We’ve looked around the country at local offers to find the best mortgage interest rates in various regions. Today, we here at Peak Personal Finance are going to show you the best home loans in Massachusetts.
The rates we’re showing here will assume a loan amount commensurate with local home values, a down payment or equity of up to 20% of the loan value, and a credit score of at least 700. These best home mortgage rates are variable, of course, changing relatively often and will not always be the same for each location or situation. Be sure to talk with your mortgage broker and financial adviser before making your decision.
The best mortgage rates in Massachusetts are as follows:
30-year Fixed Rate
Polaris Funding Group has a 4.625% interest (4.897% APR) offer with $1,800 in fees, 0/2.0 points and a 30-day lock in period. To eliminate those points raises the rate to 4.875% (4.971% APR).
Quicken Loans offers a 4.875% interest rate (5.140% APR) with $1,600 in fees and 2.0 points with a 45-day lock in period.
Cambridge Savings Bank offers a 5.125% interest (5.192% APR) with no points and fees based on percentage (about 0.01) and a 45-day lock in period.
15-year Fixed Rate
For this term, Polaris Funding Group offers a 4.25% interest rate (4.413% APR) with no points and a $1,800 fixed fee and 30-day lock in period.
Cambridge Savings Bank offers a 4.5% interest (4.613% APR) with no points and fees based on loan amount. A 45-day lock in is also offered.
Quicken Loans has a 4.5% interest rate as well (4.935% APR) with 1.875 points, fixed $1,600 fee, and a 45-day lock in rate.
5/1 Adjustable Rate Mortgage
If an adjustable rate mortgage (ARM) is right for you, some of the best home loans in Massachusetts are available too.
Lowell Five Cent Savings Bank has a 3.75% interest (3.619% APR) with $280 in fees and 1 point, plus a 60-day lock in. To removes that point, the rate jumps to 4.0% (3.626% APR).
Cambridge Savings Bank also offers 4.875% interest (3.818% APR) with no points and 0.01% in fees. Same sixty day lock-in.
Buying a home is a big step and should not be taken lightly. Your situation will vary from those above, but these numbers should give you a good guideline as to what to expect for the best mortgage rates in Massachusetts.
