Boston FHA Loan Rates, Closing Costs & Stats
Boston-Cambridge-Newton, MA-NH
FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.
FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.
While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.
For additional requirements as defined by the FHA, click here.
Boston's 178 lenders originated 11,073 FHA loans during 2021. The total origination value was $5,129,365,000, with an average FHA loan value of $463,232.
Boston FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Boston
averaged
6.25%
for the week of 2023-03-17, compared to the national average (all FHA variants) of
6.45% for the same period.
Boston's average FHA mortgage closing costs are $11,033.
The average rate for the prior week (2023-03-10) was
6.59% and
one month ago for the week of 2023-02-10, the
average rate was 5.8%.
The average rate one year ago was 4.29%.
For refis of the same type during the week of 2023-03-17, the average rate
was 6.35%.
Boston FHA Loan Lenders by Rates & Fees
The below table looks at the average fees/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Boston level.
The top Boston FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with
714 FHA loans originated. Their average total fees are
$10,040, which is $3,693
lower than the next largest lender,
CROSSCOUNTRY MORTGAGE, LLC.
The lowest fee Boston FHA lenders (with over 10 loans originated) are
VILLAGE CAPITAL MORTGAGE ($3,913), OCEANSIDE MORTGAGE COMPANY ($6,059), AmeriHome Mortgage Company, LLC ($6,363), Mr. Cooper ( Nationstar Mortgage ) ($7,260) and LAKEVIEW LOAN SERVICING, LLC ($7,297).
The lowest rate Boston FHA lenders (with over 10 loans originated) are
Leader Bank (2.44%), Bangor Savings Bank (2.54%), METRO (2.54%), SALEM FIVE MORTGAGE COMPANY, LLC (2.60%) and Rockland Trust Company (2.60%).
Boston FHA Loan Limits
| Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
|---|---|---|---|---|---|---|
| BOSTON-CAMBRIDGE-NEWTON, MA-NH | ESSEX | 2022 | $770,500 | $986,400 | $1,192,300 | $1,481,750 |
| BOSTON-CAMBRIDGE-NEWTON, MA-NH | MIDDLESEX | 2022 | $770,500 | $986,400 | $1,192,300 | $1,481,750 |
| BOSTON-CAMBRIDGE-NEWTON, MA-NH | NORFOLK | 2022 | $770,500 | $986,400 | $1,192,300 | $1,481,750 |
| BOSTON-CAMBRIDGE-NEWTON, MA-NH | PLYMOUTH | 2022 | $770,500 | $986,400 | $1,192,300 | $1,481,750 |
| BOSTON-CAMBRIDGE-NEWTON, MA-NH | SUFFOLK | 2022 | $770,500 | $986,400 | $1,192,300 | $1,481,750 |
| BOSTON-CAMBRIDGE-NEWTON, MA-NH | ROCKINGHAM | 2022 | $770,500 | $986,400 | $1,192,300 | $1,481,750 |
| BOSTON-CAMBRIDGE-NEWTON, MA-NH | STRAFFORD | 2022 | $770,500 | $986,400 | $1,192,300 | $1,481,750 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Boston (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
|---|---|---|---|---|
| 2018-01-01 | $529,450 (6.0%) | $858,987 (4.0%) | 1.96 | 6,025 |
| 2018-02-01 | $543,950 (5.6%) | $875,742 (3.2%) | 1.97 | 6,009 |
| 2018-03-01 | $574,900 (6.5%) | $907,100 (4.8%) | 2.02 | 6,566 |
| 2018-04-01 | $579,900 (5.5%) | $899,962 (2.9%) | 1.97 | 7,728 |
| 2018-05-01 | $584,900 (6.3%) | $896,109 (3.6%) | 1.95 | 8,784 |
| 2018-06-01 | $579,000 (5.3%) | $876,249 (2.5%) | 1.93 | 10,209 |
| 2018-07-01 | $559,450 (1.9%) | $857,084 (1.9%) | 1.87 | 10,107 |
| 2018-08-01 | $549,221 (3.6%) | $825,027 (0.4%) | 1.84 | 10,163 |
| 2018-09-01 | $549,900 (3.8%) | $806,874 (-1.5%) | 1.85 | 11,374 |
| 2018-10-01 | $549,000 (1.7%) | $799,602 (-3.6%) | 1.86 | 11,629 |
| 2018-11-01 | $539,400 (-0.1%) | $798,331 (-3.9%) | 1.83 | 10,958 |
