In observance of Martin Luther King, Jr. Day, all Mass Bay Credit Union offices will be closed on Monday, January 20, 2025. As always, ATMs, online, mobile, and telephone banking are available 24/7/365.
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Mortgage Rates
All rates and terms are subject to change without notice.
Fixed Rate Mortgage Loans & Refinancing
| Interest Rate | APR* | Payment Per $1,000** | |
| 30 Year | 6.000% | 6.059% | $6.00 |
| 15 Year | 5.875% | 5.972% | $8.37 |
TRIM (The Rate Improver Mortgage)
| Interest Rate | APR* | Payment Per $1,000** |
| 6.19% | 6.25% | $6.12 |
Adjustable Rate Mortgages & Refinancing
| Interest Rate | APR* | Payment Per $1,000** | |
| 5/1 ARM | 6.000% | 6.530% | $6.00 |
| 5/5 ARM (First Time Home Buyer Loan Product) | 6.000% | 6.126% | $6.00 |
*APR = Annual Percentage Rates and interest rates are based on current pricing and subject to change at any time without notice. Rates are determined by loan amount, creditworthiness, loan-to value (LTV), loan term, occupancy status, property type, loan purpose, and lien position so your rate could be higher. Maximum LTV is 95%. Advertised rates are based on a set of loan assumptions (0 discounted points, a credit score of 780 or higher, LTV of 75% , a 30-year term (except for the 15-year product), owner-occupied, single-family residence for purchase in Massachusetts in first lien position). Mortgage insurance may be required depending on loan guidelines. If mortgage insurance is required, the mortgage insurance premium could increase the APR, interest rate, and the monthly mortgage payment. Additional loan programs are available. All loans are subject to approval, other restrictions may apply.
Additional Information about our Adjustable-Rate Mortgages (ARMs) – The APR, interest rate and principal and interest payment are subject to increase and will change after the loan is closed due to market-driven changes to the index.
**Mortgage: Estimated Monthly Payment is for principal and interest per $1,000 borrowed. Payment examples do not include taxes or insurance premiums, payment obligation will be higher.
Home Equity Lines of Credit
| Interest Rate | APR* | Term | Payment Per $1,000** |
|---|---|---|---|
| Intro Rate 3.49% for 6 months then Prime minus 0.75%* | 3.49% for first 6 months then 7.75%* | 10 Year Draw/ 15 Year Repayment |
$6.46 (Interest Only Period) $9.41 (Repayment Period) |
*APR= Annual Percentage Rate.
3.49% Annual Percentage Rate (APR) is an introductory rate for the first six months. After the introductory period, rate on the outstanding balances will revert to Prime Rate as published in the Wall Street Journal on the first day of the calendar month minus (-) 0.75%. Prime rate as of 07/26/2023 is 8.50%. The APR may vary monthly. Minimum rate 3.75% and maximum rate 18.00%. 10 year draw period. 15 year repayment period. Minimum $10,000 draw at closing and $1,000 advances thereafter. The maximum LTV is 80% up to $200,000.
** Payment per thousand based on minimum rate after introductory period.
Fixed Rate Home Equity Loans
| Points | Interest Rate | APR* | Payment Per $1,000** | |
|---|---|---|---|---|
| 5 Year Fixed Rate | 0 | 6.750% | 6.750% | $19.68 |
| 10 Year Fixed Rate | 0 | 6.750% | 6.750% | $11.48 |
| 15 Year Fixed Rate | 0 | 7.125% | 7.125% | $9.06 |
| 20 Year Fixed Rate | 0 | 7.250% | 7.250% | $7.90 |
*APR= Annual Percentage Rate.
**Payments do not include taxes & insurance, as result your payment may be greater. Your payment may be greater if the loan is secured by a first lien. Property insurance is required and Flood insurance may also be required.
Please contact Mass Bay Credit Union for your individual rate quote.
10 & Done - 10 Year Fixed Home Loan Rates
| Interest Rate | APR* | Term** | Payment Per $1,000** |
|---|---|---|---|
|
6.750% |
7.09% |
10 Years (120 months) |
$11.48 |
*APR= Annual Percentage Rate.
**Interest Rate and APR are as of October 3, 2023 and subject to change without notice. The APR is calculated based on a loan amount of $100,000 for a term of 10 years or 120 months. Payments are $11.48 per $1,000 borrowed. Owner occupied condos and single-family primary residences only. Payment doesn’t include taxes, insurance, or HOA fees. The actual payment obligation will be greater. Maximum loan amount is $300,000. The maximum LTV is 80% up to $200,000. The maximum LTV is 70% for loans over $200,000 up to $300,000. Loan must be in first lien position. Other terms and restrictions apply including a 620 minimum credit score. Proof of adequate property insurance required, and flood insurance may also be required. Subject to credit approval. $1,499 closing costs apply. NMLS ID #615913. Subject to membership eligibility, see our website for details.
All loans are subject to membership eligibility. Current Rates - Effective January 2, 2024