Massachusetts mortgages and home buyers, 2025
Incomes, down payments, rates, loan costs, denials and lenders across Massachusetts's 14 counties, from official HMDA records.
HMDA 2025 data released June 23, 2026
In 2025, lenders reported 49,761 home-purchase mortgages for owner-occupied, single-family homes in Massachusetts. The median buyer borrowed $495,000 on a home valued at $625,000 and reported a household income of $154,000.
Buyers financed a median 80% of the home's value (roughly 20% down), paid a median 6.575% on 30-year fixed conventional loans and faced median conventional loan costs of $5,240.
Lenders denied 6.3% of completed home-purchase applications.
Key facts
- Home buyers' median income ($154,000) is 33% higher than the U.S. median ($116,000).
- The median 30-year fixed conventional rate here was 5 basis points below the U.S. median (6.625%).
- Median conventional loan costs ($5,240) were 6% lower than the U.S. median ($5,570).
- FHA loans made up 11.0% of purchase mortgages, versus 21.1% nationally.
- 53.2% of buyers put at least 20% down (financed 80% or less), compared with 38.5% nationally.
- The most common age bracket among borrowers was 25–34 (36.6% of purchase loans).
- 45.8% of purchase mortgages had a single borrower with no co-applicant.
- The most-cited reason for denial was debt-to-income ratio (39.9% of denials with a stated reason).
Conforming limits in Massachusetts range from $832,750 to $1,249,125 for a one-unit home in 2026. See every Massachusetts county's 2026 FHA and conforming loan limits.
Massachusetts counties compared
Click a column to sort. Medians shown with at least 30 loans.
| County | Purchase loans | Median loan | Buyer income | Down payment | 30-yr rate | Loan costs | Denial rate | FHA limit |
|---|---|---|---|---|---|---|---|---|
| Barnstable County | 1,495 | $495,000 | $146,000 | 20.0% | 6.625% | $4,990 | 7.3% | $828,000 |
| Berkshire County | 1,039 | $275,000 | $107,000 | 10.1% | 6.500% | $4,130 | 7.3% | $541,287 |
| Bristol County | 4,043 | $455,000 | $131,000 | 10.0% | 6.625% | $5,120 | 6.7% | $787,750 |
| Dukes County | 71 | $875,000 | $270,000 | 20.0% | 6.875% | $8,930 | 12.3% | $1,249,125 |
| Essex County | 5,690 | $555,000 | $160,000 | 20.0% | 6.500% | $5,290 | 6.3% | $962,550 |
| Franklin County | 498 | $305,000 | $108,000 | 11.4% | 6.624% | $4,540 | 7.3% | $541,287 |
| Hampden County | 3,621 | $305,000 | $97,000 | 5.0% | 6.500% | $5,040 | 7.3% | $541,287 |
| Hampshire County | 946 | $345,000 | $128,000 | 20.0% | 6.500% | $4,910 | 3.6% | $541,287 |
| Middlesex County | 11,176 | $605,000 | $195,000 | 20.0% | 6.500% | $5,400 | 5.1% | $962,550 |
| Nantucket County | 38 | $1,005,000 | $221,000 | 20.0% | — | $7,810 | 19.1% | $1,249,125 |
| Norfolk County | 5,321 | $575,000 | $184,000 | 20.0% | 6.500% | $5,340 | 5.7% | $962,550 |
| Plymouth County | 4,451 | $505,000 | $156,000 | 19.0% | 6.624% | $5,320 | 6.4% | $962,550 |
| Suffolk County | 4,125 | $575,000 | $175,000 | 20.0% | 6.500% | $5,320 | 8.1% | $962,550 |
| Worcester County | 7,234 | $415,000 | $132,000 | 10.0% | 6.625% | $5,070 | 6.8% | $545,100 |
Who bought homes in Massachusetts
Home-purchase mortgages for owner-occupied, single-family (1–4 unit) site-built homes, first liens, originated in 2025.
Values are medians; "middle half" is the 25th to 75th percentile.
Loan type
What the homes were for
All first-lien, closed-end purchase mortgages, including second homes and investors.
Borrower age
Debt-to-income ratio
Monthly debts (including the new payment) as a share of income, as used in underwriting.
What borrowing cost in Massachusetts
Medians for 2025 home-purchase loans. Total loan costs are section D of the Loan Estimate/Closing Disclosure (lender and third-party loan charges, excluding taxes, prepaids and escrow). FHA and VA costs include the upfront mortgage insurance premium or VA funding fee, so compare like with like.
| Measure | Massachusetts | U.S. |
|---|---|---|
| 30-year fixed rate · conventional | 6.575% | 6.625% |
| 30-year fixed rate · FHA | 6.375% | 6.250% |
| 30-year fixed rate · VA | 6.250% | 6.125% |
| 15-year fixed rate · conventional | 5.750% | 5.875% |
| Rate spread vs. APOR · conventional | +0.02 pts | +0.13 pts |
| Total loan costs · conventional | $5,240 | $5,570 |
| Total loan costs · FHA | $15,400 | $11,310 |
| Total loan costs · VA | $7,420 | $6,490 |
| Origination charges (all loan types) | $1,640 | $1,860 |
| Borrowers paying discount points | 33.4% | 51.3% |
| Points paid, when paid (% of loan) | 0.55% | 0.87% |
| Borrowers receiving lender credits | 35.8% | 33.1% |
| Adjustable-rate mortgages | 15.3% | 7.4% |
| Jumbo loans (above conforming limit) | 9.3% | 3.8% |
Medians are shown only when at least 30 loans report the field. Rates are those reported at closing; market rates changed during 2025, which the rate spread (APR minus the average prime offer rate on the lock date) adjusts for.
