Cambridge FHA Loans
CAMBRIDGE-NEWTON-FRAMINGHAM, MA
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.
Cambridge's 118 lenders originated 2,141 FHA loans during 2021. The total origination value was $1,058,865,000, with an average FHA loan value of $494,566.
Cambridge FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Cambridge
averaged
4.61%
for the week of 2022-03-25, compared to the national average (all FHA variants) of
4.648% for the same period.
The average rate for the prior week (2022-03-18) was
4.23% and
one month ago for the week of 2022-02-18, the
average rate was 4.16%.
The average rate one year ago was 3.09%.
For refis of the same type during the week of 2022-03-25, the average rate
was 4.53%.
Cambridge FHA Loan Lenders by Rates & Fees
The below table looks at the average fees and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Cambridge level.
The top Cambridge FHA lender as defined by loan originations is CROSSCOUNTRY MORTGAGE, LLC, with
156 FHA loans originated. Their average total fees are
$13,441, which is $514
lower than the next largest lender,
UNITED WHOLESALE MORTGAGE, LLC.
The lowest fee Cambridge FHA lenders (with over 10 loans originated) are
Mr. Cooper ( Nationstar Mortgage ) ($7,568), LAKEVIEW LOAN SERVICING, LLC ($7,794), PENNYMAC LOAN SERVICES, LLC ($8,852), FREEDOM MORTGAGE CORPORATION ($9,316) and HOMESTEAD FUNDING CORP. ($10,224).
The lowest rate Cambridge FHA lenders (with over 10 loans originated) are
Rockland Trust Company (2.55%), SALEM FIVE MORTGAGE COMPANY, LLC (2.61%), QUICKEN LOANS, LLC (2.62%), FREEDOM MORTGAGE CORPORATION (2.63%) and MSA MORTGAGE, LLC (2.64%).
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Cambridge (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $529,000 (5.9%) | $852,362 (3.9%) | 1.95 | 6,241 |
2018-02-01 | $542,673 (4.5%) | $872,304 (3.0%) | 1.96 | 6,214 |
2018-03-01 | $569,900 (5.6%) | $898,570 (4.3%) | 1.97 | 6,803 |
2018-04-01 | $579,000 (5.4%) | $894,248 (2.8%) | 1.94 | 7,979 |
2018-05-01 | $579,948 (5.5%) | $891,075 (3.5%) | 1.93 | 9,070 |
2018-06-01 | $575,000 (4.6%) | $870,299 (2.3%) | 1.92 | 10,569 |
2018-07-01 | $556,998 (1.5%) | $844,756 (1.1%) | 1.86 | 10,475 |
2018-08-01 | $547,958 (4.0%) | $818,420 (0.5%) | 1.83 | 10,501 |
2018-09-01 | $549,000 (3.6%) | $801,335 (-1.2%) | 1.84 | 11,776 |
2018-10-01 | $549,000 (1.8%) | $794,856 (-3.4%) | 1.84 | 12,025 |
2018-11-01 | $539,450 (0.0%) | $793,441 (-3.8%) | 1.81 | 11,348 |
2018-12-01 | $535,000 (1.1%) | $794,612 (-5.6%) | 1.83 | 8,996 |
2019-01-01 | $534,450 (1.0%) | $800,270 (-6.1%) | 1.84 | 7,818 |
2019-02-01 | $549,450 (1.3%) | $844,504 (-3.2%) | 1.84 | 7,592 |
2019-03-01 | $571,214 (0.2%) | $875,287 (-2.6%) | 1.86 | 8,263 |
2019-04-01 | $599,700 (3.6%) | $905,908 (1.3%) | 1.89 | 9,134 |
2019-05-01 | $599,950 (3.5%) | $916,397 (2.8%) | 1.85 | 10,323 |
2019-06-01 | $599,900 (4.3%) | $914,904 (5.1%) | 1.85 | 11,544 |
2019-07-01 | $599,900 (7.7%) | $905,719 (7.2%) | 1.86 | 11,082 |
2019-08-01 | $591,329 (7.9%) | $885,926 (8.3%) | 1.86 | 11,110 |
2019-09-01 | $579,450 (5.6%) | $865,717 (8.0%) | 1.84 | 11,377 |
2019-10-01 | $586,250 (6.8%) | $880,789 (10.8%) | 1.87 | 11,535 |
2019-11-01 | $589,900 (9.4%) | $902,980 (13.8%) | 1.90 | 10,150 |
2019-12-01 | $587,000 (9.7%) | $911,445 (14.7%) | 1.96 | 7,353 |
2020-01-01 | $582,500 (9.0%) | $925,593 (15.7%) | 1.94 | 6,053 |
2020-02-01 | $599,900 (9.2%) | $968,283 (14.7%) | 1.94 | 5,960 |
2020-03-01 | $629,900 (10.3%) | $976,960 (11.6%) | 1.97 | 6,860 |
2020-04-01 | $616,500 (2.8%) | $939,971 (3.8%) | 1.92 | 6,710 |
2020-05-01 | $629,900 (5.0%) | $940,920 (2.7%) | 1.91 | 7,475 |
2020-06-01 | $654,500 (9.1%) | $996,174 (8.9%) | 1.91 | 8,057 |
