The following table shows current 30-year mortgage refinance rates. You can use the menus to select other loan durations, alter the loan amount. or change your location.

Home Mortgage Rates in Massachusetts

The metro Boston area has an estimated population of 4,794,447 while 6,811,779 live across the state. With more than 70 percent of its population living in the Greater Boston area, Massachusetts is a study in contrasts. A few of the most notable ones are rural versus urban, historical versus modern and rich versus poor.

Massachusetts is the site of the first colony in New England. The Pilgrims landed in 1620 in Plymouth, and much of America's early history can be traced to the Commonwealth of Massachusetts. Originally a state dependent on fishing and farming, the state’s economy switched over to manufacturing after the Industrial Revolution and has shifted again in recent decades to focus more on engineering, finance and biotechnology.

The state prides itself on its education system. Not only are two of the most highly ranked universities in the word located there – Harvard University and the Massachusetts Institute of Technology – but the Massachusetts public school system also ranks as one of the nation's best.

Centuries old homes dot the landscape while modern glass high-rises fill the Boston skyline. However, the law of supply and demand has a big impact on Massachusetts real estate. June 2017 marked the 64^th time in 65 months that the state's inventory of single family homes decreased when compared with the previous month, according to an article in the Boston Globe.

That demand for inventory is driving up prices across the state. The median home value in Massachusetts was $377,200 in September 2017. That value represents an increase of 7.1 percent over the previous year, and analysts expect values will rise 2.7 percent over the next year.

The median listing price for a home in the state was $419,900 with the median price per square foot at $243. The average rental price in Massachusetts was $2,600.

How Massachusetts Weathered the 2008 Recession

On some levels, it appears Massachusetts came through the recession well. Its poverty rate – one of the nation's lowest – has remained stable throughout the past decade as has its annual incomes. Analysts believe the low poverty rate is due to the fact that the state draws highly educated workers to its many jobs in technology, health and higher education.

On the other hand, the lack of new single-family homes on the market in Massachusetts reveals a sluggish rate of new construction since 2008.

Another factor – and another one of the state's marked contrasts – is the wide income gap among wage earners. Massachusetts vies with Arizona for the state with the widest income span in the nation. The top 10 percent of Massachusetts households earn an income that is equivalent to that of the bottom 70 percent combined.

The low inventory and resulting increasing prices for homes have made it difficult for first-time buyers to find affordable single-family homes or condos in the Boston area.

Foreclosures are still impacting the Massachusetts real estate market. In Boston, 6.1 homes were foreclosed (per 10,000) in 2017. This number exceeds the national rate of 1.7 homes per 10,000.

In 2000 the homeownership rate across the state of Massachusetts stood at 59.9%. This rate trended upward throughout the national housing bubble, the Great Recession & the early portion of the recovery with the peak coming in 2012 at 65.8%. By 2016 the ownership rate had fallen back to 59.7%.

Popular Locations Across the State

Metropolitan Areas

MA Rank	US Rank	Metropolitan Area	2016 Pop	2010 Pop	Change	% △
1	10	Boston-Cambridge-Newton, MA-NH Metro Area	4,794,447	4,552,402	242,045	5.32%
2	38	Providence-Warwick, RI-MA Metro Area	1,614,750	1,600,852	13,898	0.87%
3	58	Worcester, MA-CT Metro Area	935,781	916,980	18,801	2.05%
4	90	Springfield	630,283	621,570	8,713	1.40%
5	208	Barnstable	214,276	215,888	-1,612	-0.75%
6	321	Pittsfield	126,903	131,219	-4,316	-3.29%
7	479	Greenfield	70,382	71,372	-990	-1.39%
8	919	Vineyard Haven	17,246	16,535	711	4.30%

Boston

As the state's capital city and its population center, Boston is the heart of Massachusetts. The sprawling metropolitan area offers history, beauty, arts and culture, professional sports, entertainment, fine dining and a fierce sense of civic price.

Comprising the cities of Boston itself, as well as Worcester, Providence, Lowell, Cambridge and Quincy, the Boston metro area spans 4,500 square miles. The city of Boston had a population of 667,137 in 2016, while the Greater Boston area’s population was estimated at 4.7 million.

As you might expect with such a large geographic area, the Greater Boston area has many different communities with their own distinct flavors. Bostonians take pride in their roots and in their neighborhoods.