Approvals and denials
Massachusetts: 3,427 of 54,143 completed home-purchase applications were denied (6.3%).
Denial rate
| Application | Massachusetts | U.S. |
|---|---|---|
| Home purchase | 6.3% | 8.5% |
| Conventional | 5.5% | 7.1% |
| FHA | 11.8% | 12.5% |
| VA | 8.0% | 8.0% |
| USDA | 9.3% | 12.5% |
| Refinance | 13.1% | 17.9% |
| Cash-out refinance | 30.2% | 33.6% |
Main reason for purchase denials
First reason the lender reported.
Denial rate = denied ÷ (originated + approved but not accepted + denied). Withdrawn and incomplete applications are excluded. Differences between places reflect who applies, not only lender behavior.
Refinancing in Massachusetts
Top mortgage lenders in Massachusetts
| # | Lender | Loans | Share | Denial rate | 30-yr rate* | Spread* | Costs* |
|---|---|---|---|---|---|---|---|
| 1 | Rocket Mortgage, LLC | 4,132 | 5.8% | 13.4% | 6.625% | +0.12 | $5,730 |
| 2 | United Wholesale Mortgage (UWM) | 3,901 | 5.5% | 10.0% | 6.625% | +0.27 | $6,310 |
| 3 | Rate | 3,770 | 5.3% | 4.0% | 6.625% | +0.08 | $5,630 |
| 4 | Leader Bank, N.A. | 3,766 | 5.3% | 1.6% | 6.490% | −0.17 | $5,060 |
| 5 | CrossCountry Mortgage, Inc. | 3,252 | 4.6% | 2.3% | 6.750% | +0.19 | $5,700 |
| 6 | Guild Mortgage Company | 1,895 | 2.7% | 2.6% | 6.625% | +0.09 | $5,290 |
| 7 | CMG Mortgage, Inc. | 1,842 | 2.6% | 4.0% | 6.625% | +0.18 | $5,580 |
| 8 | Fairway Independent Mortgage Corporation | 1,658 | 2.3% | 4.0% | 6.625% | +0.18 | $5,350 |
| 9 | Movement Mortgage, LLC | 1,237 | 1.8% | 3.1% | 6.625% | +0.08 | $5,450 |
| 10 | loanDepot.com, LLC | 1,208 | 1.7% | 6.1% | 6.750% | +0.25 | $5,420 |
| 11 | Salem Five Mortgage Company, LLC | 1,048 | 1.5% | 7.4% | 6.625% | +0.01 | $4,790 |
| 12 | Total Mortgage Services, LLC | 1,042 | 1.5% | 5.0% | 6.625% | +0.38 | $7,320 |
| 13 | Manufacturers and Traders Trust Company | 945 | 1.3% | 4.8% | 6.125% | −0.15 | $5,650 |
| 14 | JPMorgan Chase Bank, N.A. | 943 | 1.3% | 11.0% | 6.490% | −0.15 | $4,920 |
| 15 | Citizens Bank, N.A. | 918 | 1.3% | 11.1% | 6.375% | −0.14 | $7,660 |
| 16 | New American Funding | 871 | 1.2% | 4.7% | 6.750% | +0.38 | $5,620 |
| 17 | Pennymac Loan Services, LLC | 844 | 1.2% | 10.1% | 6.624% | +0.12 | $5,750 |
| 18 | Radius Financial Group Inc. | 790 | 1.1% | 2.7% | 6.625% | +0.28 | $5,000 |
| 19 | Freedom Mortgage Corporation | 783 | 1.1% | 14.0% | 6.625% | +0.19 | $7,510 |
| 20 | Bank of America, N.A. | 783 | 1.1% | 7.7% | 6.125% | −0.30 | $5,620 |
| 21 | Rockland Trust Company | 771 | 1.1% | 9.4% | 6.250% | −0.21 | $4,800 |
| 22 | Newrez LLC | 735 | 1.0% | 10.4% | 6.875% | +0.30 | $5,530 |
| 23 | Guaranteed Rate Affinity, LLC | 720 | 1.0% | 2.2% | 6.550% | +0.05 | $5,740 |
| 24 | bankESB | 666 | 0.9% | 3.3% | 6.375% | −0.05 | $4,130 |
| 25 | The Cape Cod Five Cents Savings Bank | 659 | 0.9% | 6.1% | 6.500% | −0.03 | $4,160 |
Largest lenders in Massachusetts by 2025 originations. Loans = home-purchase, refinance and cash-out originations (2025); share = share of those loans here; denial rate = home-purchase applications. *Medians for conventional home-purchase loans, shown with at least 20 loans; spread = APR minus the average prime offer rate at rate lock (percentage points); costs = total loan costs (section D).
Metro areas in Massachusetts
- Cambridge-Newton-Framingham, MA · 16,866 purchases
- Boston, MA · 13,898 purchases
- Providence-Warwick, RI-MA · 12,207 purchases
- Worcester, MA · 7,234 purchases
- Springfield, MA · 3,621 purchases
- Barnstable Town, MA · 1,495 purchases
- Pittsfield, MA · 1,039 purchases
- Amherst Town-Northampton, MA · 946 purchases
Source: FFIEC/CFPB HMDA 2025 public LAR; FHFA and HUD 2026 loan limits. Methodology