Massachusetts Mortgage Rates
Check Current Mortgage Rates
MASSACHUSETTS CONFORMING 30 YEAR FIXED RATESToday's Average: 3.97% What does this mean?
About Mortgage Rates in Massachusetts
Home buyers in Massachusetts from Boston to Springfield are all searching for the best mortgage deal. The area has over 2.2 million housing units that are over 60% owner occupied. There are so many borrowing opportunities from competing banks and the options are endless. It can become overwhelming trying to find the lowest interest rate, lowest interest expenses, cheapest closing costs and lowest monthly payment.
Mortgage 101 is here to help. You will be given the best possible mortgage options for your area and all the help of useful online tools to calculate mortgages, determine how much you can afford and find your tax benefits.
The 5/5 & 5/1 Adjustable Rate Mortgage
This mortgage type offers a stable payment and interest rate for the first five years. In the sixth year the interest rates, and therefore the payments, are adjusted every five years for the 5/5 arm and every year for the 5/1 arm.
Fixed Rate Mortgage
Mortgage Refinancing in Massachusetts
In some instances, refinancing your current mortgage loan can help you lower your mortgage payment. Borrowers can borrow against the equity built up in their home at a lower cost than they can from other sources. Like most mortgage interest, another benefit to mortgage refinancing is that if you pay off credit cards, the interest you pay will now be tax deductible.
Other Mortgage Terms
Origination Fee - The fee charged by a lender to prepare loan documents make credit checks inspect and sometimes appraise a property; usually computed as a percentage of the face value of the loan.
Mortgage Insurance - Money paid to insure the mortgage when the down payment is less than 20 percent.
Closing Costs - Expenses over and above the price of the property that are incurred by buyers and sellers when transferring ownership of a property. Closing costs normally include an origination fee property taxes charges for title insurance and escrow costs appraisal fees etc. Closing costs will vary according to the area country and the lenders used.