| 2018-12-01 | $535,000 (1.1%) | $798,852 (-5.6%) | 1.85 | 8,829 |
| 2019-01-01 | $533,153 (0.7%) | $806,479 (-6.1%) | 1.84 | 7,548 |
| 2019-02-01 | $549,450 (1.0%) | $851,412 (-2.8%) | 1.86 | 7,342 |
| 2019-03-01 | $571,386 (-0.6%) | $883,992 (-2.6%) | 1.87 | 8,069 |
| 2019-04-01 | $599,900 (3.5%) | $914,262 (1.6%) | 1.90 | 8,929 |
| 2019-05-01 | $602,450 (3.0%) | $923,103 (3.0%) | 1.88 | 9,956 |
| 2019-06-01 | $599,900 (3.6%) | $919,140 (4.9%) | 1.87 | 11,103 |
| 2019-07-01 | $599,900 (7.2%) | $910,925 (6.3%) | 1.88 | 10,611 |
| 2019-08-01 | $595,780 (8.5%) | $898,260 (8.9%) | 1.88 | 10,693 |
| 2019-09-01 | $589,599 (7.2%) | $887,145 (10.0%) | 1.89 | 10,888 |
| 2019-10-01 | $588,033 (7.1%) | $889,524 (11.3%) | 1.90 | 11,017 |
| 2019-11-01 | $589,900 (9.4%) | $915,519 (14.7%) | 1.93 | 9,643 |
| 2019-12-01 | $589,450 (10.2%) | $917,012 (14.8%) | 1.97 | 7,015 |
| 2020-01-01 | $586,450 (10.0%) | $930,307 (15.4%) | 1.96 | 5,784 |
| 2020-02-01 | $599,900 (9.2%) | $971,649 (14.1%) | 1.95 | 5,753 |
| 2020-03-01 | $629,900 (10.2%) | $980,194 (10.9%) | 1.97 | 6,620 |
| 2020-04-01 | $617,450 (2.9%) | $945,817 (3.5%) | 1.93 | 6,437 |
| 2020-05-01 | $629,900 (4.6%) | $945,278 (2.4%) | 1.91 | 7,202 |
| 2020-06-01 | $656,448 (9.4%) | $1,002,118 (9.0%) | 1.93 | 7,782 |
| 2020-07-01 | $677,000 (12.9%) | $1,036,368 (13.8%) | 1.96 | 7,393 |
| 2020-08-01 | $675,000 (13.3%) | $1,042,771 (16.1%) | 1.93 | 7,190 |
| 2020-09-01 | $672,500 (14.1%) | $1,038,852 (17.1%) | 1.92 | 7,578 |
| 2020-10-01 | $665,000 (13.1%) | $1,033,066 (16.1%) | 1.91 | 7,945 |
| 2020-11-01 | $654,450 (10.9%) | $1,028,284 (12.3%) | 1.91 | 7,088 |
| 2020-12-01 | $646,999 (9.8%) | $1,004,176 (9.5%) | 1.92 | 5,304 |
| 2021-01-01 | $659,000 (12.4%) | $1,075,105 (15.6%) | 1.97 | 4,101 |
| 2021-02-01 | $679,450 (13.3%) | $1,128,380 (16.1%) | 1.97 | 3,873 |
| 2021-03-01 | $682,350 (8.3%) | $1,144,192 (16.7%) | 1.94 | 4,269 |
| 2021-04-01 | $694,000 (12.4%) | $1,179,216 (24.7%) | 1.88 | 4,775 |
| 2021-05-01 | $699,900 (11.1%) | $1,180,369 (24.9%) | 1.85 | 4,883 |
| 2021-06-01 | $697,225 (6.2%) | $1,144,642 (14.2%) | 1.83 | 5,736 |
| 2021-07-01 | $669,900 (-1.1%) | $1,113,618 (7.5%) | 1.76 | 5,673 |
| 2021-08-01 | $650,000 (-3.7%) | $1,075,195 (3.1%) | 1.72 | 5,572 |
| 2021-09-01 | $671,000 (-0.2%) | $1,055,532 (1.6%) | 1.79 | 6,018 |
| 2021-10-01 | $679,000 (2.1%) | $1,062,841 (2.9%) | 1.81 | 5,926 |
| 2021-11-01 | $674,520 (3.1%) | $1,073,459 (4.4%) | 1.80 | 4,934 |
| 2021-12-01 | $692,000 (7.0%) | $1,141,086 (13.6%) | 1.87 | 3,502 |
| 2022-01-01 | $716,500 (8.7%) | $1,220,200 (13.5%) | 1.94 | 2,675 |
| 2022-02-01 | $749,000 (10.2%) | $1,237,957 (9.7%) | 1.95 | 2,637 |
| 2022-03-01 | $749,450 (9.8%) | $1,253,974 (9.6%) | 1.88 | 2,989 |
| 2022-04-01 | $749,000 (7.9%) | $1,243,220 (5.4%) | 1.78 | 3,700 |
| 2022-05-01 | $757,500 (8.2%) | $1,242,168 (5.2%) | 1.73 | 4,474 |
| 2022-06-01 | $750,000 (7.6%) | $1,172,828 (2.5%) | 1.67 | 5,715 |
| 2022-07-01 | $739,900 (10.5%) | $1,110,720 (-0.3%) | 1.66 | 6,177 |
| 2022-08-01 | $725,000 (11.5%) | $1,108,135 (3.1%) | 1.67 | 5,758 |
| 2022-09-01 | $744,000 (10.9%) | $1,145,197 (8.5%) | 1.73 | 5,912 |
| 2022-10-01 | $749,000 (10.3%) | $1,169,524 (10.0%) | 1.76 | 6,222 |
| 2022-11-01 | $744,925 (10.4%) | $1,176,829 (9.6%) | 1.79 | 5,902 |
| 2022-12-01 | $749,000 (8.2%) | $1,200,260 (5.2%) | 1.85 | 4,406 |
| 2023-01-01 | $759,450 (6.0%) | $1,238,122 (1.5%) | 1.87 | 3,696 |
| 2023-02-01 | $799,000 (6.7%) | $1,345,591 (8.7%) | 1.93 | 3,433 |
Boston's median listing price comes in at 193% of the national average.