Local residents can enjoy baseball, basketball, football and hockey. Boston is home to the Red Sox, Celtics, and Bruins. The New England Patriots stadium is about a half-hour drive southwest, near the city of Foxborough.

The median value for a home in Boston was $560,300 in mid-2017, an increase of 11 percent over the past year. Experts expect values will rise about 3.8 percent over the next year.

The median listing price of homes in Boston was $699,000, and the average list price per square foot was $645, a price that exceeds the Greater Boston median price of $267. Rents average $2,700 in Boston, as compared with the metro rental average of $2,600.

International buyers are showing an increased interest in downtown Boston real estate, making it their third top choice (after New York and Los Angeles) of American cities for investment. A new Boston price record was set recently when a private equity investor paid $35 million for a penthouse condo.

Springfield

Located in western Massachusetts along the eastern banks of the Connecticut River, Springfield and its surrounding area are the second – albeit distant second – most populous area in the state. Founded in 1636, it is the first of the many cities named Springfield in the United States.

Springfield's city population is estimated at 154,074 while its metro population is estimated at 692,942. The city, which shares an airport with its across the river Connecticut neighbor of Hartford, is home to an array of higher educational institutions, including Springfield College, Western New England University and American International College.

The city offers abundant natural beauty and opportunities to enjoy the outdoors. There are 17 different neighborhoods in Springfield, each with its own characteristics and many of which offer a small town feel within a larger city.

The median value for a Springfield home in mid-2017 was $144,100, which is an increase of 8.3 percent over the previous year. Experts predict values will increase 3.7 percent in the coming year. The median home listing price was $149,000.

The average per square foot price was $113, which is lower than the Springfield metro area average price of $152. The average rental price in Springfield was $1,398, which is lower than the metro average of $1,500.

New Bedford, Fall River and Taunton

New Bedford, Fall River and Taunton are the three largest cities in the South Coast region of the state of Massachusetts. The entire region includes 11 municipalities with a combined population of about 306,588.

Formerly a whaling capital of the world, the seaport area is home to the largest Portuguese-American community in the nation.

Fishing and manufacturing are the largest businesses in the area, with jobs in tourism and education on the rise. Additionally, the area is embracing wind technology, and it hopes to be a center for that growing energy market.

The median home value in 2017 in New Bedford was $224,500, an increase of 8.7 percent over the previous year. Real estate experts expect that values will rise 3.7 percent over the next year.

The median listing price of in New Bedford was $209,800. The average price per square foot was $149, a price that is lower than the South Coast average of $198.

Massachusetts Census Data

Massachusetts has an estimated population of 6,811,779 across 7,800.6 square miles, giving the state a population density of 873.24 people per square mile. Here is a table of cities & towns with a population above 10,000. based on the 2010 United States Census data & the 2016 population estimate update.

All table columns are sortable. Click on the column headers to sort by that column. Click again to sort low to high. Cities with higher levels of population growth typically see the increased demand drive faster real estate price appreciation.

