Massachusetts Mortgage Rates

Looking for a place to live in Boston? Instead of renting, why not find a home to buy?

Here’s one good reason to consider a home purchase. Contrary to experts’ forecast that mortgage rates will skyrocket past 4.5 percent mid-year 2017, it has remained well below 4 percent now that we are in the last quarter of the year.

Combine that with an affordable home, you’ll be up for a really good deal.

According to the United States Census Bureau, there is an estimated number of 2,858,026 housing units in Massachusetts.

The City of Boston has over thousands of houses recently sold and hundreds still waiting for their future owners. You may find a 700 square feet 2-bedroom home somewhere around $135,000 to $190,000. Not bad, considering the median price for homes listed can be around $300,000.

Boston is home to over 600,000 people. If you love living in a major metropolitan, Massachusetts’ capital city is perfect for you. But if you’re looking for a more quiet place to live in, you can find your way to Lynn. It as only over 92,000 residents.

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Finding Affordable Mortgage

If you are looking for a way to finance your home purchase, you should consider a mortgage loan unless you have enough money to pay a full cash-out.

On the week beginning October 5, 2017, Freddie Mac reported an increase in national mortgage rates by two basis points compared to the week prior. For a 30-year term, fixed rate mortgage, the mortgage rate is 3.85 percent.

For a 15-year mortgage with a fixed rate, home buyers may take advantage of the low 3.15 Percent. Also up by 0.02 percent from the previous week.

If you’re looking for a hybrid adjustable rate mortgage (ARM) with a fixed interest rate in the first five years, you’re looking at 3.18 percent mortgage interest. After this period, the rate will adjust depending on the agreed terms. Usually, it will change at least once a year.

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Mortgage Rates in Massachusetts

Mortgage rates in Massachusetts may very well be the same as the national rates. Of course, a lender will also have to take into account the borrower’s income and credit requirements, among others. These will affect that interest rate which will apply to your loan.

Mortgagesum.com is your go-to website when you are looking for affordable mortgage loans. With just a few clicks, you can get yourself connected to a lender near you or anywhere else in Massachusetts.

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