Boston's average listing price for 2023-02-01 was $1,345,591, a difference of $107,634 (8.7%) versus the prior year and $107,469 versus the prior month.
For the 2023-02-01 period, Boston had 3,433 MLS listings, a difference of -263 listings (-7%) versus the prior month and 796 listings (30%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Boston (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Time on Market | Median Square Footage |
|---|---|---|
| 2018-01-01 | 79 days | 2,008 sqft |
| 2018-02-01 | 67 days | 2,025 sqft |
| 2018-03-01 | 38 days | 2,061 sqft |
| 2018-04-01 | 31 days | 2,042 sqft |
| 2018-05-01 | 30 days | 2,055 sqft |
| 2018-06-01 | 33 days | 2,044 sqft |
| 2018-07-01 | 44 days | 2,033 sqft |
| 2018-08-01 | 47 days | 2,011 sqft |
| 2018-09-01 | 45 days | 1,989 sqft |
| 2018-10-01 | 45 days | 1,966 sqft |
| 2018-11-01 | 52 days | 1,946 sqft |
| 2018-12-01 | 66 days | 1,937 sqft |
| 2019-01-01 | 73 days | 1,907 sqft |
| 2019-02-01 | 63 days | 1,925 sqft |
| 2019-03-01 | 43 days | 1,973 sqft |
| 2019-04-01 | 34 days | 2,025 sqft |
| 2019-05-01 | 34 days | 2,045 sqft |
| 2019-06-01 | 38 days | 2,054 sqft |
| 2019-07-01 | 49 days | 2,036 sqft |
| 2019-08-01 | 50 days | 2,019 sqft |
| 2019-09-01 | 48 days | 1,997 sqft |
| 2019-10-01 | 46 days | 1,983 sqft |
| 2019-11-01 | 58 days | 1,981 sqft |
| 2019-12-01 | 77 days | 1,932 sqft |
| 2020-01-01 | 81 days | 1,909 sqft |
| 2020-02-01 | 46 days | 1,959 sqft |
| 2020-03-01 | 32 days | 2,000 sqft |
| 2020-04-01 | 46 days | 1,996 sqft |
| 2020-05-01 | 53 days | 2,000 sqft |
| 2020-06-01 | 33 days | 1,966 sqft |
| 2020-07-01 | 37 days | 1,890 sqft |
| 2020-08-01 | 38 days | 1,842 sqft |
| 2020-09-01 | 33 days | 1,733 sqft |
| 2020-10-01 | 32 days | 1,692 sqft |
| 2020-11-01 | 48 days | 1,668 sqft |
| 2020-12-01 | 63 days | 1,652 sqft |
| 2021-01-01 | 62 days | 1,640 sqft |
| 2021-02-01 | 36 days | 1,652 sqft |
| 2021-03-01 | 24 days | 1,665 sqft |
| 2021-04-01 | 19 days | 1,668 sqft |
| 2021-05-01 | 20 days | 1,693 sqft |
| 2021-06-01 | 20 days | 1,709 sqft |
| 2021-07-01 | 30 days | 1,710 sqft |
| 2021-08-01 | 32 days | 1,709 sqft |
| 2021-09-01 | 29 days | 1,685 sqft |
| 2021-10-01 | 30 days | 1,654 sqft |
| 2021-11-01 | 39 days | 1,630 sqft |
| 2021-12-01 | 50 days | 1,649 sqft |
| 2022-01-01 | 57 days | 1,650 sqft |
| 2022-02-01 | 25 days | 1,662 sqft |
| 2022-03-01 | 18 days | 1,672 sqft |
| 2022-04-01 | 16 days | 1,685 sqft |
| 2022-05-01 | 16 days | 1,787 sqft |
| 2022-06-01 | 18 days | 1,813 sqft |
| 2022-07-01 | 27 days | 1,826 sqft |
| 2022-08-01 | 35 days | 1,832 sqft |
| 2022-09-01 | 34 days | 1,815 sqft |
| 2022-10-01 | 32 days | 1,812 sqft |
| 2022-11-01 | 42 days | 1,804 sqft |
| 2022-12-01 | 58 days | 1,836 sqft |
| 2023-01-01 | 63 days | 1,841 sqft |
| 2023-02-01 | 38 days | 1,862 sqft |
Boston's median square footage for active listings during the 2023-02-01 period was 1,862 sqft. One year prior, the average listing was 1,662 sqft.