Rank	Geography	County	2016 Pop	2010 Pop	Change	% △	Land mi²	Pop Den mi²	Established
1	Boston	Suffolk	673,184	617,594	55,590	9.00%	48.28	13,943.33	1630
2	Worcester	Worcester	184,508	181,045	3,463	1.91%	37.37	4,937.33	1684
3	Springfield	Hampden	154,074	153,060	1,014	0.66%	31.87	4,834.45	1636
4	Cambridge	Middlesex	110,651	105,162	5,489	5.22%	6.39	17,316.28	1636
5	Lowell	Middlesex	110,558	106,519	4,039	3.79%	13.58	8,141.24	1826
6	Brockton	Plymouth	95,630	93,810	1,820	1.94%	21.33	4,483.36	1821
7	New Bedford	Bristol	95,032	95,072	-40	-0.04%	20	4,751.60	1787
8	Quincy	Norfolk	93,688	92,271	1,417	1.54%	16.57	5,654.07	1792
9	Lynn	Essex	92,697	90,329	2,368	2.62%	10.74	8,631.01	1629
10	Newton	Middlesex	89,045	85,146	3,899	4.58%	17.84	4,991.31	1688
11	Fall River	Bristol	88,930	88,857	73	0.08%	33.13	2,684.27	1803
12	Somerville	Middlesex	81,322	75,754	5,568	7.35%	4.12	19,738.35	1842
13	Lawrence	Essex	80,209	76,377	3,832	5.02%	6.93	11,574.17	1847
14	Framingham	Middlesex	71,594	68,318	3,276	4.80%	25.04	2,859.19	1700
15	Waltham	Middlesex	63,002	60,632	2,370	3.91%	12.73	4,949.10	1738
16	Haverhill	Essex	62,873	60,879	1,994	3.28%	32.97	1,906.98	1641
17	Malden	Middlesex	60,840	59,450	1,390	2.34%	5.04	12,071.43	1649
18	Plymouth	Plymouth	59,303	56,468	2,835	5.02%	96.46	614.79	1620
19	Brookline	Norfolk	59,126	58,732	394	0.67%	6.75	8,759.41	1705
20	Medford	Middlesex	57,213	56,173	1,040	1.85%	8.1	7,063.33	1630
21	Taunton	Bristol	56,843	55,874	969	1.73%	46.7	1,217.19	1639
22	Chicopee	Hampden	55,991	55,298	693	1.25%	22.83	2,452.52	1848
23	Weymouth	Norfolk	55,972	53,743	2,229	4.15%	16.79	3,333.65	1635
24	Revere	Suffolk	53,157	51,755	1,402	2.71%	5.69	9,342.18	1846
25	Peabody	Essex	52,491	51,251	1,240	2.42%	16.21	3,238.19	1868
26	Methuen	Essex	49,917	47,255	2,662	5.63%	22.25	2,243.46	1725
27	Everett	Middlesex	46,340	41,667	4,673	11.22%	3.43	13,510.20	1870
28	Arlington	Middlesex	45,052	42,844	2,208	5.15%	5.15	8,747.96	1807
29	Attleboro	Bristol	44,434	43,593	841	1.93%	26.81	1,657.37	1694
30	Barnstable	Barnstable	44,254	45,193	-939	-2.08%	59.8	740.03	1639
31	Salem	Essex	43,132	41,340	1,792	4.33%	8.28	5,209.18	1626
32	Pittsfield	Berkshire	42,846	44,737	-1,891	-4.23%	40.47	1,058.71	1761
33	Billerica	Middlesex	42,700	40,243	2,457	6.11%	25.57	1,669.93	1655
34	Leominster	Worcester	41,663	40,759	904	2.22%	28.81	1,446.13	1740
35	Westfield	Hampden	41,552	41,094	458	1.11%	46.32	897.06	1669
36	Beverly	Essex	41,365	39,502	1,863	4.72%	15.09	2,741.22	1668
37	Fitchburg	Worcester	40,414	40,318	96	0.24%	27.83	1,452.17	1764
38	Holyoke	Hampden	40,280	39,880	400	1.00%	21.28	1,892.86	1850
39	Amherst	Hampshire	40,079	37,819	2,260	5.98%	27.6	1,452.14	1775
40	Chelsea	Suffolk	39,699	35,177	4,522	12.85%	2.21	17,963.35	1739
41	Marlborough	Middlesex	39,697	38,499	1,198	3.11%	20.87	1,902.11	1660
42	Woburn	Middlesex	39,452	38,120	1,332	3.49%	12.64	3,121.20	1642
43	Braintree	Norfolk	37,297	35,744	1,553	4.34%	13.75	2,712.51	1640
44	Shrewsbury	Worcester	36,760	35,608	1,152	3.24%	20.73	1,773.28	1727
