Boston Mortgage Rates Survey – Week of February 20, 2012

Written by: BetterFinancePath Staff

According to a recent survey of Boston mortgage rates offered by the largest area banks & credit unions, two Boston institutions offered rates below 4.000% on 30-year fixed-rate conforming loans in the Boston area for well-qualified borrowers. Sovereign Bank ( and Century Bank and Trust ( offered the lowest rates of the city with 3.99%. Four other institutions offered rates higher than 4.00%.

While most lenders will push one of the three products on the list below, there are other options for the borrower.  The 30-year fixed rate loan is the most popular since it offers the lowest monthly payment.  The trade-off is paying a higher interest rate.  For those who have a better cash flow, the 15-year product may be more suitable.  The 15-year fixed rate loan will allow the borrower to pay more toward principal with each payment, and since it has a lower interest rate the overall amount of money that is paid in interest will be much lower.  While many people steer clear of the 5/1 ARM it is beneficial to some borrowers.  For instance, a person with a smaller loan (usually due to refinancing) may have the cash flow to pay off their ARM in 5 years or less.  This person could save an extra 1% in interest payments over the 15-year product and never worry about the rate adjusting later in the life of the loan.

Top Boston Area Banks and Credit Unions

As of

30 Yr-Rate

30 Yr- APR

15 Yr- Rate

15 Yr- APR

5/1 ARM-IR


Bank of America


4.13% 4.31% 3.50% 3.76% 2.88% 3.37%
RBS Citizens


4.13% 4.16% 3.38% 3.44% 2.75% 3.20%
Sovereign Bank


3.99% 4.15% 3.25% 3.53% NA NA
Rockland Trust


4.13% 4.21% 3.38% 3.52% 3.25% 3.44%
Century Bank and Trust


3.99% 4.04% 3.25% 3.34% 3.00% 2.97%


4.00% 4.15% 3.25% 3.51% 2.88% 3.23%


Listed rates from banks, thrifts, and credit unions were listed on their websites on the date indicated for conforming loans with 0 points.  Data is believed accurate at time of collection, can change without notice, and will vary based on an individual’s credit history.  Contact a specific institution for current rates.


Boston Mortgage Rates Survey – Week of February...

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