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Worcester, MA Mortgage Rates today

Massachusetts, steeped in history and culture, offers a rich and fulfilling lifestyle for homebuyers. From Boston's urban vibrancy to serene coastal towns, it caters to diverse tastes. With excellent schools and job opportunities, it's an ideal choice. Be sure to compare our current rates to secure an affordable mortgage in Massachusetts.

If you have any questions about securing the best mortgage rates in Massachusetts, please contact us today. We are here to assist you in finding the mortgage rates that best suit your needs.

Compare today's mortgage rates for Worcester, MA

The mortgage rates in Massachusetts are 7.000% for a 30-year fixed mortgage and 6.500% for a 15-year fixed mortgage. These rates are effective as of May 22 2024 4:15pm EST.

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6.125% RATE

7.129% APR

$2,375/mo

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Based on the assumed loan amount of $360,000 and 20% down payment

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7.000% RATE

7.370% APR

$2,395/mo

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Based on the assumed loan amount of $360,000 and 20% down payment

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6.500% RATE

7.087% APR

$3,136/mo

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Based on the assumed loan amount of $360,000 and 20% down payment

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6.125% RATE

6.698% APR

$2,215/mo

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Based on the assumed loan amount of $360,000 and 20% down payment

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6.750% RATE

7.768% APR

$2,335/mo

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Based on the assumed loan amount of $360,000 and 20% down payment

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Latest revision - May 22 2024 4:15pm EST.
We update the table twice every day with the current mortgage rates.

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Frequently Asked Questions

What are mortgage rates in Massachusetts?

Mortgage rates in MA are the interest lenders charge against home loans in Massachusetts. It fluctuates depending on market conditions, policies of lenders, and economic factors.

What are the current mortgage rates in Massachusetts?

The current mortgage rates in Massachusetts from different lenders have been listed above. These rates are updated twice daily to enable precise comparison by first-time homebuyers.

How do Massachusetts interest rates affect mortgages in the state?

Interest rates in Massachusetts directly influence the cost of borrowing. Lower rates reduce the overall cost of a loan, while higher rates result in higher monthly payments and total costs.

Where can Massachusetts residents find the best mortgage rates?

To find the best mortgage rates in MA, you must compare the mortgage rates, monthly payments, and the APR for each product we have listed in the table above.

How can Massachusetts borrowers lock in a favorable home interest rate?

If you are a first-time home buyer in Massachusetts, you can lock in a favorable interest rate by engaging in discussions about rate locking with their loan officer. An agreement about freezing quoted interest rates for particular periods can protect you from future rate fluctuations during home buying in MA.

How does the Massachusetts real estate market impact mortgage rates?

The real estate market conditions directly impact mortgage rates in Massachusetts. Aspects like property values in an area, demand for the house, and economic conditions impact the current mortgage rates in MA.

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Massachusetts First-time Homebuyer Programs

To make the homeownership journey affordable, first-time home buyers in Massachusetts can access loan programs that feature low down payments and competitive interest rates. MassHousing is a Quasi-public agency that offers affordable housing solutions that support first-time home buyers in Massachusetts. Their programs offer financial assistance, including down payment assistance and low-interest mortgage rates in MA.

Additionally, the Massachusetts Housing Partnership is another nonprofit organization that helps foster community stability and support the dream of homeownership for Massachusetts residents.

Total Mortgage has 25 years of expertise in helping first-time home buyers in Massachusetts get the best mortgage deals for their first homes. To better understand the eligibility criteria and program details, you can start by speaking to one of our seasoned experts.

MassHousing Mortgage

This is one of the most popular programs for first-time home buyers in Massachusetts, as it is tailored specifically for first-time home buyers. MassHousing is a not-for-profit organization that sells bonds and uses the profits to offer financial support to low-income and moderate-income borrowers. The down payment rates are as low as 3% and offer competitive interest rates. This is the one for you if you are looking for stable and transparent financing options.

Other noteworthy points are -

  • MI Plus or payment protection that covers the principal and interest on your loans in case of a job loss for up to six months and up to $2,000 monthly.
  • The borrower must meet the requisite eligibility conditions of mortgage lenders and finish the homebuyer education course.
  • The down payment assistance is offered for a primary residence, a condominium, or a single- to four-family home.