45	Natick	Middlesex	36,137	33,006	3,131	9.49%	14.95	2,417.19	1781
46	Chelmsford	Middlesex	35,152	33,802	1,350	3.99%	22.37	1,571.39	1655
47	Watertown	Middlesex	35,025	31,915	3,110	9.74%	3.99	8,778.20	1630
48	Dartmouth	Bristol	34,718	34,032	686	2.02%	60.92	569.89	1664
49	Randolph	Norfolk	33,610	32,112	1,498	4.66%	9.83	3,419.13	1793
50	Lexington	Middlesex	33,410	31,394	2,016	6.42%	16.43	2,033.48	1713
51	Franklin	Norfolk	33,150	31,635	1,515	4.79%	26.63	1,244.84	1778
52	Andover	Essex	32,461	33,201	-740	-2.23%	30.85	1,052.22	1646
53	Falmouth	Barnstable	31,473	31,531	-58	-0.18%	44.07	714.16	1686
54	Dracut	Middlesex	31,352	29,457	1,895	6.43%	20.63	1,519.73	1701
55	Tewksbury	Middlesex	30,906	28,961	1,945	6.72%	20.7	1,493.04	1734
56	Needham	Norfolk	30,755	28,886	1,869	6.47%	12.29	2,502.44	1711
57	North Andover	Essex	30,628	28,352	2,276	8.03%	26.31	1,164.12	1855
58	Gloucester	Essex	29,798	28,789	1,009	3.50%	26.2	1,137.33	1623
59	Wellesley	Norfolk	29,215	27,982	1,233	4.41%	10.02	2,915.67	1881
60	Norwood	Norfolk	29,097	28,602	495	1.73%	10.37	2,805.88	1872
61	North Attleborough	Bristol	29,075	28,712	363	1.26%	18.87	1,540.81	1887
62	Agawam	Hampden	28,718	28,438	280	0.98%	23.31	1,232.00	1855
63	Milford	Worcester	28,646	27,999	647	2.31%	14.75	1,942.10	1780
64	West Springfield	Hampden	28,529	28,391	138	0.49%	16.71	1,707.30	1774
65	Northampton	Hampshire	28,483	28,549	-66	-0.23%	34.24	831.86	1656
66	Stoughton	Norfolk	28,431	26,962	1,469	5.45%	16.09	1,767.00	1726
67	Saugus	Essex	27,999	26,628	1,371	5.15%	10.79	2,594.90	1815
68	Melrose	Middlesex	27,928	26,983	945	3.50%	4.68	5,967.52	1850
69	Danvers	Essex	27,909	26,493	1,416	5.34%	13.28	2,101.58	1775
70	Bridgewater	Plymouth	27,596	26,563	1,033	3.89%	27.32	1,010.10	1656
71	Milton	Norfolk	27,351	27,003	348	1.29%	13.01	2,102.31	1662
72	Wakefield	Middlesex	26,753	24,932	1,821	7.30%	7.36	3,634.92	1812
73	Burlington	Middlesex	26,351	24,498	1,853	7.56%	11.73	2,246.46	1799
74	Belmont	Middlesex	26,171	24,729	1,442	5.83%	4.65	5,628.17	1859
75	Reading	Middlesex	25,834	24,747	1,087	4.39%	9.95	2,596.38	1644
76	Marshfield	Plymouth	25,807	25,132	675	2.69%	28.62	901.71	1640
77	Dedham	Norfolk	25,263	24,729	534	2.16%	10.25	2,464.68	1636
78	Walpole	Norfolk	25,125	24,070	1,055	4.38%	20.44	1,229.21	1724
79	Middleborough	Plymouth	24,782	23,116	1,666	7.21%	69.07	358.80	1669
80	Westford	Middlesex	24,232	21,951	2,281	10.39%	30.27	800.53	1729
81	Easton	Bristol	24,038	23,112	926	4.01%	28.75	836.10	1725
82	Mansfield	Bristol	23,737	23,184	553	2.39%	20.09	1,181.53	1775
83	Acton	Middlesex	23,633	21,924	1,709	7.80%	19.87	1,189.38	1735
84	Wilmington	Middlesex	23,570	22,325	1,245	5.58%	16.98	1,388.10	1730
85	Yarmouth	Barnstable	23,414	23,793	-379	-1.59%	24.15	969.52	1639
86	Canton	Norfolk	23,252	21,561	1,691	7.84%	18.8	1,236.81	1797
87	Hingham	Plymouth	23,202	22,157	1,045	4.72%	22.21	1,044.66	1635
88	Winchester	Middlesex	22,808	21,374	1,434	6.71%	6.03	3,782.42	1850
89	Wareham	Plymouth	22,601	21,822	779	3.57%	35.86	630.26	1739
