Massachusetts Home Buyer Guide

(UPDATE: The Trump Administration on January 20, 2017 indefinitely suspended the recently announced FHA mortgage insurance premium reduction.)

Homebuyers will pay less for mortgage insurance when purchasing a home with an FHA loan starting later this month, the Federal Housing Administration (FHA) announced January 9, 2017; however, most Massachusetts homebuyers with credit scores 680 or higher still will have more appealing low down payment financing options.

The average U.S. interest rate for a 30-year, fixed rate mortgage declined from 4.32 percent to 4.20 percent for the week ending January 5, 2017, according to Freddie Mac's Primary Mortgage Market Survey. 

U.S. average mortgage interest rates increased for the ninth consecutive week, according to Freddie Mac's Primary Mortgage Market Survey. 

Not since April 2014 have homebuyers seen average U.S. mortgage interest rates as high as the rate reached for the week ending December 22, 2016, Freddie Mac reported in its Primary Mortgage Market Survey. 

Average U.S. mortgage interest rates increased for the seventh consecutive week, according to Freddie Mac's Primary Mortgage Market Survey. 

Average U.S. mortgage interest rates increased for the sixth consecutive week for the week ending December 8, 2016, according to Freddie Mac's Primary Mortgage Market Survey. 

Average U.S. mortgage loan interest rates rose for the fifth straight week, Freddie Mac reported December 1, 2016. 

Massachusetts first-time homebuyers year after year cite saving for a down payment as the biggest obstacle to buying a home; however, many potential homebuyers mistakenly believe they need to save enough money for a 20 percent down payment.

Average U.S. 30-year, fixed rate mortgage interest rates climbed above 4 percent for the first time since 2015, according to Freddie Mac's weekly Primary Mortgage Market Survey released November 23, 2016.

Average U.S. mortgage interest rates significantly increased over the past week, reaching nearly 4 percent, Freddie Mac reported in its weekly Primary Mortgage Survey. A post-election sell-off of the Treasury market on Wall Street expectations of a stronger economy and higher inflation pushed mortgage interest rates higher.

Despite still hovering near record lows, the average U.S. mortgage interest rate increased for the second straight week and to a four-month high for the week ending October 20, 2016, according to Freddie Mac's weekly Primary Mortgage Market Survey.

Despite what many potential homebuyers are told by friends, family or acquaintances or learn from websites and other media, you do not need a 20 percent down payment to purchase a home.