The Best Mortgage Rates in Central Massachusetts
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Thursday, March 13, 2014
Kate Nagle, GoLocalWorcester Contributor
With recent reports of the housing market heating up in Central Massachusetts, GoLocal took a look at what banks and credit unions in Central Massachusetts are offering for 30 and 15 year fixed rate mortgages, as well as 5/1 adjustable rate mortgages.
See Most Recent Mortgage Rates at Central MA Banks and Credit Unions BELOW
In February, GoLocal reported that housing prices were driving westward migration from Boston to Worcester, which picked up over 6,000 new residents from Middlesex County between 2007 and 2011, based on U.S. Census data. Last fall, GoLocal reported that the region saw the first two consecutive periods of positive housing price indexing since the last two quarters of 2006.
"Right now, we actually have a huge shortage of inventory," said real estate agent David Stead, who serves as President of the Worcester Regional Association of Realtors board. "In January 2012, there were 3000 houses on the market in Worcester County, in January 2013 it was at 1600, and this past January inventory levels were down once again. Pending sales have been up in consecutive months though, which is good news of course because people are buying."
Stead continued, "The mortgage lenders, who had been making money in refinancing in recent years, have seen that market dry up, so they're now competing more on the purchasing side. The mortgage stuff can be pretty confusing to buyers, as mortgage reps are doing a lot to get business -- but some of the programs they put together are pretty amazing."
Looking at Lending
Stead pointed to a recent example of how buyers were offered an unconventional approach that worked in their favor.
"These particular buyers went to lender number one, who said we'll give you a rate of 3.375%, and the closing costs would have been around $3500. Then they went to lender number two, and said they wanted to close with minimum cash. He said he'd be able to give them a rate of 3.5% to get a lender credit, ultimately giving them a closing cost of $800. They thought it might be too good to be true, so they came to me, and I let them know it was a legitimate option, which they ended up choosing."
Patrick Manning with Residential Mortgage Services said that was trend he was seeing, as well.
"People are looking to close with minimal costs," said Manning. "Previously, it had been all about paying points -- now, a lot of people are liking the option of getting points, especially taking a lender credit to cover closing costs."
Manning noted that for first time homebuyers, MassHousing provided a good option.
"For first time homebuyer programs, MassHousing has taken place of FHA," said Manning, referring to the Federal Housing Administration. "MassHousing similarly requires a low downpayment, 3%, but you're able to do it without premium -- FHA charges 1.75% up front. Also, MassHousing is able to do so without PMI (Private Mortgage Assistance)."
Current Trends
"Nationally, now that the big banks have started to make money again -- not just bail out deals, some of the big national lenders are dropping their minimum credit scores for borrowers," said Manning.
As for looking online for mortgage rates, Manning said, "I think people go online and shop for rate a lot -- but I still think they want someone to sit down with, and have it explained to them. That won't change.
Related Slideshow: Best Mortgage Rates in Central Massachusetts
Rates were gathered from each individual corporate website on 3/12/14.
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29.
Milford National Bank & Trust Co.
Milford, MA
6 Locations in Central MA
Mortgage Rates
30 Year Fixed: 4.75%
15 Year Fixed: 3.375%
5/1 ARM: 3.25%
For more information, visit: https://www.milfordnationalonline.com
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28.
TD Bank
Worcester, MA
28 Locations in Central MA
Mortgage Rates
30 Year Fixed: 4.688%
15 Year Fixed: 3.562%
5/1 ARM: For rate information, call 1.800.822.6761
For more information, visit: http://www.tdbank.com/
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18. (Tie)
Citizens Bank
Boston, MA
33 Locations in Central MA
Mortgage Rates
30 Year Fixed: 4.5%
15 Year Fixed: 3.375%
5/1 ARM: 3%
For more information, visit: http://www.citizensbank.com/
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18. (Tie)
Clinton Savings Bank
Clinton, MA
7 Locations in Central MA
Mortgage Rates
30 Year Fixed: 4.5%
15 Year Fixed: 3.5%
5/1 ARM: 2.99%
For more information, visit: https://www.clintonsavings.com/
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18. (Tie)
Country Bank for Savings
Ware, MA
6 Locations in Central MA
Mortgage Rates
30 Year Fixed: 4.5%
15 Year Fixed: 3.375%
5/1 ARM: 3.5%
For more information, visit: https://www.countrybank.com/
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18. (Tie)
Hometown Bank
Webster, MA
3 Locations in Central MA
Mortgage Rates
30 Year Fixed: 4.5%
15 Year Fixed: 3.5%
5/1 ARM: 3.375%
For more information, visit: http://www.hometowncoop.com/
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18. (Tie)
Marlborough Savings Bank
Marlborough, MA
6 Locations in Central MA
Mortgage Rates
30 Year Fixed: 4.5%
15 Year Fixed: 3.375%
5/1 ARM: For rate information, call 508.481.8300
For more information, visit: https://agreatbank.com/
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18. (Tie)
Middlesex Savings Bank
Natick, MA
27 Locations in Central MA
Mortgage Rates
30 Year Fixed: 4.5%*
15 Year Fixed: 3.375%
5/3 ARM: 3%
For more information, visit: http://www.middlesexbank.com/
*Correspondent Rate
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18. (Tie)
MutualOne Bank
Framingham, MA
3 Locations in Central MA
Mortgage Rates
30 Year Fixed: 4.5%
15 Year Fixed: 3.375%
5/1 ARM: 2.99%
For more information, visit: http://www.mutualone.com/
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18. (Tie)
North Middlesex Savings Bank
Ayer, MA
7 Locations in Central MA
Mortgage Rates
30 Year Fixed: 4.5%
15 Year Fixed: 3.5%
5/1 ARM: 4.5%
For more information, visit: https://www.nmsb.com/
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18. (Tie)
Rockland Trust Co.