90	Stoneham	Middlesex	21,953	21,437	516	2.41%	6.02	3,646.68	1725
91	Ludlow	Hampden	21,425	21,103	322	1.53%	27.2	787.68	1775
92	Marblehead	Essex	20,493	19,808	685	3.46%	4.39	4,668.11	1629
93	Gardner	Worcester	20,430	20,228	202	1.00%	22.08	925.27	1785
94	Sandwich	Barnstable	20,391	20,675	-284	-1.37%	42.74	477.09	1638
95	Bourne	Barnstable	19,837	19,754	83	0.42%	40.64	488.12	1884
96	Hudson	Middlesex	19,826	19,063	763	4.00%	11.52	1,721.01	1866
97	Concord	Middlesex	19,809	17,668	2,141	12.12%	24.52	807.87	1635
98	Norton	Bristol	19,569	19,031	538	2.83%	27.81	703.67	1711
99	Westborough	Worcester	18,946	18,272	674	3.69%	20.58	920.60	1717
100	Sudbury	Middlesex	18,897	17,659	1,238	7.01%	24.27	778.62	1639
101	Holden	Worcester	18,799	17,346	1,453	8.38%	35.08	535.89	1741
102	Grafton	Worcester	18,607	17,765	842	4.74%	22.81	815.74	1735
103	Scituate	Plymouth	18,598	18,133	465	2.56%	17.63	1,054.91	1636
104	Pembroke	Plymouth	18,358	17,837	521	2.92%	21.78	842.88	1712
105	Sharon	Norfolk	18,286	17,612	674	3.83%	23.44	780.12	1775
106	Somerset	Bristol	18,223	18,165	58	0.32%	7.9	2,306.71	1790
107	Winthrop	Suffolk	18,190	17,497	693	3.96%	1.97	9,233.50	1852
108	Newburyport	Essex	17,987	17,416	571	3.28%	8.35	2,154.13	1764
109	Rockland	Plymouth	17,861	17,489	372	2.13%	10.32	1,730.72	1874
110	South Hadley	Hampshire	17,794	17,514	280	1.60%	17.71	1,004.74	1775
111	Ashland	Middlesex	17,684	16,593	1,091	6.58%	12.33	1,434.23	1846
112	Foxborough	Norfolk	17,519	16,865	654	3.88%	19.85	882.57	1778
113	Greenfield	Franklin	17,456	17,456	0	0.00%	21.43	814.56	1775
114	Amesbury	Essex	17,430	16,283	1,147	7.04%	12.26	1,421.70	1668
115	Bellingham	Norfolk	17,012	16,332	680	4.16%	18.35	927.08	1719
116	Hopkinton	Middlesex	16,978	14,925	2,053	13.76%	26.26	646.53	1715
117	Webster	Worcester	16,857	16,767	90	0.54%	12.37	1,362.73	1832
118	Southbridge	Worcester	16,831	16,719	112	0.67%	20.28	829.93	1816
119	Northbridge	Worcester	16,556	15,707	849	5.41%	17.26	959.21	1775
120	Auburn	Worcester	16,499	16,188	311	1.92%	15.48	1,065.83	1778
121	Swansea	Bristol	16,482	15,865	617	3.89%	22.69	726.40	1667
122	Abington	Plymouth	16,311	15,985	326	2.04%	9.65	1,690.26	1712
123	East Longmeadow	Hampden	16,173	15,720	453	2.88%	13.01	1,243.12	1894
124	Fairhaven	Bristol	16,134	15,873	261	1.64%	12.33	1,308.52	1812
125	Westwood	Norfolk	16,079	14,618	1,461	9.99%	10.88	1,477.85	1897
126	Easthampton	Hampshire	16,059	16,053	6	0.04%	13.33	1,204.73	1809
127	Duxbury	Plymouth	15,926	15,059	867	5.76%	23.74	670.85	1637
128	Westport	Bristol	15,854	15,532	322	2.07%	49.84	318.10	1787
129	Longmeadow	Hampden	15,806	15,784	22	0.14%	9.12	1,733.11	1783
130	North Reading	Middlesex	15,646	14,892	754	5.06%	13.14	1,190.72	1853
131	Seekonk	Bristol	15,244	13,722	1,522	11.09%	18.37	829.83	1812
132	Belchertown	Hampshire	15,033	14,649	384	2.62%	52.64	285.58	1761
133	Northborough	Worcester	14,994	14,155	839	5.93%	18.48	811.36	1775
134	Whitman	Plymouth	14,919	14,489	430	2.97%	6.94	2,149.71	1875
135	Swampscott	Essex	14,827	13,787	1,040	7.54%	3.02	4,909.60	1852
