Rates Blog

Finance Blogs » Rates Blog » Mortgage rates in Boston, Massachusetts

Mortgage rates in Boston, Massachusetts

By Claes Bell · Bankrate.com
Thursday, September 22, 2016
Posted: 10 am ET

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

Benchmark 30-year rate remains unchanged in Boston

The average rate on the benchmark 30-year fixed-rate mortgage rate for the Boston area stood at 3.58%, according to Bankrate's national survey of large lenders.

In the survey for the current week, the mortgages had an average of 0.19 discount and origination points.

"With the most popular mortgage rate standing still, it's neither good news nor bad news for potential borrowers who were waiting to lock a mortgage rate," says Holden Lewis, Bankrate's senior mortgage analyst.

Monthly payments on a hypothetical $165,000 30-year fixed-rate mortgage were also consistent, staying at $748.31.

Other Boston mortgage types mixed

The average rate for 30-year jumbo mortgages also didn't register a change this week, remaining at 3.68%. Jumbo mortgages are used for loan amounts above limits set by the Federal Housing Finance Agency -- for the Boston area, that limit is $523,250.

The average rate for 15-year fixed-rate mortgages slipped 4 basis points, falling to 2.75%. Monthly payments on a hypothetical $165,000, 15-year fixed-rate mortgage followed rates ticking downwards, down $3.14 to $1,119.73.

"The 15-year fixed is a popular mortgage for homeowners who want to refinance. With this fall in the 15-year fixed, a refinance will be more profitable to some homeowners," Lewis says.

The benchmark 5/1 adjustable-rate mortgage rate climbed to 3.09% this week, a rise of 1 basis point. 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 variety of variable-rate mortgage.

RATE SEARCH: Compare mortgage rates in your area now.

Weekly mortgage survey

Results from Bankrate's survey of mortgage lenders conducted 9/21/2016. Monthly payments are for a $165,000 loan. The jumbo rate is for the minimum jumbo loan amount of $523,250 in the Boston area.
30-year fixed 15-year fixed 5-year ARM 30-year jumbo
This week's rate: 3.58% 2.75% 3.09% 3.68%
Change from last week: N/C -0.04% +0.01% N/C
Monthly payment: $748.31 $1,119.73 $703.68 $2,402.52
Change from last week: N/C -$3.14 +$0.90 N/C
«
»
Bankrate wants to hear from you and encourages comments. We ask that you stay on topic, respect other people's opinions, and avoid profanity, offensive statements, and illegal content. Please keep in mind that we reserve the right to (but are not obligated to) edit or delete your comments. Please avoid posting private or confidential information, and also keep in mind that anything you post may be disclosed, published, transmitted or reused.

By submitting a post, you agree to be bound by Bankrate's terms of use. Please refer to Bankrate's privacy policy for more information regarding Bankrate's privacy practices.
6 Comments
sebastien
June 16, 2014 at 4:31 pm

Dear,

Could you do a mortgage for a J1 Visa holder (status valid for the next 3y)

Regards,

Sebastien Talbot. PhD
Harvard Medical School
300 Longwood Ave, Boston, Ma, 02119

Add a comment

(Comments may take 5-10 minutes to appear)