Massachusetts VA Loan Rates, Closing Costs & Stats

Massachusetts

A VA loan is a mortgage loan that’s backed by the Department of Veterans Affairs (VA) for those who have served or are presently serving in the U.S. military. The VA does not directly lend, it guarantees the loans made by private lenders to veterans, active military personnel, and qualifying military spouses.

The most obvious benefit of VA loans is that no downpayment is necessary to purchase a home. They will also typically have significantly lower fees-- meaning that if you're eligible to receive a VA loan, it will likely be the most favorable option. VA loans come in 3 varities: purchase, refinance and cash out refis.

For additional benefits of VA loans, click here.

Massachusetts VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Massachusetts averaged 6.44% for the week of 2024-05-17, compared to the national average (all VA variants) of 6.502% for the same period.

Massachusetts's average VA mortgage closing costs are $6,997.

The average rate for the prior week (2024-05-10) was 6.54% and one month ago for the week of 2024-04-12, the average rate was 6.62%.

The average rate one year ago was 6.13%.

For refis of the same type during the week of 2024-05-17, the average rate was 6.5%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

Massachusetts VA Loan Lenders by Rates & Fees

The below table looks at the average fees/closing costs and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Massachusetts level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Mortgage Research Center, LLC 407 6.69% $10,856
QUICKEN LOANS, LLC 169 6.06% $14,482
NAVY FEDERAL CREDIT UNION 124 5.86% $8,032
LOANDEPOT.COM, LLC 115 6.02% $15,954
UNITED WHOLESALE MORTGAGE, LLC 111 6.38% $9,954
GUARANTEED RATE, INC. 87 6.27% $11,061
PENNYMAC LOAN SERVICES, LLC 75 5.48% $10,083
MOVEMENT MORTGAGE, LLC 72 6.34% $10,058
FREEDOM MORTGAGE CORPORATION 72 6.44% $16,149
The Federal Savings Bank 64 6.17% $20,162
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 64 6.66% $10,595
CROSSCOUNTRY MORTGAGE, LLC 55 6.56% $11,333
USAA Federal Savings Bank 55 6.23% $10,037
NEWREZ LLC 35 6.36% $11,027
GUILD MORTGAGE COMPANY 31 6.71% $10,970
RADIUS FINANCIAL GROUP INC. 24 6.48% $15,429
CMG MORTGAGE, INC. 23 6.61% $10,729
TOTAL MORTGAGE SERVICES, LLC 23 6.64% $15,673
Leader Bank 22 6.29% $9,077
Mr. Cooper ( Nationstar Mortgage ) 20 5.99% $15,941
GUARANTEED RATE AFFINITY, LLC 20 6.24% $9,467
AMERICAN FINANCIAL NETWORK, INC. 17 6.53% $10,913
AMERISAVE MORTGAGE CORPORATION 16 5.80% $16,550
Shamrock Home Loans, Inc. 15 6.21% $8,997
Barrington Bank & Trust Company, N.A. 15 6.33% $16,236
PENTAGON FEDERAL CREDIT UNION 15 5.41% $9,571
ACADEMY MORTGAGE CORPORATION 14 6.79% $6,931
BROKER SOLUTIONS, INC. 13 6.53% $12,537
Magnolia Bank 11 6.04% $18,373
MUTUAL OF OMAHA MORTGAGE, INC. 11 6.40% $15,795
HOMEBRIDGE FINANCIAL SERVICES, INC. 11 6.34% $12,405
NORWICH COMMERCIAL GROUP, INC. 10 6.59% $12,881
VILLAGE CAPITAL MORTGAGE 10 5.99% $11,200
NBKC BANK 10 6.23% $12,259
Northpointe Bank 9 6.44% $9,447
RELIANCE FIRST CAPITAL, LLC 9 6.56% $10,046
NORTHPOINT MORTGAGE, INC. 9 6.74% $9,182
Armed Forces Bank 8 6.28% $16,550
SALEM FIVE MORTGAGE COMPANY, LLC 8 6.64% $11,189
ARK-LA-TEX FINANCIAL SERVICES, LLC. 8 6.17% $8,469
HARBORONE MORTGAGE, LLC 8 6.83% $8,628
Evolve Bank & Trust 8 6.77% $9,767
BAYCOAST MORTGAGE COMPANY, LLC 7 6.18% $10,509
PRIMELENDING, A PLAINSCAPITAL COMPANY 7 6.63% $10,577
BNC National Bank 7 5.61% $11,119
