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Mortgage rates in Boston, Massachusetts

By Claes Bell · Bankrate.com
Thursday, October 20, 2016
Posted: 10 am ET

Several important mortgage rates remained steady 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 remained consistent at 3.61%, according to Bankrate's national survey of large lenders.

This week, the mortgages averaged 0.21 discount and origination points.

"With the most popular mortgage rate doing a whole lot of nothing, 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 unchanged, remaining at $751.09.

No clear direction for other Boston mortgage types

The average rate for 30-year jumbo mortgages also didn't do much of anything this week, remaining at 3.71%. 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 held as well, remaining at 2.79%. Monthly payments on a hypothetical $165,000 15-year fixed-rate mortgage held, staying at $1,122.87.

"The 15-year fixed is a popular mortgage for homeowners who want to refinance. Rates standing still is neither good news nor bad news for refinancers thinking about locking soon," says Lewis.

The benchmark 5/1 adjustable-rate mortgage rate climbed to 3.11% this week, a rise of 2 basis points. The most common variety of variable-rate mortgage, 5/1 ARMs allow homeowners to pay a fixed rate for the first 5 years, and the rate adjusts once per year every year after.

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Weekly mortgage survey

Results from Bankrate's survey of mortgage lenders conducted 10/19/2016. 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: 3.61% 2.79% 3.11% 3.71%
Change from last week: N/C N/C +0.02 N/C
Monthly payment: $751.09 $1,122.87 $705.47 $2,411.39
Change from last week: N/C N/C +$1.79 N/C
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June 16, 2014 at 4:31 pm


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


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

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