Rockland, MA
4 Locations in Central MA
Mortgage Rates
30 Year Fixed: 4.5%
15 Year Fixed: 3.375%
5/1 ARM: 3.25%
For more information, visit: http://www.rocklandtrust.com/
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17.
Village Bank
Wayland, MA
1 Location in Central MA
Mortgage Rates
30 Year Fixed: 4.49%
15 Year Fixed: 3.49%
5/1 ARM: For rate information, call 617.969.4300
For more information, visit: https://www.village-bank.com/
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5. (Tie)
Avidia Bank
Hudson, MA
10 Locations in Central MA
Mortgage Rates
30 Year Fixed: 4.375%
15 Year Fixed: 3.375%
5/1 ARM: For rate information, call 800.508.2265
For more information, visit: https://www.avidiabank.com/
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5. (Tie)
Charles River Bank
Medway, MA
4 Locations in Central MA
Mortgage Rates
30 Year Fixed: 4.375%
15 Year Fixed: 3.375%
5/1 ARM: 3.125%
For more information, visit: http://www.charlesriverbank.com/
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5. (Tie)
Workers' Credit Union
Fitchburg, MA
15 Locations in Central MA
Mortgage Rates
30 Year Fixed: 4.375%
15 Year Fixed: 3.375%
5/1 ARM: 2.75%
For more information visit:
https://www.wcu.com/home/home
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5. (Tie)
Millbury Savings Bank
Millbury, MA
2 Locations in Central MA
Mortgage Rates
30 Year Fixed: 4.375%
15 Year Fixed: 3.375%
5/1 ARM: For rate information call, 508.865.5811
For more information, visit: http://www.millburysavings.com/
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5. (Tie)
Northern Bank & Trust
Acton, MA
2 Locations in Central MA
Mortgage Rates
30 Year Fixed: 4.375%
15 Year Fixed: 3.375%
5/1 ARM: For rate information call, 800.273.6908
For more information, visit: http://www.nbtc.com/home/home
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5. (Tie)
North Brookfield Savings Bank
North Brookfield, MA
2 Locations in Central MA
Mortgage Rates
30 Year Fixed: 4.375%
15 Year Fixed: 3.25%
5/1 ARM: For rate information call, 508-867-7442
For more information, visit: http://www.northbrookfieldsavingsbank.com
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5. (Tie)
People's United Bank
Worcester, MA
10 Locations in Central MA
Mortgage Rates
30 Year Fixed: 4.375%
15 Year Fixed: 3.375%
5/1 ARM: 2.875%
For more information, visit: https://www.peoples.com/
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5. (Tie)
Rollstone Bank & Trust
Fitchburg, MA
7 Locations in Central MA
Mortage Rates
30 Year Fixed: 4.375%
15 Year Fixed: 3.375%
5/1 ARM: 3.25%
For more information, visit: http://www.rollstonebank.com/
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5. (Tie)
Santander Bank
Worcester, MA
42 Locations in Central MA
Mortgage Rates
30 Year Fixed: 4.375%
15 Year Fixed: 3.375%
5/1 ARM: For rate information call, 877.729.4801
For more information, visit: https://www.santanderbank.com/
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5. (Tie)
Savers Bank
Southbridge, MA
6 Locations in Central MA
Mortgage Rates
30 Year Fixed: 4.375%
15 Year Fixed: 3.375%
5/1 ARM: 3.125%
For more information, visit: http://www.saversbank.com/
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5. (Tie)
United Bank
Worcester, MA
6 Locations in Central MA
Mortgage Rates
30 Year Fixed: 4.375%
15 Year Fixed: 3.25%
5/1 ARM: For rate information call, 866.959.BANK
For more information, visit: https://www.bankatunited.com/
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5. (Tie)
Leominster Credit Union
Leominster, MA
10 Locations in Central MA
Mortgage Rates
30 Year Fixed: 4.375%
15 Year Fixed: 3.375%
5/1 ARM: 3.375%
For more information, visit: http://www.leominstercu.com/
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2. (Tie)
Colonial Co-operative Bank
Gardner, MA
3 Locations in Central MA
Mortgage Rates
30 Year Fixed: 4.25%
15 Year Fixed: 3.375%
5/1 ARM: For rate information call, 978.632.0171
For more information, visit: http://www.colonial4banking.com/
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2. (Tie)
Dean Bank
Franklin, MA
5 Locations in Central MA
Mortgage Rates
30 Year Fixed: 4.25%
15 Year Fixed: 3.25%
5/1 ARM: 3.625%
For more information, visit: https://www.deanbank.com/
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2. (Tie)
Milford Federal Savings and Loan
Milford, MA
3 Locations in Central MA
Mortgage Rates
30 Year Fixed: 4.25%
15 Year Fixed: 3.25%
5/1 ARM: 2.875%
For more information, visit: http://www.milfordfederal.com/
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1.
SpencerBANK
Spencer, MA
5 Locations in Central MA
Mortgage Rates
30 Year Fixed: 4.125%
15 Year Fixed: 3.125%
5/1 ARM: For rate information, call 508-885-5313
For more information, visit: https://www.spencerbankonline.com/
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