenderAPRMonthly PaymentLoan Fees
AimLoan.com4.428%$798.86$995.00Learn More
ConsumerDirect Mortgage, a division of First Bank4.661%$822.62$675.00Learn More
First Internet Bank4.903%$846.73$506.00Learn More
Citibank, N. A.5.019%$846.73$2,617.00Learn More
Foxboro Federal Savings4.534%$810.70$644.00Learn More

Information based on a home purchase of $200,000 in Massachusetts with 20% down payment and credit score of 740.

Mortgage Rates at Massachusetts's Largest Lenders

Despite the advantage of lower rates at direct lenders, most people still rely on traditional banks to finance home purchases. Among the biggest mortgage lenders in Massachusetts, Wells Fargo bank stood out for our example homeowner with its low rate on 30-year mortgages, the most popular type of home financing.

30-year fixed15-year fixed5/1 ARM
Citizens Bank4.00%3.25%3.38%
Bank of America4.00%3.38%3.38%
Santander Bank4.13%3.25%3.50%
Wells Fargo3.88%3.25%3.50%
Quicken Loans4.50%-3.75%

Best Refinancing Rates in Massachusetts

In Massachusetts, direct lenders as a group also quoted the lowest refinancing rates. Our quotes were collected on an assumed home value of $350,000 with $250,000 remaining on the first mortgage. This assumption is based on a homeowner looking to refinance after five years of payments on a typical 4% fixed rate and 30-year term.

Best Online Mortgage Refinance Rates for Massachusetts

The usual objective of refinancing is to lower monthly costs or shorten the repayment term. Massachusetts homeowners have a number of options for low rates, depending on the term length and lender.

LenderAPRMonthly PaymentLoan Fees
AimLoan.com4.417%$748.93$745.00Learn More
ConsumerDirect Mortgage, a division of First Bank4.664%$771.21$675.00Learn More
First Internet Bank4.798%$782.47$821.00Learn More
e-Lend4.625%$771.21$0.00Learn More
Flagstar Bank4.940%$793.81$1,106.00Learn More

Information based on a mortgage balance of $200,000 in Massachusetts with 75% loan to value ratio and credit score of 740.

Mortgage Refinance Rates Among Top Massachusetts Lenders

The best refinancing rate estimates were provided at Bank of America, which had the lowest rates in each of the three common mortgage categories we surveyed for our prospective homeowner in Massachusetts. As with direct lenders and purchase rates, the adjustable rate mortgage group tended to have the lowest interest rates for refinancing.

30-year fixed15-year fixed5/1 ARM
Citizens Bank4.13%3.38%3.38%
Bank of America3.88%3.13%3.00%
Wells Fargo4.00%3.38%3.50%
Quicken Loans4.38%-3.75%
GuaranteedRate.com3.99%3.25%3.38%

Massachusetts Mortgage Rates by City

Unlike real estate prices, mortgage rates don't vary widely across different regions. Looking at four of the biggest markets in Massachusetts showed that your mortgage rate will be more or less the same throughout the state. The rate estimates obtained from major lenders rarely adjusted for changes to the zip code or county we provided.

CityLender30-Year Fixed15-Year Fixed5/1 ARM
BostonCitizens Bank4.00%3.25%3.38%
Bank of America4.00%3.38%3.38%
Santander3.99%3.25%-
Wells Fargo3.88%3.25%3.50%
Online Lenders3.75%3.00%2.88%
WorcesterCitizens Bank4.00%3.25%3.38%
Bank of America3.88%3.00%3.00%
Santander3.99%3.25%-
Wells Fargo4.00%3.38%3.63%
Online Lenders3.63%2.88%2.88%
SpringfieldCitizens Bank4.00%3.25%3.38%
Bank of America3.88%3.00%3.00%
Santander3.99%3.25%-
Wells Fargo4.00%3.38%3.63%
Online Lenders3.63%2.88%2.88%
LowellCitizens Bank4.00%3.25%3.38%
Bank of America3.88%3.00%3.00%
Santander3.99%3.25%-
Wells Fargo3.88%3.25%3.50%
Online Lenders3.63%2.88%2.88%

Of the four banks, only Wells Fargo and Bank of America changed their estimates by location. Even then, the two gave a limited set of estimates, resulting in only two distinct possibilities for each bank. This corresponded with our findings in other states, where mortgage rates stayed largely the same everywhere. Mortgage rates are more likely to move in response to individual factors like credit score and down payment.

Boston, MA

  • Average 30-Year Rate at Top 5 Lenders: 3.92%
  • 2017 Average Mortgage Amount: $425,924

Of the four largest cities in Massachusetts, mortgage rates were predictably highest for Boston and surrounding areas. However, the overall difference came in at just 2 basis points. However, individual lenders in Boston quoted rates well below the average, ensuring that borrowers have access to mortgages just as affordable as in other cities. People looking to purchase in Boston will more likely need to consider the impact of local home prices: the average mortgage balance in 2017 was much higher than for Massachusetts overall.

Worcester, MA

  • Average 30-Year Rate at Top 5 Lenders: 3.90%
  • 2017 Average Mortgage Amount: $193,202

Worcester's mortgage rates were lowest at direct lenders, where both 15-year mortgages and 5/1 ARM rates fell below 3%. This presents a potential opportunity for people considering refinancing their existing mortgages. However, refinancing into a different type of mortgage requires careful consideration of how monthly payments and terms could change. For instance, a 5/1 ARM rate only lasts for the first 5 years of the term, after which the rate begins rising or falling according to the relevant index rate.

Springfield, MA

  • Average 30-Year Rate at Top 5 Lenders: 3.90%
  • 2017 Average Mortgage Amount: $187,158

Mortgage balances in Springfield were the lowest out of the four cities we examined, while rate estimates stayed at the same level for all mortgage types. Based on the collected numbers, a typical home purchase in Springfield would cost the buyer just under $900 in monthly principal and interest over 30 years. As in Worcester, the best rates for both fixed rate and variable mortgages were found at direct lenders advertising online.

Lowell, MA

  • Average 30-Year Rate at Top 5 Lenders: 3.88%
  • 2017 Average Mortgage Amount: $355,348

Providing zip codes for Lowell returned the lowest rate estimates for 30-year mortgages among the larger metropolitan areas of Massachusetts. While the advantage in interest rate was minimal, both Bank of America and Wells Fargo quoted low rates relative to other areas, ensuring that borrowers here will have a broader range of competitive brick-and-mortar lenders. Lowell's high mortgage balances, however, indicate that monthly payments on a typical purchase may come out higher than usual despite the lowered mortgage rates.

If you plan to refinance, tracking mortgage rates nationally is generally more useful than comparing them state-by-state or by city. The history of national averages on 30-year mortgages indicate that mortgage rates for Massachusetts aren't significantly outside the historical range of mortgage rates in the rest of the country.

line graph showing average U.S. rate on 30-year fixed rate mortgages between 2012 and 2017

Since 2012, the average rate of a 30-year mortgage in the US has wandered between 3.5% and 4.5%. Although the Federal Reserve has planned incremental rate hikes over the course of 2017, these aren't much of a reason to hurry up and buy. Mortgage rates respond sluggishly to such changes, as lenders adjust their rates long in advance of such predictable movement. If you're considering an adjustable-rate mortgage, watching index funds may be a more accurate way of gauging the interest rates available to you.

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