2020-07-01 | $675,000 (12.5%) | $1,029,426 (13.7%) | 1.93 | 7,646 |
2020-08-01 | $679,000 (14.8%) | $1,040,454 (17.4%) | 1.94 | 7,382 |
2020-09-01 | $677,000 (16.8%) | $1,033,568 (19.4%) | 1.93 | 7,760 |
2020-10-01 | $669,000 (14.1%) | $1,030,994 (17.1%) | 1.91 | 8,156 |
2020-11-01 | $654,500 (11.0%) | $1,032,525 (14.4%) | 1.87 | 7,347 |
2020-12-01 | $649,000 (10.6%) | $1,014,973 (11.4%) | 1.90 | 5,491 |
2021-01-01 | $660,000 (13.3%) | $1,070,483 (15.7%) | 1.94 | 4,241 |
2021-02-01 | $679,900 (13.3%) | $1,121,272 (15.8%) | 1.96 | 3,996 |
2021-03-01 | $682,000 (8.3%) | $1,135,065 (16.2%) | 1.91 | 4,394 |
2021-04-01 | $699,000 (13.4%) | $1,192,587 (26.9%) | 1.88 | 5,015 |
2021-05-01 | $699,900 (11.1%) | $1,192,755 (26.8%) | 1.84 | 5,108 |
2021-06-01 | $699,450 (6.9%) | $1,152,833 (15.7%) | 1.82 | 6,032 |
2021-07-01 | $677,450 (0.4%) | $1,126,929 (9.5%) | 1.76 | 5,888 |
2021-08-01 | $650,000 (-4.3%) | $1,078,666 (3.7%) | 1.71 | 5,797 |
2021-09-01 | $674,600 (-0.4%) | $1,062,031 (2.8%) | 1.78 | 6,287 |
2021-10-01 | $689,000 (3.0%) | $1,070,318 (3.8%) | 1.81 | 6,224 |
2021-11-01 | $677,450 (3.5%) | $1,086,661 (5.2%) | 1.79 | 5,184 |
2021-12-01 | $694,500 (7.0%) | $1,146,193 (12.9%) | 1.85 | 3,715 |
2022-01-01 | $724,900 (9.8%) | $1,225,745 (14.5%) | 1.93 | 2,826 |
Cambridge's median listing price comes in at 193% of the national average.
Cambridge's average listing price for 2022-01-01 was $1,225,745, a difference of $155,262 (14.5%) versus the prior year and $79,552 versus the prior month.
For the 2022-01-01 period, Cambridge had 2,826 MLS listings, a difference of -889 listings (-24%) versus the prior month and -1,415 listings (-33%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Cambridge (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 78 days | 2,015 sqft |
2018-02-01 | 68 days | 2,035 sqft |
2018-03-01 | 38 days | 2,063 sqft |
2018-04-01 | 31 days | 2,044 sqft |
2018-05-01 | 30 days | 2,064 sqft |
2018-06-01 | 33 days | 2,056 sqft |
2018-07-01 | 44 days | 2,043 sqft |
2018-08-01 | 47 days | 2,021 sqft |
2018-09-01 | 45 days | 2,000 sqft |
2018-10-01 | 45 days | 1,977 sqft |
2018-11-01 | 52 days | 1,959 sqft |
2018-12-01 | 66 days | 1,952 sqft |
2019-01-01 | 73 days | 1,926 sqft |
2019-02-01 | 62 days | 1,950 sqft |
2019-03-01 | 43 days | 1,995 sqft |
2019-04-01 | 34 days | 2,038 sqft |
2019-05-01 | 34 days | 2,053 sqft |
2019-06-01 | 37 days | 2,060 sqft |
2019-07-01 | 49 days | 2,035 sqft |
2019-08-01 | 57 days | 2,012 sqft |
2019-09-01 | 51 days | 1,984 sqft |
2019-10-01 | 48 days | 1,984 sqft |
2019-11-01 | 57 days | 1,984 sqft |
2019-12-01 | 74 days | 1,949 sqft |
2020-01-01 | 80 days | 1,930 sqft |
2020-02-01 | 50 days | 1,983 sqft |
2020-03-01 | 32 days | 2,014 sqft |
2020-04-01 | 45 days | 2,001 sqft |
2020-05-01 | 53 days | 2,016 sqft |
2020-06-01 | 34 days | 1,991 sqft |
2020-07-01 | 37 days | 1,912 sqft |
2020-08-01 | 37 days | 1,864 sqft |
2020-09-01 | 33 days | 1,746 sqft |
2020-10-01 | 32 days | 1,707 sqft |
2020-11-01 | 46 days | 1,701 sqft |
2020-12-01 | 60 days | 1,695 sqft |
2021-01-01 | 64 days | 1,667 sqft |
2021-02-01 | 37 days | 1,674 sqft |
2021-03-01 | 25 days | 1,682 sqft |
2021-04-01 | 22 days | 1,668 sqft |
2021-05-01 | 22 days | 1,692 sqft |
2021-06-01 | 22 days | 1,702 sqft |
2021-07-01 | 30 days | 1,707 sqft |
2021-08-01 | 31 days | 1,712 sqft |
2021-09-01 | 29 days | 1,691 sqft |
2021-10-01 | 30 days | 1,661 sqft |
2021-11-01 | 40 days | 1,631 sqft |
2021-12-01 | 52 days | 1,650 sqft |
2022-01-01 | 58 days | 1,658 sqft |
Cambridge's median square footage for active listings during the 2022-01-01 period was 1,658 sqft. One year prior, the average listing was 1,667 sqft.