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Massachusetts Mortgage and Refinance Rates

As of Monday, February 6, 2023, current rates in Massachusetts are 6.29% for a 30-year fixed and 5.49% for a 15-year fixed.

Bankrate has offers for Massachusetts mortgage and refinances from top partners that are well below the national average. Compare, apply, and start saving today.

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money.

Massachusetts mortgage overview

A state of nearly 7 million people, the average home value in Massachusetts was $578,000 as of December 2022, according to Zillow data.

Top 5 Bankrate mortgage lenders in Massachusetts

  • Watermark Home Loans
  • Fairway Independent Mortgage Corporation
  • Northern Bank
  • NewFed Mortgage


Bankrate helps thousands of borrowers find mortgage and refinance lenders every day. To determine the top mortgage lenders, we analyzed proprietary data across more than 150 lenders to assess which on our platform received the most inquiries within a three-month period. We then assigned superlatives based on factors such as fees, products offered, convenience and other criteria. These top lenders are updated regularly. is a direct mortgage lender that operates in all 50 states.


  • Transparent rates on the website
  • Available in all 50 states
  • Fast initial loan processing


  • No brick-and-mortar locations

Read Bankrate's user reviews.

Watermark Home Loans

Watermark Home Loans is a direct online mortgage lender that has been in business since 2006. The lender is based in Irvine, California, and is available to borrowers in more than 35 states. It offers an array of mortgage options, including conventional and government-insured loans, as well as niche products like interest-only and piggyback loans. The lender also provides refinancing options.


  • Free rate watch
  • No-closing-cost loans available
  • Offers programs specifically for military veterans, including waiving the VA funding fee for certain applicants


  • Rates and requirements aren’t listed online
  • Some information online inconsistent with other areas of website

Read Bankrate's Watermark Home Loans review.

Fairway Independent Mortgage Corporation

Fairway Independent Mortgage Corporation is one of the top mortgage lenders in the U.S. in terms of loan volume. The lender’s loan products are available to borrowers nationwide, and it has branch locations in 48 states (not Alaska or West Virginia) and Washington, D.C. Its loan options include conventional and government loans, refinancing and physician loans for doctors and other medical professionals.


  • Extensive learning resources for borrowers, including
  • Streamlined electronic submission of loan documents
  • FairwayNow mobile app allows users to track application status, message the lender, upload documents, calculate payments and more


  • Doesn’t offer home equity lines of credit (HELOCs)
  • Specific rates not posted online

Read Bankrate's Fairway Independent Mortgage Corporation review.

Northern Bank

Northern Bank is a national lending institution with brick-and-mortar locations in Massachusetts. Applicants can apply online or in person.


  • Can apply online
  • Branch locations available across the state
  • Many loan types offered


  • Rates not advertised online

Read Bankrate's Northern Bank user reviews.

NewFed Mortgage

NewFed Mortgage is a full-service mortgage lender operating in several states throughout the country. It offers a wide range of loan options for borrowers with varying qualifications and a best-rate guarantee: It’ll pay you $500 if you can find a better deal at another lender.


  • Wide range of loan options for borrowers of all types, including terms from eight to 30 years
  • Homes for Heroes program can save eligible borrowers in public-service professions up to $3,500


  • Doesn't offer online approval process; you have to speak to a loan officer first
  • Only licensed in some states
  • Branch access limited to Massachusetts and New Hampshire

Read Bankrate's NewFed Mortgage review.

First-time homebuyer programs in Massachusetts

The Bay State has developed a number of educational and mortgage programs specifically for first-time homebuyers to help make homeownership more attainable.

  • MassHousing Mortgage: Created in 1966, MassHousing is a quasi-public agency with a mission of providing financing for affordable housing in Massachusetts. The agency offers the MassHousing Mortgage, which offers lower interest rates that are fixed for the life of the loan and lower down payments for qualifying buyers.
  • MassHousing Down Payment Assistance: Separate from its mortgage program, MassHousing also operates a down payment assistance program that provides eligible borrowers up to $25,000 in down payment assistance, though conditions apply.
  • Purchase and Renovation Loan: For those interested in buying a fixer-upper home, MassHousing offers the Purchase and Renovation mortgage program. Though not specifically created for first-time homebuyers, this program provides another affordable route to homeownership: It offers financing for both buying the home and renovations, which are combined into one single monthly mortgage payment. Income limits for the program vary by city.
  • The Workforce Advantage Program: Yet another program from MassHousing, the Workforce Advantage option targets first-time homebuyers whose income is as much as 80 percent of the area median income where they hope to purchase a home. The program can be used to purchase condominiums and single-family homes in Boston or one of 26 other cities. It offers a fixed interest rate and down payment assistance of up to 5 percent of the purchase price or $25,000 in Boston, or up to $15,000 in the rest of the state.
  • Operation Welcome Home: Specifically designed to provide military borrowers with affordable financing, the Operation Welcome Home program is available to active duty military, veterans, Gold Star families and those in the National Guard and Reserves. It provides closing assistance of as much as $2,500, money that can be combined with a down payment assistance program. Only first-time homebuyers are eligible unless the home is being purchased in certain cities. Applicants must not exceed income limits.
  • One Mortgage: Aimed at low- to moderate-income homebuyers, One Mortgage is a program from the Massachusetts Housing Partnership, a nonprofit organization. Highlights of the program include a low, fixed interest rate; down payments as low as 3 percent; and elimination of the private mortgage insurance (PMI) requirement, which cuts the cost of your monthly mortgage payment.

Massachusetts mortgage refinancing

When it comes time to refinance in Massachusetts, private lenders are an option, as is MassHousing, which doesn’t just assist with new mortgages. MassHousing offers refinancing programs designed to help Bay State homeowners save money. Its refinance options include fixed interest rates for the life of the loan and mortgage insurance that provides mortgage payment protection, which safeguards against such things as job loss.

Key points to keep in mind when you’re seeking to refinance is that you’re not required to work with the same lender you obtained the original mortgage from. In addition, you should do your research, shop around and make sure you’re getting the best possible rate and terms on a new mortgage.

Massachusetts mortgage resources