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Local Rates In Massachusetts

Find Local Rates in Massachusetts

The home of Boston, Paul Revere, the Patriots professional football team and the Celtics professional basketball team, Massachusetts has a vibrant history and community to offer residents. Most of the population in the state resides in the eastern half of the territory with a high concentration in Boston itself. The state for centuries has been connected to the sea, with a large range of fishing communities up and down the state coastline. Massachusetts is also famous for its two oldest universities, Harvard and Cambridge. These two schools have produced more world leaders than any other U.S. education institutions aside from Yale. In addition, the state has 121 universities or colleges total, including Brandeis, Cambridge and MIT. The major industries of the state include healthcare, insurance, tourism, finance and education.

Nearly 6.7 million Americans call Massachusetts home, the 14th highest population in the country. MA is a small state, and thus it is the 3rd most densely populated. The economy produces over $400 billion in goods and services per year; per capita income is third highest in the nation, not surprising for such a highly educated work force. This being RateZip, we also have to mention that Liberty Mutual Insurance is headquartered in the state.

Cities & Places to Live

At the end of 2013, the average home in MA was worth nearly $315,000, an 8% year over year improvement. Of course, this is just an average and a lot depends on where exactly you live. A nice apartment in Boston or a beautiful home in Chatham will run you a cool million dollars. On the other side, cities such as Fitchburg and Chicopee offer better deals, with median sale prices of under $200K. If you're trying to figure out your dream town, check out this article from the Boston Globe.

Boston

Population: 617,594

Boston is one of the great American cities, along with one of the oldest. It's actually much larger than its official population makes it appear - Greater Boston, the city's metropolitan area, is home to over 7.5 million people. This is the 6th largest metro in the United States. In addition to its great history, Boston is perhaps the hub for higher education in the entire world. The city is expensive - remember those $1 million home prices? - but it's beautiful, there are good jobs, and Boston ranks high in livability studies.

Worcester

Population: 181,045

Known as the Heart of the Commonwealth due to its central location, Worcester is MA's second largest city, though it is counted as part of Greater Boston. Once a manufacturing hub, today Worcester's economy is made up of services like education. Hanover insurance calls the city home, and Unum insurance has an office there.

Springfield

Population: 153,060

There are many towns called Springfield across the US, including a fictional version on The Simpsons. However, Springfield, MA was the first, and today it's the largest city in Western MA. The city is also heavily involved in higher education, with 25 universities in a 15 mile radius. The local economy is largely reliant on services, tourism, and the government.

Cambridge

Population: 105,162

Named after the University of Cambridge, the city of Cambridge is home to two of the greatest universities in the country, Harvard and the Massachusetts Institute of Technology (MIT). Not surprisingly, these are the two largest employers in the city as well.

Finding the Right Bank for You

Massachusetts is one of the oldest and most historically significant states in America, and its citizens are served by a multitude of financial institutions, both big and small. In the lists that follow, you will find small, community oriented banks alongside major global players. Besides the interest rates, your personal preference will go a long way in determining who to choose.

Local & community banks:

  1. Anawon Trust
  2. Bank of Canton
  3. Bank of New England
  4. Cambridge Trust Company
  5. Dedham Savings
  6. Eastern Bank
  7. Foxboro Federal Savings
  8. Georgetown Savings Bank
  9. Hampden Bank
  10. Martha's Vineyard Savings Bank
  11. Nantucket Bank
  12. Rockport National Bank
  13. Silicon Valley Bank
  14. UniBank for Savings
  15. Williamstown Savings Bank

Credit unions in Massachusetts:

  1. Digital FCU
  2. HarborOne
  3. Metro Credit Union
  4. Rockland FCU
  5. Greylock FCU
  6. Hanscom FCU
  7. Jeanne D'Arc CU
  8. Workers' Credit Union
  9. St. Anne's CU
  10. RTN FCU

Big banks with MA branches and ATMs:

  1. Bank of America
  2. Citizens Bank
  3. Peoples United Bank
  4. Santander Bank
  5. TD Bank
  6. Webster Bank

Now that you know what's out there, you can use RateZip to compare auto loans, deposit accounts, CDs, and so much more.

Getting a Mortgage in MA

Any consideration of a home purchase in the state should be done utilizing mortgage rate information from RateZip.com, one of the most comprehensive rate comparison sites available today. After all, you'll be spending quite a bit to find a place in Massachusetts, which means that the savings from a good deal can pile up fast. If you're looking to refinance your mortgage, we also have you covered.

Fixed vs Adjustable: What's Right for Me?

The first major decision that a mortgage shopper must face is whether to opt for a fixed or adjustable interest rate. With a fixed rate mortgage (FRM), the interest rate will stay the same for as long as you have the loan, assuming that you don't refinance. The most popular FRM has a term of 30 years. With an adjustable rate mortgage (ARM), the interest rate adjusts at set intervals. The most popular ARMs are 3/1 and 5/1, where the "teaser rate" lasts for 3 and 5 years respectively, then adjusts annually. Most ARMs have a term of 30 years.

So, which should you choose? This will depend on a lot of factors. FRMs tend to be better for homeowners who plan on sticking in one place and who want the security of a fixed rate and monthly payment. ARMs tend to be better for homeowners who foresee a move in the near future and want to save on interest payments over the first few years of the loan. You can use this website to see how the numbers work out for various scenarios.

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