MORTGAGE EQUITY PARTNERS LLC 7 6.70% $11,287
CARDINAL FINANCIAL 7 6.86% $12,639
GENEVA FINANCIAL, LLC 7 6.86% $11,056
U.S. Bank 6 6.33% $7,992
The Camden National Bank 6 6.15% $11,216
Wells Fargo Bank 6 5.85% $5,249
The Washington Trust Company, of Westerly 6 6.67% $11,884
ENVOY MORTGAGE, LTD 6 6.50% $8,024
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 6 6.81% $6,114
Keystone Funding, Inc. 6 6.31% $9,904
Paramount Residential Mortgage Group, Inc. 5 6.05% $12,779
Semper Home Loans, Inc. 5 6.68% $21,848
LAKEVIEW LOAN SERVICING, LLC 5 6.23% $15,520
Citizens Bank 5 6.48% $10,647
North American Savings Bank, F.S.B. 5 5.75% $6,643
HOMESTEAD FUNDING CORP. 5 7.05% $10,693
Nations Lending Corporation 5 7.00% $10,833
FIRST MORTGAGE COMPANY, INC. 5 6.15% $6,515
DRAPER AND KRAMER MORTGAGE CORP. 4 6.03% $12,627
Bank of England 4 6.38% $19,347
ALLIED MORTGAGE GROUP, INC. 4 6.38% $12,521
DREW MORTGAGE ASSOCIATES, INC. 4 6.50% $6,416
Sierra Pacific Mortgage Company, Inc. 4 6.19% $12,964
EMBRACE HOME LOANS, INC. 4 6.47% $9,593
EQUITY RESOURCES, INC. 4 6.50% $7,605
HANSCOM 4 6.41% $2,706
LEADERONE FINANCIAL CORPORATION 4 6.44% $12,917
Prosperity Home Mortgage, LLC 3 6.00% $10,774
JPMorgan Chase Bank 3 6.33% $9,661
MILEND, INC. 3 6.08% $13,174
Flagstar Bank, FSB 3 5.98% $9,865
FIRST HOME MORTGAGE CORPORATION 3 6.46% $24,255
EVERETT FINANCIAL, INC. 3 6.21% $9,319
EMM LOANS LLC 3 6.67% $8,723
Presidential Bank, FSB 3 6.04% $21,596
CONTOUR MORTGAGE CORPORATION 3 5.54% $20,894
NATIONS DIRECT MORTGAGE, LLC 3 6.38% $8,838
Strong Home Mortgage, LLC 3 5.58% $7,400
Plains Commerce Bank 3 6.17% $11,105
NFM, INC. 3 6.08% $9,228
BAY EQUITY LLC 2 6.56% $4,488
Berkshire Bank 2 6.25% $12,274
Bridgewater Savings Bank 2 5.94% $2,461
CIBM Bank 2 6.94% $5,885
CONWAY FINANCIAL SERVICES, LLC 2 6.50% $14,940
Fall River Five Cents Savings Bank 2 6.88% $10,384
FBC MORTGAGE, LLC 2 6.75% $12,265
First Federal Bank 2 6.38% $12,497
FIRST WORLD MORTGAGE CORPORATION 2 6.50% $12,796
LADERA LENDING, INC. 2 6.69% $13,520
NEW FED MORTGAGE, CORP. 2 5.94% $15,595
OCMBC, INC. 2 7.19% $6,743
PHH Mortgage Corporation 2 5.56% $14,247
PLAZA HOME MORTGAGE, INC. 2 6.75% $3,993
PREMIA MORTGAGE, LLC 2 5.94% $4,272
PROVINCE MORTGAGE ASSOCIATES, INC. 2 6.56% $9,129
Rockland Trust Company 2 6.81% $8,865
AMERICAN INTERNET MORTGAGE, INC. 1 5.50% $11,094
AMERICAN FINANCIAL RESOURCES, INC. 1 7.75% $10,512
M&T Bank 1 5.75% $7,262
Mid-Continent Funding, Inc. 1 6.75% $7,448
LOANPAL, LLC 1 5.99% $13,367
Adams Community Bank 1 5.75% $3,340
HOMESIDE FINANCIAL, LLC 1 6.75% $3,195
Home Loan Investment Bank, F.S.B. 1 5.75% $6,154
First Savings Bank 1 5.25% $9,695
Residential Mortgage Solutions, Inc. 1 6.63% $10,265
ZILLOW HOME LOANS, LLC 1 6.63% $4,810
First National Bank Texas 1 7.13% $5,359
FIRST COMMUNITY MORTGAGE, INC. 1 7.50% $13,744
Service Federal Credit Union 1 7.13% $2,956
Equity Prime Mortgage LLC 1 6.75% $7,582
Easthampton Savings Bank 1 6.75% $3,451
COMMUNITYAMERICA 1 6.63% $23,740
T2 FINANCIAL LLC 1 7.25% $12,211
Capital Bank 1 6.00% $17,226
BM Real Estate Services, Inc. 1 7.25% $22,788
BAYSHORE MORTGAGE FUNDING, LLC 1 6.88% $11,054
TOP FLITE FINANCIAL, INC. 1 6.75% $12,525
Academy Bank 1 6.13% $11,081
TOWNE MORTGAGE COMPANY 1 6.50% $17,411
Bank of America 1 7.13% $4,199
Old National Bank 1 5.99% $10,332
Network Funding, L.P. 1 7.63% $7,272
NATIONWIDE MORTGAGE BANKERS, INC. 1 6.99% $19,846
American Mortgage & Equity Consultants, Inc. 1 6.50% $16,357
NATIONS RELIABLE LENDING, LLC 1 6.50% $1,285

