current mortgage rates ma insights for buyers and refinancers

What drives rates in Massachusetts

In the Bay State, quotes change daily as lenders price in Treasury yields, inflation data, and competition across local banks and credit unions. Fixed-rate loans provide predictable payments, while 5/6 ARM options may start lower but adjust after the intro period.

How to read a quote

Look beyond the headline APR. Points, lender credits, and third‑party fees can move the true cost. A higher credit score and a larger down payment often earn a better rate, especially for conforming balances near regional limits.

• Lock timing: Consider a 30–60 day lock; volatile weeks may justify a float-down option.
• Discount points: Paying points can make sense if you’ll hold the loan long enough to break even.
• Property type: Condos and multi-families in MA can price differently due to reserves and risk.
• Taxes and insurance: Escrows affect cash flow, not the note rate, but matter for budgeting.
• Shop locally: Compare at least three quotes-big banks, brokers, and community lenders.

If you’re unsure, ask for a Loan Estimate and a side-by-side comparison before committing.