136	Wilbraham	Hampden	14,640	14,219	421	2.96%	22.16	660.65	1763
137	Holliston	Middlesex	14,556	13,547	1,009	7.45%	18.64	780.90	1724
138	Hanover	Plymouth	14,485	13,879	606	4.37%	15.61	927.93	1727
139	East Bridgewater	Plymouth	14,452	13,794	658	4.77%	17.21	839.74	1823
140	Bedford	Middlesex	14,411	13,320	1,091	8.19%	13.66	1,054.98	1729
141	Mashpee	Barnstable	14,223	14,006	217	1.55%	23.39	608.08	1870
142	Dennis	Barnstable	14,001	14,207	-206	-1.45%	20.51	682.64	1793
143	Raynham	Bristol	13,942	13,383	559	4.18%	20.49	680.43	1731
144	Uxbridge	Worcester	13,913	13,457	456	3.39%	29.59	470.19	1727
145	Oxford	Worcester	13,911	13,709	202	1.47%	26.53	524.35	1713
146	Ipswich	Essex	13,835	13,175	660	5.01%	32.11	430.86	1634
147	Wayland	Middlesex	13,827	12,994	833	6.41%	15.05	918.74	1780
148	Clinton	Worcester	13,799	13,606	193	1.42%	5.65	2,442.30	1850
149	Millbury	Worcester	13,561	13,261	300	2.26%	15.71	863.21	1813
150	Charlton	Worcester	13,483	12,981	502	3.87%	42.18	319.65	1755
151	Kingston	Plymouth	13,462	12,629	833	6.60%	18.66	721.44	1726
152	Medway	Norfolk	13,308	12,752	556	4.36%	11.54	1,153.21	1713
153	North Adams	Berkshire	13,064	13,708	-644	-4.70%	20.34	642.28	1878
154	Medfield	Norfolk	12,888	12,024	864	7.19%	14.4	895.00	1651
155	Lynnfield	Essex	12,819	11,596	1,223	10.55%	9.88	1,297.47	1814
156	Tyngsborough	Middlesex	12,318	11,292	1,026	9.09%	16.77	734.53	1809
157	Harwich	Barnstable	12,153	12,243	-90	-0.74%	20.88	582.04	1694
158	Pepperell	Middlesex	12,152	11,497	655	5.70%	22.6	537.70	1775
159	Weston	Middlesex	12,111	11,261	850	7.55%	16.82	720.04	1713
160	Palmer	Hampden	12,108	12,140	-32	-0.26%	31.58	383.41	1775
161	Rehoboth	Bristol	12,068	11,608	460	3.96%	46.94	257.09	1645
162	Spencer	Worcester	11,880	11,688	192	1.64%	32.83	361.86	1775
163	Dudley	Worcester	11,747	11,390	357	3.13%	20.82	564.22	1732
164	Norfolk	Norfolk	11,723	11,227	496	4.42%	14.9	786.78	1870
165	Wrentham	Norfolk	11,715	10,955	760	6.94%	21.71	539.61	1673
166	Carver	Plymouth	11,639	11,509	130	1.13%	37.4	311.20	1790
167	Athol	Worcester	11,619	11,584	35	0.30%	32.29	359.83	1762
168	Lakeville	Plymouth	11,380	10,602	778	7.34%	29.56	384.98	1853
169	Leicester	Worcester	11,298	10,970	328	2.99%	23.25	485.94	1714
170	Groton	Middlesex	11,297	10,646	651	6.11%	32.76	344.84	1655
171	Lunenburg	Worcester	11,258	10,086	1,172	11.62%	26.48	425.15	1728
172	Norwell	Plymouth	11,052	10,506	546	5.20%	20.93	528.05	1849
173	Holbrook	Norfolk	11,022	10,791	231	2.14%	7.25	1,520.28	1872
174	Nantucket	Nantucket	11,008	10,172	836	8.22%	44.97	244.79	1671
175	Hanson	Plymouth	10,758	10,209	549	5.38%	15.05	714.82	1820
176	Winchendon	Worcester	10,733	10,300	433	4.20%	43.02	249.49	1764
177	Maynard	Middlesex	10,655	10,106	549	5.43%	5.21	2,045.11	1871
178	Hull	Plymouth	10,510	10,293	217	2.11%	2.8	3,753.57	1644
179	Acushnet	Bristol	10,505	10,303	202	1.96%	18.43	569.99	1860
180	Southborough	Worcester	10,087	9,767	320	3.28%	14.02	719.47	1727
181	Littleton	Middlesex	10,000	8,924	1,076	12.06%	16.52	605.33	1715

