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About these rates: the lenders whose rates appear in this table are The Mortgage Reports advertising partners. This information may be different from what you see when you visit a lender's site. The terms advertised here are not offers and do not bind any lender. The rates shown here are retrieved via the Mortech rate engine and are subject to change. These rates do not include taxes, fees, and insurance. Your actual rate and loan terms will be determined by the partner's assessment of your creditworthiness and other factors. Any potential savings figures are estimates based on the information provided by you and our advertising partners.

Mortgage Payment Comparison: Top Cities in California

1. Assumes today's average rate, 15 year fixed, 720 credit score, 3.5% down or home equity, and other common loan terms as seen here.

2. Assumes today's average rate, 30 year fixed, 720 credit score, 20% down or home equity, and other common loan terms as seen here.
City	Average Home Price	FHA Monthly Payment¹	Conv. Monthly Payment²
Bamstable	410000	...	...
Worcester	241000	...	...
Springfield	232800	...	...

Buying a Home in Massachusetts

Buying a home in Massachusetts is different from doing so in most other states. To start with, you are legally required to retain the services of an attorney.

When you decide to buy a house in most states, your real estate agent draws up an offer on a standard form. Then there’s often a bit of haggling, after which the buyer and the seller sign the form, making it a binding purchase contract, subject to any contingencies written in.

However, in Massachusetts, this process has two steps:

The buyer’s agent writes up an offer on a short standard form. The two most commonly used ones are published by the Massachusetts Association of Realtors. However. As soon as the offer has been signed by the seller, you are in contract to proceed with the deal, and the seller can’t accept other offers.
Once the contingencies are satisfied — and sometimes following further haggling over issues arising from the inspection or appraisal — a longer, more detailed contract is drawn up. This is known as a Purchase and Sale Agreement — or P&S for short. And it normally lasts, intact, all the way to closing.

See your attorney if this gets complicated.

Refinancing in Massachusetts

Just as when you’re buying a home, in Massachusetts, you must be represented by an attorney when you refinance your mortgage. It’s the law.

If you find a good one, who specializes in real estate, this can be a good thing. Yours may steer you away from bad deals and toward better ones. And she might save you from making a serious mistake. At the very least, having a professional on your side can relieve some of the stress.

A couple of categories of unexpected closing costs frequently trip up those refinancing in the state:

Don’t expect the “principal balance” on your existing mortgage statement to be the whole amount you’ll have to pay to redeem your mortgage. There’s often extra interest accruing during the time leading up to closing and don’t forget you pay interest in arrears (for the preceding month)
Your lender may well require a payment from you to an escrow account for items such as future property taxes and homeowners insurance. Make sure you allow for those when calculating your closing costs

Of course, in many cases, you can roll up your closing costs, including these, within your new loan. But you need to be aware of them.

Top MA mortgage lenders

The most popular mortgage lenders in Massachusetts are a mix of national brands and smaller, regional banks. According to ValuePenguin, the five biggest MA mortgage lenders are: Citizens Bank, Bank of America, Quicken Loans, Santander Bank, and Guaranteed Rate.

If you want to explore some more options for your mortgage, see:

It helps to look at a good variety of lenders, since each one will offer different programs and rates for your unique situation.

How to find mortgage brokers in Massachusetts

A mortgage broker acts as a middle-man between you and your mortgage company. Brokers do the work of shopping for a loan on your behalf, so you have a professional to help you compare loan terms and find the lowest rates.

If you’re interested in working with a mortgage broker in Massachusetts, you can find one using this search tool from the National Association of Mortgage Brokers. Another option is to ask family, friends, or your real estate agent for broker recommendations.

Mortgage calculator: Massachusetts

Calculate your mortgage payment for a home in Massachusetts. Start by finding your current mortgage rate using the filters above. Then enter your rate, home price, down payment, and loan term into the mortgage calculator below to estimate your monthly payment.

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*You could save up to $3,000 in interest payments by comparing rates from multiple lenders

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How to get the lowest mortgage rates in MA

The good news is, today’s mortgage rates are unusually low in Massachusetts and beyond. Homebuyers and refinancers with good credit may have a chance at a historic low rate.

But this takes a little work. You’ll want to compare at least 3-5 loan estimates to find the best mortgage or refinance rate. But most lenders let you apply and get a rate online which makes the process easier.

If you want to get a few quotes at once, you can use our rate tool to find lenders that meet your needs.

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Today’s Mortgage Rates in Massachusetts

Today’s mortgage and refinance rates plus current home buying and refinance advice for Massachusetts residents