Select your Scenario
Dodge monthly mortgage insurance premiums (PMI) completely and secure the standard conventional baseline.
Explore programs requiring as little as 3% down conventional or 3.5% FHA, helping you buy sooner.
Optimize your existing debt service, lower your interest rate, or secure cash-out equity restructure.
Department of Veterans Affairs purchase loans offering 0% down payment and no monthly PMI for military.
Lock in lower interest rates with a 15-year fixed loan term to build massive equity quickly.
Finance non-owner occupied rental acquisitions or multi-unit house hacking with competitive investor pricing.
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Current Local Mortgage Rates
Sorted by lowest conforming purchase rate
Requires veteran or military eligibility
Loan amount is under conforming limits
| Loan Program | Today's Rate / APR | Points | Est. Payment | Action |
|---|---|---|---|---|
| Conventional 30-Yr FixedConforming | 6.875%APR 6.906% | 0 pts$0 | $2,749/moP&I $2,749 · MI $0 | See details |
| FHA 30-Yr FixedConforming | 6.002%APR 6.767% | 0 pts$0 | $2,749/moP&I $2,554 · MI $195 | See details |
| VA 30-Yr Fixed Doesn't Apply | — | — | — | Ineligible |
| Jumbo 30-Yr Fixed Doesn't Apply | — | — | — | Ineligible |
| 15-Year Conforming FixedConforming | 5.965%APR 6.009% | 0 pts$0 | $2,500/moP&I $2,500 · MI $0 | See details |
| Refinance 30-Yr FixedConforming | 6.837%APR 6.868% | 0 pts$0 | $2,739/moP&I $2,739 · MI $0 | See details |
| Investment Property FixedConforming | 7.563%APR 7.599% | 0 pts$0 | $2,945/moP&I $2,945 · MI $0 | See details |
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Compare all 26 pre-computed scenario benchmarks
Scenario Program | Down Pct | Credit score | Today's Rate | APR | Points | P&I Payment | 3-Yr Metric Cost |
|---|---|---|---|---|---|---|---|
15-Year Conforming Purchase | 20% | 740 credit score | 5.965% | 6.009% | 0 pts ($0) | $3,524/mo | $70,111 |
15-Year Rate/Term Refi | 0% | 740 credit score | 5.939% | 5.984% | 0 pts ($0) | $4,398/mo | $97,447 |
Condo 10% Down | 10% | 720 credit score | 7.107% | 7.269% | 0 pts ($0) | $3,166/mo | $110,888 |
Conventional 10% Down | 10% | 720 credit score | 6.569% | 6.720% | 0 pts ($0) | $2,997/mo | $103,255 |
Conventional 20% Down | 20% | 740 credit score | 6.875% | 6.906% | 0 pts ($0) | $2,749/mo | $84,967 |
Conventional 5% Down | 5% | 700 credit score | 6.995% | 7.468% | 0 pts ($0) | $3,305/mo | $115,370 |
Conventional Cash-Out Refi | 0% | 740 credit score | 7.304% | 7.338% | 0 pts ($0) | $3,588/mo | $123,178 |
Conventional High Balance | 10% | 740 credit score | 6.884% | 6.900% | 0 pts ($0) | $3,096/mo | $104,897 |
Conventional HomeReady 3% | 3% | 660 credit score | 6.785% | 7.155% | 0 pts ($0) | $3,303/mo | $119,154 |
Conventional Rate/Term Refi | 0% | 740 credit score | 6.837% | 6.868% | 0 pts ($0) | $3,424/mo | $115,812 |
FHA 15-Year Fixed 3.5% Down | 3.5% | 680 credit score | 5.936% | 6.686% | 0 pts ($0) | $4,317/mo | $102,931 |
FHA 3.5% Down | 3.5% | 680 credit score | 6.002% | 6.767% | 0 pts ($0) | $3,081/mo | $108,100 |
FHA Streamline (Excellent Credit) | 0% | 740 credit score | 5.936% | 6.686% | 0 pts ($0) | $3,170/mo | $110,965 |
FHA Streamline Refi | 0% | 640 credit score | 6.145% | 6.913% | 0 pts ($0) | $3,241/mo | $114,309 |
House Hacking Conforming 5% | 5% | 680 credit score | 6.969% | 7.208% | 0 pts ($0) | $3,296/mo | $119,453 |
Investment 15-Year Fixed 25% Down | 25% | 740 credit score | 5.820% | 5.855% | 0 pts ($0) | $3,273/mo | $64,083 |
Investment Property 25% Down | 25% | 740 credit score | 7.563% | 7.599% | 0 pts ($0) | $2,760/mo | $87,798 |
