Best residential mortgage Rates
Mortgage rates in Massachusetts tend to be lower than the average national mortgage rates. However, the median home price in the state generally exceeds the cost of a home nationwide. Higher demand and higher wages in the state act to push home prices higher than in many other states.
Popular Cities to Live in Massachusetts
The ten largest cities in the state are Boston, Worcester, Springfield, Lowell, Cambridge, Brockton, New Bedford, Fall River, Quincy and Lynn. However, cities like Boston and Lowell have seen decreases in population since 2000.
Among the fastest growing cities are Worcester, - which has grown by 5 percent since 2000 - Brockton (4 percent), Quincy (3 percent), and Fall River (2 percent). Some smaller towns have grown very fast including North Amherst, which has grown by 16 percent, Bellingham by 13 percent and Yarmouth Port by 11 percent.
Worcester’s growth appears linked to its proximity to the Greater Boston area offering lower home prices at a reasonable commute distance from Boston and the metro area. Brockton has been experiencing the same growth found all over southeastern Massachusetts. In particular, Brockton has seen a rapid growth in its African American population. Increasing tourism, seasonal residence and development is spurring population growth in the southeastern part of the state. Cities like Cambridge, Worcester and Peabody have been included on lists of the “most livable” cities in America.
Much of the population change in the state is driven by immigration and migration. Newcomers from the Caribbean including Puerto Rico and Jamaica are particularly noteworthy. Another trend is the movement of people toward less crowded areas.
Massachusetts Mortgage Types
Mortgages in Massachusetts are either fixed rate or variable rate. Here is a list of some of the loan programs available in the state.