Massachusetts Mortgage and Refinance Rates

As of Thursday, October 21, 2021, current rates in Massachusetts are 3.17% for a 30-year fixed, 2.49% for a 15-year fixed, and 2.69% for a 5/1 adjustable-rate mortgage (ARM).

We’ll help you find Massachusetts mortgage and refinance rates well below the national average so you can apply and start saving on your home today.

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Massachusetts mortgage overview

By Zach Wichter

A state of nearly 7 million people, the median value for a single-family home in Massachusetts is $480,000. More than double the national average of $226,800 (which includes other kinds of residential properties), so buying a home in many parts of Massachusetts a relatively expensive proposition.

Top 5 Bankrate mortgage lenders in Massachusetts

  • AmeriSave Mortgage Corporation – Best for refinancing
  • Cardinal Financial Company – Best for low-credit score borrowers
  • Triumph Bank – Best for first-time homebuyers
  • – Best online lender
  • Watermark Home Loans – Best for VA loans


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.

AmeriSave Mortgage Corporation - Best for refinancing

Headquartered in Atlanta, AmeriSave Mortgage Corporation has financed more than $103 billion in loans and more than 390,000 properties since its founding in 2002. The lender could be an especially solid choice for refinancing an existing mortgage in Massachusetts, claiming it can close refinances in “days, not weeks.”

Strengths: Fast closing times; transparent fee structure (flat $500 application fee)

Weaknesses: Only advertises “as low as” mortgage rate (need to submit info for a true rate quote); no branch locations

Read Bankrate's AmeriSave Mortgage Corporation review

Cardinal Financial Company - Best for low-credit score borrowers

Founded in 1987, North Carolina-based Cardinal Financial Company is accredited by the Better Business Bureau and has an A+ rating. Past customers give the lender high marks: a 4.2 out of five, based on more than 350 Trustpilot reviews. On average, closings take around 30 days, but some can be as fast as one week.

Strengths: Manual underwriting capabilities for borrowers without a credit score; accepts credit score as low as 550 for FHA and VA loans; participates in down payment assistance programs

Weaknesses: Mortgage rates and lender fees aren’t available online

Read Bankrate's Cardinal Financial mortgage review

Triumph Bank - Best for first-time homebuyers

While Tennessee-based Triumph Bank is a community bank and you won’t find any locations in Massachusetts, its home loans division serves borrowers in almost every state in the country. The bank has helped more than 13,000 families buy and refinance since 2013.

Strengths: Offers a first-time homebuyer toolkit and other educational resources online; A+ rating from the Better Business Bureau

Weaknesses: Limited information about specific loan programs online; fees not listed online

Read Bankrate's Triumph Bank mortgage review - Best online lender (American Internet Mortgage) has funded more than $23 billion in loans for more than 90,000 borrowers since its founding in 1998. The lender’s customers loved their experience too, too: Two-thirds of its business come from repeat customers and referrals. You can get a rate quote in less than one minute, and the entire application process takes around 20 minutes.

Strengths: A+ rating from the Better Business Bureau; mortgage rates publicly advertised, along with full breakdown of expected fees and closing costs; website includes calculators to help compare loans

Weaknesses: Minimum credit score of 620

Read Bankrate's mortgage review

Watermark Home Loans - Best for VA loans

Watermark Home Loans is headquartered in Irvine, California, but the lender can be a great option for borrowers on the other side of the country in Massachusetts — particularly those who have served in the military. Its VA loan offerings include jumbo and refinance options up to $1.5 million.

Strengths: Has offerings exclusively available to veterans, active-duty military members and their families; donates a portion of proceeds from VA loans to help support those who have been wounded in action; website includes calculators to help prospective homeowners

Weaknesses: Mortgage rates, fees and borrower requirements aren’t listed online; must share personal information to get more details

Read Bankrate's Watermark Home Loans review

First-time homebuyer programs in Massachusetts

The Bay State has developed a number of education and mortgage programs specifically for first-time homebuyers, designed 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 than normal 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 5 percent of the purchase price or $15,000, whichever is less. The income limit for program participants is up to 135 percent of the area median income. Assistance is available for those buying a home in Boston and 26 other cities in the state, and can be used to purchase single-family homes, condominiums or two-, three- or four-family homes.
  • 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 cites. Applicants must meet 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