Massachusetts Mortgage Refinance

Home owners in Massachusetts can refinance their home mortgage to reduce monthly payments and benefit from tax deductions. The IRS allows Massachusetts home owners to deduct interest, points and property taxes, ultimately saving residents in the “Bay State” money. Before settling on a mortgage refinance product, consider the monthly budget and financial goals to determine if a fixed or adjustable rate product is the best fit. Fixed products provide stability because the borrower owes the same amount every month throughout the life of the loan. Adjustable rate mortgages (ARMs) are attractive to some Massachusetts borrowers because ARMs offer a lower rate, but payments fluctuate because the rate adjusts according to the market. Currently, Massachusetts lenders are offering 4.25% APR to 5.42% APR on a 15 year fixed rate product or 4.75% APR to 5.90% APR for 30 year fixed. For ARMs, lenders are offering rates of 3.97% APR to 4.48% APR for a 7/1 ARM or 3.48% APR to 3.96% APR for a 5/1 ARM. Massachusetts home values are approximately $288,100. Homes in Boston (02210) are valued at $315,100, Cape Cod (02648) at $317,000 and Worchester (01601) at $207,200. The average Massachusetts home sale price is $271,000. Homes in Springfield (01089) on average sell for $181,600 or Andover (01810) at $214,000.