Annual Estimates of the Resident Population: April 1, 2010 to July 1, 2016
Source: U.S. Census Bureau, Population Division
Release Date: May 2017.

Most Popular Mortgage Options in Massachusetts

The most popular mortgage in Massachusetts is the 30-year fixed mortgage, which allows homebuyers to lock in a favorable interest rate for their loans. The 15-year fixed mortgage is the next most popular mortgage, followed by the 5-1 adjustable-rate mortgage (ARM), which features an initial five years with a fixed interest rate that is followed by an adjustable rate each year after that. Homes in the metro Boston area are typically far more expensive than the national average, so homebuyers shopping there might require a larger jumbo mortgage loan.

As of 202 the conforming loan limit for single-family homes across the United States is set to $766,550, with a ceiling of up to 150% that amount in areas where median home values are higher. Jumbo loans typically have a slightly higher rate of interest than conforming mortgages, though spreads vary based on credit market conditions. Here are conforming limits in HERA high-cost areas and across the rest of the state.

County	Metropolitan Area	1 Unit Limit	2 Unit Limit	3 Unit Limit	4 Unit Limit
Dukes	Vineyard Haven, Ma	$1,149,825	$1,472,250	$1,779,525	$2,211,600
Essex	Boston-Cambridge-Newton, Ma-Nh	$862,500	$1,104,150	$1,334,700	$1,658,700
Middlesex	Boston-Cambridge-Newton, Ma-Nh	$862,500	$1,104,150	$1,334,700	$1,658,700
Nantucket	Non-Metro	$1,149,825	$1,472,250	$1,779,525	$2,211,600
Norfolk	Boston-Cambridge-Newton, Ma-Nh	$862,500	$1,104,150	$1,334,700	$1,658,700
Plymouth	Boston-Cambridge-Newton, Ma-Nh	$862,500	$1,104,150	$1,334,700	$1,658,700
Suffolk	Boston-Cambridge-Newton, Ma-Nh	$862,500	$1,104,150	$1,334,700	$1,658,700
All Others	Rest of the State	$766,550	$981,500	$1,186,350	$1,474,400

Down Payments & Federal Loan Programs

There is no universal minimum down payment required in Massachusetts. The amount depends on the type of loan and on the bank or mortgage company you use. Veterans can obtain low-interest VA loans & the FHA also insures loans with low down payment requirements.

For those who do not qualify for VA or FHA loans, another way to augment a low down payment is to use a piggyback mortgage where the second mortgage is used as a down payment on the first mortgage to negate PMI requirements.

Most private banks give their best rates to borrowers with credit scores above 740, but loans with higher interest rates can be obtained with lower scores. Mortgage underwriters prefer debt-to-income ratios to be below 40%, but other factors are considered on the loan application.

USDA loans can help people with low incomes in rural parts of the state qualify for a subsidized low-interest loan.

Assistance Programs for Massachusetts Homebuyers

The state of Massachusetts has several programs in place to help first-time buyers purchase a home.

For example, the ONE Mortgage Program, a cooperative effort between public and private sectors, assists eligible low- to moderate-income first-time buyers by combining a standard first mortgage with a second mortgage that is publicly subsidized.

After the buyer puts 3 percent down, a conventional 30-year fixed rate mortgage can cover up to 77 percent of the purchase price with the publicly subsidized second mortgage covering the remainder. Interest only payments for the first 10 years can be part of the program for qualified buyers. Visit the One Mortgage site for more information.

A typical requirement for mortgage assistance programs for first-time buyers is that they complete a state-sponsored home buyer's course. Visit here for options.

Active members of the Armed Forces can benefit from the Servicemembers' Civil Relief Act (SCRA), which sets a limit of 6 percent on the amount of interest owed on a home loan. Other assistance programs are available for veterans.

Operation Welcome Home loans are available through participating lenders to active duty service members, honorably discharged veterans and Gold Star Family members.

Qualified borrowers can receive up to 100 percent financing on the purchase of single-family homes or condominiums and may qualify for low down payment options for two- and three-family homes. Visit Operation Welcome Home for application details.

Closing Costs

For a $200,000 home purchase with a 20 percent down payment in 2017 in Massachusetts, the average lender fees are $905 and the average third party fees are $851, for a total of $1,756 in closing costs. Those fees are somewhat below the national average of $1,847 in 2017 and well below neighbor state Connecticut's closing costs of $2,033.

Homebuyers in Massachusetts can expect to pay about $935 for origination fees, $418 for an appraisal, $804 for legal costs, $255 for a survey, $125 for inspections, $21 for a credit report and $10 for flood certification. Title insurance fees are calculated individually for each property. Not all lenders charge for all these costs, and property taxes, homeowners' insurance and interest are not included in these totals.