MassHousing Purchase and Renovation Loan

This program for first-time home buyers in Massachusetts has a single manageable loan combining the purchase price and renovation costs. If you wish to personalize your new home or if it needs repairs, this program is for you. It is a rehabilitation loan option where the borrower finances 75% of the appraised value.

Other requirements are -

  • The loan applies to a single- to four-family home.
  • The renovation amount borrowed should be a minimum of $10,000.
  • All income limits of MassHousing should be met.

Other Programs for First-Time Home Buyers in Massachusetts

  • Boston First-Time Homebuyer Program: If your property is Boston-based, you can get a first-time homebuyer grant of up to 5% of the purchase price of your home. You can get grants between $30,000 and $50,000 depending on the percentage of AMI you earn.
  • Worcester Down Payment Assistance: If you are buying a first-time home in Worcester, you can get a first-time homebuyer grant of up to $25,000 or up to 3.5% of the purchase price.

    Other Massachusetts First-Time Home Buyer Grants & Loans: FHA Loans, VA Loans, USDA Loans, HomeReady and Home Possible Loans are all designed to aid first-time homebuyers in Massachusetts with various benefits tailored to their needs.

MassHousing Down Payment Assistance Program

For most homeowners, the down payment is the biggest hurdle. Down payment assistance MA offers up to 10% of the home's purchase price to buyers in the state. The amount is usually between $30,000 and $50,000, based on the house's location.

Other Massachusetts Homebuyer Programs

The below mentioned programs are for informational purposes only and may not be offered by Total Mortgage. We strive to provide comprehensive information about various mortgage assistance options available in the market. Eligibility requirements and program availability vary depending on your location, income, and loan type. We recommend you contact a Total Mortgage Loan Officer directly for details on qualification and enrollment.(Check your eligibility)

Inclusion of a program on this website does not constitute an endorsement by Total Mortgage and does not guarantee your eligibility or approval for the program.

Massachusetts Housing Partnership (MHP) ONE Mortgage

This down payment assistance program offers low payments with reduced interest rates and no PMI. The monthly current mortgage rates in Massachusetts are affordable; MHP has a 30-year fixed-rate loan suitable for low- and moderate-income buyers. No requirements for private mortgage insurance are available for this loan.

Some of the requirements are -

  • 3% down payment assistance MA for a condo, a single or two-family home.
  • 5% down payment assistance for a 3-family home.
  • Assets need to be within $75,000.
  • Must meet the minimum credit scores and income limits.

FHA Loans

Facilitated by the Federal Housing Administration, FHA loans offer low down payments, as low as 3.5%, and you require a minimum credit score of 580.

VA Loans

Available to veterans & active military personnel, VA loans offer competitive rates and do not require a down payment.

USDA Loans

Designed for rural homebuyers, the US Department of Agriculture requires no down payment, and homebuyers get up to 100% loans with low-interest rates.

HomeReady and Home Possible Loans

These programs for first-time homebuyers in Massachusetts are offered by Fannie Mae and Freddie Mac and are designed to serve low- to moderate-income homebuyers, offering competitive mortgage rates



Today's Rates

Mortgage rates are volatile and subject to change without notice. All rates shown are for 30-day rate locks with two and a half points for a single family owner-occupied primary residence with 750 or higher FICO and 80 LTV over a 30-year loan term except where otherwise noted and are subject to mortgage approval with full documentation of income. The APR for a 30-year and 15-year conventional fixed-rate mortgage loans are calculated using a loan amount of $360,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, a $10 flood certification fee, and a $82 credit report fee.* 15-year conventional mortgage rates are calculated with a 15-year loan term.* The APR for jumbo mortgage rates is calculated using a loan amount of $500,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, $10 flood certification fee, and a $82 credit report fee.* The APR for FHA mortgage rates is calculated using a loan amount of $360,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, $10 flood certification fee, and a $82 credit report fee. Some rates and fees may vary by state.* The APR for adjustable rate mortgages (ARMs) is calculated using a loan amount of $360,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, $10 flood certification fee and a $82 credit report fee. Some rates and fees may vary by state. Products are subject to availability on a state-by-state basis. By refinancing your existing loan, your total finance charge may be higher over the life of the loan.