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Mortgage rates in Boston

By Claes Bell · Bankrate.com
Thursday, August 17, 2017
Posted: 9 am ET

Mortgage rates moved in different directions in the Boston area this week.

Key 30-year rate flat in Boston

The average rate on the benchmark 30-year fixed-rate mortgage rate for the Boston area stood at 3.96 percent, according to Bankrate's national survey of large lenders.

In this week's survey, the mortgages had an average of 0.23 discount and origination points.

With the most popular mortgage rate frozen in place, it's neither good news nor bad news for potential borrowers who were waiting to lock a mortgage rate.

Monthly payments on a hypothetical $165,000 30-year fixed-rate mortgage were also constant, holding at $783.94.

Other Boston mortgage types mixed

The average rate for 30-year jumbo mortgages went in the other direction this week, up 2 basis points to 4.00 percent. Jumbo mortgages are used for loan amounts above limits set by the Federal Housing Finance Agency; for the Boston area, that limit is $598,000.

The average rate for 15-year fixed-rate mortgages ticked downwards to 3.19 percent, down 1 basis point from last week. Monthly payments on a hypothetical $165,000, 15-year fixed-rate mortgage followed rates on the decline, ticking down $0.80 to $1,154.60.

The 15-year fixed is a popular mortgage for homeowners who want to refinance. With this downward trend in the 15-year fixed, a refinance will be more tempting to some homeowners.

The benchmark 5/1 adjustable-rate mortgage rate diminished 7 points this week, to 3.41 percent. 5/1 adjustable-rate mortgages allow property owners to pay a fixed rate for the first 5 years, and the rate adjusts once per year every year after. They are the most popular type of variable-rate mortgage.

Compare mortgage rates in your area now.

Weekly mortgage survey

Results from Bankrate's survey of mortgage lenders conducted August 16, 2017. Monthly payments are for a $165,000 loan. The jumbo rate is for the minimum jumbo loan amount of $598,000 in the Boston area.
30-year fixed 15-year fixed 5-year ARM 30-year jumbo
This week's rate: 3.96% 3.19% 3.41% 4.00%
Change from last week: N/C -0.01 -0.07 +0.02
Monthly payment: $783.94 $1,154.60 $732.66 $2,854.94
Change from last week: N/C -$0.80 -$6.39 +$6.90

Methodology: The "Bankrate.com National Average," or "national survey of large lenders," is conducted weekly. To conduct the National Average survey, Bankrate obtains rate information from the 10 largest banks and thrifts in 10 large U.S. markets. In the Bankrate.com national survey, our Market Analysis team gathers rates and/or yields on banking deposits, loans and mortgages. We've conducted this survey in the same manner for more than 30 years, and because it's consistently done the way it is, it gives an accurate national apples-to-apples comparison.

To learn more about the different rate averages Bankrate publishes, see "Understanding Bankrate's Rate Averages."

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Harvard Medical School
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