Unfortunately, outside of mortgage discount points most typical closing costs are not tax deductible. Discount points remain deductible because they are treated as a form of pre-paid interest on the loan.

Natural Disasters

The state of Massachusetts has a very low risk of wildfires & tornadoes. Most counties across the state have a very low risk of earthquakes, with Essex county having a low risk.

Hail is far more common than the above listed issues. Franklin, Hampden & Worcester have a low risk while Berkshire, Hampshire, Middlesex, Norfolk & Suffolk have a moderate risk.

Flood Insurance

Standard homeowner's insurance policies typically do not cover flooding or earthquakes. Here are counties across the state which have a risk profile above very low for either flooding or hurricane storm surges.

• Low risk of flooding: Middlesex
• Moderate risk of flooding: Bristol, Dukes, Essex, Plymouth, Nantucket, Norfolk, Suffolk
• High risk of flooding: Barnstable
• Moderate risk of hurricane storm surges: Dukes, Essex, Norfolk, Suffolk
• High risk of hurricane storm surges: Barnstable, Bristol, Nantucket, Plymouth

Home buyers with mortgages in high-risk areas are required to buy flood insurance. Most flood insurance policies are sold by the United States federal government through The National Flood Insurance Program. Under-priced flood insurance in high-risk areas act as a subsidy to wealthy homeowners.

The NFIP does not charge nearly enough to cover the expected costs of its liabilities. The assessments are not sufficient to build any buffer to cover an extraordinary year, such as what occurred with Hurricane Katrina in 2005 or Hurricane Sandy in 2012. Because homeowners don't incur the full cost of building in a flood zone we end up with more houses there than if homeowners incurred the full cost of the flood risk, which exacerbates the government's costs in the next disaster.

Typically, homes built after 2002, when building code regulations tightened, are subject to lower insurance rates than older homes. On the other hand, homes without hurricane straps, with roofs that do not meet current standards for wind, with older plumbing or with outdated electrical systems may be difficult €“ or very expensive €“ to insure.

Homeowners who live in lower risk areas & are not required to purchase flood insurance heavily cross-subsidize homeowners who are in areas where floods are more common.

State Specific Real Estate Laws

Caveat Emptor

Unlike many states that have specific home disclosure rules and regulations, Massachusetts is a caveat emptor (Latin for “let the buyer beware”) state. That means that with few exceptions, such as the required disclosure of lead paint, sellers do not legally have to report defects in the home or its systems to the buyer.

Rather it is up to the buyer to be sure everything is in good repair. Court cases have demonstrated that owners must answer buyers' questions truthfully, however.

Most buyers use the services of a licensed home inspector, and there is a contingency in the purchase and sale agreement in Massachusetts that allows the buyer the right to opt out of the purchase if there are serious problems with the condition of the property.

Massachusetts law also requires that a seller engage a lawyer for the transaction.

Taxes in Massachusetts

Massachusetts property taxes rank as the seventh highest in the nation. The average annual property tax payment is $3,794.

The effective average rate across teh state for home owners is 1.21%. In the Boston metro area property taxes cost an average of $6,624 in 2016.

Real estate property taxes are main revenue producers for towns in Massachusetts that have a limited commercial tax base. The tax rate is set by each local board of assessors according to the value of each property, which is often less than its market value.

There are some ways to qualify for property tax exemptions. The state of Massachusetts has some options for homebuyers listed here.

Massachusetts home sellers also must pay a tax – sometimes called a deed stamp, a transfer tax or an excise tax – upon the sale of their property. The state does not require an inheritance tax.

Foreclosures

Foreclosures in Massachusetts typically are nonjudicial, meaning they take place outside the courtroom.

As the foreclosing party, the lender must give two foreclosure notices to the borrower: a notice of default and right to cure, and a notice of sale. The notice of default is issued 30 days after the fourth missed monthly loan payment. From that point, the borrower gets 90 days to cure the default of the loan.

It typically takes 75 to 90 days to complete a non-judicial foreclosure in Massachusetts. The process may be interrupted or delayed, however, if the borrower formally contests the process in court or files for bankruptcy.

Additional Resources

Here are some further resources to help you navigate the home buying process in Massachusetts.

• Mass.gov: Buy or Sell a Home
• Mass.gov: Masshousing Mortgages
• HUD.gov: Massachusetts
• Massachusetts Association of Realtors
• Greater Boston Real Estate Board

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