Massachusetts Mortgage and Refinance Rates
Current mortgage rates in Massachusetts
As of Thursday, July 17, 2025, current interest rates in Massachusetts are 6.86% for a 30-year fixed mortgage and 6.22% for a 15-year fixed mortgage.
Massachusetts mortgage rates, like mortgage rates nationally, started this year around 7 percent. However, due to economic uncertainty and concerns about tariffs, rates have dropped solidly into the 6-percent range, and many experts believe they'll stay there for much of the year.
Refinance rates in Massachusetts
In Massachusetts — and the rest of the country — refinance rates are still more than double what they were a few years ago, during the pandemic. Many homeowners won't be tempted to refinance anytime soon.
That said, if you bought a house within the last few years, when rates were higher, now might be a good time to refinance. And Massachusetts homeowners have enjoyed some of the biggest gains in equity in recent years. With a cash-out mortgage refinance, you could take advantage of this asset to help further your financial goals.
National mortgage rates by loan type
| Product | Interest Rate | APR |
|---|---|---|
| 30-Year Fixed Rate | 6.78% | 6.84% |
| 15-Year Fixed Rate | 6.00% | 6.08% |
| 30-Year Fixed Rate FHA | 7.01% | 7.09% |
| 30-Year Fixed Rate VA | 7.14% | 7.20% |
| 30-Year Fixed Rate Jumbo | 6.77% | 6.82% |
Rates as of Thursday, July 17, 2025 at 6:30 AM
Massachusetts housing market statistics and trends
Living in Massachusetts can be expensive, which is part of the reason why it's among the states with the lowest homeownership rates in the U.S. The median home price in the state is well above the national median — though it's stabilizing, after years of rapid gains — and homes tend to remain on the market for a relatively short time. However, new listings in the state are ticking up in a good sign for homebuyers.
- Median home sales price, April 2025: $613,500
- Median home value, April 2025: $652,298
- Median down payment, April 2025: $115,000
- Median days on market, May 2025: 35
- Homeownership rate, Q1 2025: 61.1%
Sources: ATTOM, Massachusetts Association of Realtors, U.S. Census Bureau
Mortgage options in Massachusetts
- Massachusetts conventional mortgages: To qualify for a conventional mortgage, you’ll need a minimum credit score of 620 and a debt-to-income (DTI) ratio of no more than 45 percent. If you make a down payment of less than 20 percent, you’ll need to pay private mortgage insurance (PMI) premiums as well.
- Massachusetts FHA loans: If your credit history disqualifies you from a conventional mortgage, you might be able to obtain a loan insured by the Federal Housing Administration (FHA). If you have a credit score of at least 580, you could make a down payment of as little as 3.5 percent.
- Massachusetts VA loans: If you’re a veteran or active-duty member of the military, you might qualify for a mortgage backed by the Department of Veterans Affairs (VA). A VA loan typically doesn’t require a down payment or mortgage insurance, but you do need to pay a funding fee, which starts at 1.25 percent of the loan amount for home purchases.
- Massachusetts jumbo loans: Depending on where you’re buying and how much you can put down, you may need to compare lenders that offer jumbo mortgages. These exceed the conforming loan limits — which vary by county — and require a larger down payment, along with a higher credit score.
First-time homebuyer programs in Massachusetts
If you’re a first-time homebuyer in Massachusetts, you might qualify for help purchasing a home. MassHousing, the state’s housing finance authority, helps connect borrowers with lenders offering lower-cost conventional and FHA mortgages, as well as:
- Down Payment Assistance: This MassHousing program provides eligible borrowers with up to $30,000 in down payment assistance. The program has two options: a 0 percent deferred loan of up to $30,000 that is due when the home is paid off or sold and a 15-year loan of up to $25,000 with a 2 or 3 percent interest rate. To qualify, you must earn less than $205,335.
- Purchase and Renovation Loan: For those interested in buying a fixer-upper, MassHousing offers the Purchase and Renovation mortgage program. Open to first-time and repeat buyers, this program funds both the purchase and renovations with a single monthly payment. Note: There are income limits for the program, which vary by city.
- Closing cost credit for service members: This program is available to first-time homebuyers — and repeat buyers in select areas — who are active-duty military, veterans, Gold Star families or in the National Guard or Reserves. It provides closing assistance of as much as $2,500, money that can be combined with a down payment assistance program.
Another unique feature of MassHousing mortgages is that they come with job loss protection: If you lose your job, the insurance can help cover your mortgage’s principal and interest for six months.
How to find the best mortgage rate in Massachusetts for you
When shopping for a mortgage, compare at least three loan offers — research shows this exercise can save you thousands of dollars over the life of a loan. Bankrate can help you find the best mortgage deal. Here are some basic steps to securing a loan on favorable terms:
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Step 1: Strengthen your credit score
Long before you start looking for a mortgage lender or applying for a loan, give your finances a checkup, and improve your standing if needed. This means pulling your credit score and credit reports. You’re entitled to a free credit report from each of the three main reporting bureaus (Experian, Equifax and TransUnion), which you can get through AnnualCreditReport.com.
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Step 2: Determine your budget
To find the right mortgage, you’ll need a good handle on how much house you can afford. That’s because a lender could qualify you for more mortgage than you need — or one that would max out your budget and leave no room for unexpected expenses.
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Step 3: Know your mortgage options
There are a few different types of mortgages. Many lenders offer conventional loans that require as little as 3 percent down. FHA loans also have a low down payment threshold, while VA loans (for veterans) and USDA loans (for borrowers in rural areas) have no down payment requirement.
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Step 4: Compare rates and terms from several lenders
Don’t settle on the first lender you talk to — rate-shop with at least three different banks or mortgage companies. You can look to your bank or other banks, credit unions, online lenders and local independents to ensure you’re getting the best deal on mortgage rates, fees and terms.
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Step 5: Get preapproved for a mortgage
As you comparison-shop, keep in mind that getting a mortgage preapproval is the only way to get accurate loan pricing for your specific situation.
Additional Massachusetts mortgage resources
- Massachusetts loan limits by county: Learn the conforming loan limit for your city or town.
- Massachusetts mortgage lenders: Explore mortgage lenders throughout the state
- How to buy a house in Massachusetts: Get set up for successful home-hunting with this guide.
- Best homeowners insurance in Massachusetts: Compare policies from a variety of providers.
Meet our Bankrate experts
Written by: Jeff Ostrowski, Principal Reporter, Mortgages
I cover mortgages and the housing market. Before joining Bankrate in 2020, I spent more than 20 years writing about real estate and the economy for the Palm Beach Post and the South Florida Business Journal. I’ve had a front-row seat for two housing booms and a housing bust. I’ve twice won gold awards from the National Association of Real Estate Editors, and since 2017 I’ve served on the nonprofit’s board of directors.
Edited by: Alice Holbrook, Editor, Home Lending
I have been a writer and editor in the personal finance space for more than a decade, with more than three of those focused on homebuying and homeownership. I’ve had work appear in outlets including Newsweek, The Washington Post, The Associated Press, USA Today and MarketWatch.