The top Massachusetts VA lender as defined by loan originations is Mortgage Research Center, LLC, with 407 VA loans originated. Their average total fees are $10,856, which is $3,626 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Massachusetts VA lenders (with over 10 loans originated) are ACADEMY MORTGAGE CORPORATION ($6,931), NAVY FEDERAL CREDIT UNION ($8,032), Shamrock Home Loans, Inc. ($8,997), Leader Bank ($9,077) and GUARANTEED RATE AFFINITY, LLC ($9,467).

The lowest rate Massachusetts VA lenders (with over 10 loans originated) are PENTAGON FEDERAL CREDIT UNION (5.41%), PENNYMAC LOAN SERVICES, LLC (5.48%), AMERISAVE MORTGAGE CORPORATION (5.80%), NAVY FEDERAL CREDIT UNION (5.86%) and VILLAGE CAPITAL MORTGAGE (5.99%).

VA Loan Features

  • No down payment required
  • Negotiable and competitive interest rate.
  • Ability to finance the VA funding fee (plus reduced funding fees with a down payment of at least 5 percent and exemption for veterans receiving VA compensation).
  • VA rules limit the amount you can be charged for closing costs.
  • Closing costs are comparable with other financing types (and may be lower).
  • Closing costs may be paid by the seller.
  • No private mortgage insurance premiums are required.
  • An assumable mortgage.
  • Right to prepay your mortgage without penalty.
  • For homes inspected by VA during construction, a warranty from builder and assistance from VA to obtain cooperation of builder.
  • VA assistance to veteran borrowers in default due to temporary financial difficulty.