As of today, Monday, March 25, 2024, the current average 30-year fixed mortgage rate is 6.98%, rising 10 basis points from last week. For homeowners looking to refinance, the average interest rate for a 30-year fixed refinance is now 6.99%, increasing 12 basis points since this time last week. The 15-year fixed refinance rate is also lower, at 6.49%, increasing 6 basis points since a week ago.
It’s tough with high mortgage rates, but we’re here to help. Fairway Independent Mortgage often has competitive rates offered much lower than the average rates. We provide the interest rate, the annual percentage rate (APR), and what your monthly payment could be to help you find the best option. During times of volatile shifts in interest rates, it’s smart to look at different lenders before you choose a loan.
Your rate will be different depending on your credit score and other details. Get personalized rates and a mortgage recommendation designed for you.
Mortgage rates can change drastically and often—or stay the same for many weeks. The important thing for borrowers to know is the current average rate. You can check Fairway Independent Mortgage rates and get personalized rate quotes by selecting a loan option below. Don’t worry if you want to compare more than one, our Sr. representative James can provide as many quotes as you’d like.
For Massachusetts borrowers who experienced an increase in their home equity, refinancing your mortgage could be an attractive option. This process can allow homeowners to tap into their increased equity and use the money for things like consolidating debt, funding home improvements and renovations or maybe you want to free up money to invest. As interest rates and annual percentage rates fluctuate, staying informed about the latest trends is key.
As of Monday, March 25, 2024, the current average mortgage rates in Massachusetts are 7.03 for a 30-year fixed-rate mortgage and 7.04% for a 15-year fixed mortgage. These rates reflect today’s rates, which are notably higher compared to recent years, now aligning more with historical norms. Despite some home prices reducing, this increase in rates means that the amount of interest over the life of your loan could be higher. Therefore, if you’re considering a conventional mortgage or any other type of mortgage loan, it’s important to understand how rate changes could impact how much home you can afford in Massachusetts.
Lower Interest Rates for Borrowers With Good Credit
Down payments that range from 3%–20%
Initial Lower Rates with an ARM loan.
FAQ
Conventional mortgages hold the title as the most popular type, with lenders originating more than 4.1 million conventional loans in 2022. This contrasts with over 1.3 million nonconventional mortgage originations, including FHA, VA, and USDA mortgages, highlighting the diverse needs of homebuyers.
VA loans often feature the lowest interest rates, benefiting from the support of the Department of Veterans Affairs. However, FHA mortgages also offer competitive rates, particularly for those with less-than-perfect credit histories. Ultimately, securing the best rates depends on various factors, including credit score, debt-to-income ratio, property type (single-family home, condo, or multi-family and down payment size.
FHA mortgages are generally considered the easiest to qualify for, designed to assist those with lower incomes or less-than-ideal FICO scores. If you’re finding it challenging to qualify for a conventional mortgage, an FHA loan could be a viable path to homeownership.
Many first-time homebuyer programs allow buyers who haven’t owned a property in the past three years. This includes divorced spouses who have only jointly owned a home with an ex-spouse.
Choosing the best mortgage lender will depend on the home loan options you’re applying for, how much you want to borrow, the term of the loan, mortgage interest rate, and many other factors. Review our guides for best mortgage lenders, top FHA lenders, and best VA lenders.
Choosing the right mortgage is a significant decision that will impact your finances for years to come. Whether you’re considering a loan backed by the U.S. Department of Veterans Affairs to take advantage of lower mortgage rates without the need for upfront mortgage insurance or exploring a USDA mortgage to purchase a home in a rural area, tools like a mortgage calculator can be invaluable. They help you understand the total loan cost, including the life of your loan and potential higher monthly payments. Remember, making a down payment can reduce your monthly obligations and increase the equity in your home from the start. Ultimately, the best path forward involves careful consideration of your ability to qualify for a mortgage, the type of loan that suits your financial situation, and how long you plan to stay in your home, ensuring you select the mortgage that aligns with your long-term goals.
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