Jumbo Conforming | 20% | 760 credit score | 7.125% | 7.168% | 0 pts ($0) | $2,820/mo | $88,121 |
Jumbo Elite Premium 10% Down | 10% | 760 credit score | 6.712% | 6.741% | 0 pts ($0) | $3,042/mo | $93,276 |
Lower Credit FHA 3.5% | 3.5% | 580 credit score | 6.385% | 7.157% | 0 pts ($0) | $3,208/mo | $114,017 |
Second Home 10% Down | 10% | 720 credit score | 6.023% | 6.593% | 0 pts ($0) | $2,830/mo | $95,522 |
Second Home 20% Down | 20% | 740 credit score | 6.884% | 6.900% | 0 pts ($0) | $2,752/mo | $85,081 |
VA 0% Down | 0% | 700 credit score | 5.998% | 6.237% | 0 pts ($0) | $3,203/mo | $105,636 |
VA Cash-Out Refi | 0% | 640 credit score | 6.008% | 6.371% | 0 pts ($0) | $3,207/mo | $105,797 |
VA IRRRL Streamline Refi | 0% | 640 credit score | 6.028% | 6.176% | 0 pts ($0) | $3,214/mo | $106,118 |
VA Military 10% Down | 10% | 720 credit score | 6.067% | 6.143% | 0 pts ($0) | $2,879/mo | $91,075 |
Frequently Asked Questions
What are today's mortgage rates in Somerset-Berkley, MA across different loan programs?
Today's benchmark conventional 30-year fixed mortgage rate in Somerset-Berkley, MA is 6.875% (with an estimated monthly payment of $2,699). Active program rates also include FHA 30-year fixed loans at 6.002% and VA 0%-down fixed loans at 5.998%. These rates are calibrated daily by Safe Rate's pricing engine matching active local market conditions.
What is the recent mortgage rate trend in Somerset-Berkley, MA?
Mortgage rates have shown typical daily fluctuations driven by inflation data and bond yields. Over the past 90 days, conventional 30-year fixed rates in Somerset-Berkley, MA have fluctuated between a low of 6.481% and a high of 6.942%. You can track these daily movements by using the 90-day rate history and trajectory chart featured on this page.
Is an FHA or Conventional loan more cost-effective in Somerset-Berkley, MA?
Choosing between FHA and Conventional depends on your down payment budget and credit score. For a typical home priced at $523,168 in Somerset-Berkley, MA, a standard 20%-down Conventional loan requires an upfront cash down payment of $104,634 but keeps your monthly payment lower at $2,699/mo (at 6.875% interest) with no monthly PMI. In comparison, an FHA loan requires only $18,311 (3.5% down) but has an estimated payment of $3,024/mo (at 6.002% interest) due to mandatory FHA mortgage insurance (MIP). Local Nuance: The typical local FHA loan amount of $504,857 falls comfortably within the local HUD FHA loan limit of $524,225 (1-unit), making FHA financing an exceptionally accessible, high-leverage entry point into the market.
What is the maximum conforming loan limit in Somerset-Berkley before needing a Jumbo loan?
The 2025 conforming conventional loan limit for a 1-unit property in Somerset-Berkley is $806,501. With a typical local home value of $523,168 in , a standard 20%-down mortgage requires a loan size of $418,534. Because this is within the $806,501 conforming threshold, buyers can easily qualify for standard conforming conventional financing with competitive rates.
How does the median home value in Somerset-Berkley, MA impact estimated mortgage payments?
The median home value in Somerset-Berkley, MA is estimated at $523,168. Buying a typical home here with a standard 20% down payment ($104,634) translates to an estimated starting monthly mortgage payment of $2,699 (principal and interest). Compared to the local area median household income of $122,355 ($10,196/mo), this basic housing payment represents approximately 26.5% of gross monthly household income. This housing cost is well within standard lender affordability guidelines (under the 36% DTI benchmark), demonstrating healthy local purchasing power.