Mortgage Rates in Andover, Massachusetts — March 2026
Updated March 2026 | Based on Andover market data and regional lending conditions
Andover is a growing city in Massachusetts with a population of 36,220. The current 30-year fixed mortgage rate in Andover is 6.61%, which is 0.04% below the national average. With a median home price of $518,000 and a 20% down payment of $103,600, homebuyers can expect a monthly principal and interest payment of approximately $2,649.
Current Mortgage Rates in Andover, MA
Below are the current average mortgage rates available in the Andover area as of March 2026. Rates vary by lender, credit score, and loan-to-value ratio. Use our free calculator above to see your personalized estimate.
| Loan Type | Rate | National Avg | Difference |
|---|---|---|---|
| 30-Year Fixed | 6.61% | 6.65% | -0.04% |
| 15-Year Fixed | 5.88% | 5.89% | -0.01% |
| 5/1 ARM | 6.17% | 6.15% | +0.02% |
| FHA | 6.43% | 6.25% | +0.18% |
| VA | 6.18% | 6.05% | +0.13% |
| Jumbo | 6.86% | 6.85% | +0.01% |
Andover Housing Market Overview
The Andover housing market is competitive with prices well above the national median. The median household income in Andover is $88,000, and the cost of living index is 121 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $136,114 to comfortably afford the median-priced home in Andover, which exceeds the current median household income.
Monthly Payment Breakdown for Andover
Based on the median home price of $518,000 with 20% down ($103,600), here is what you can expect to pay monthly in Andover:
15-Year vs. 30-Year Mortgage in Andover
Choosing a 15-year mortgage in Andover at 5.88% instead of a 30-year at 6.61% would save you $329,040 in total interest over the life of the loan. However, your monthly payment would be $3,470 instead of $2,649 — an increase of $821 per month.
Calculate Your Andover Mortgage Payment
Use our free calculator to get a personalized estimate based on your loan amount, interest rate, and term.
Open Free CalculatorFrequently Asked Questions About Mortgages in Andover
What are the current mortgage rates in Andover, MA?
As of March 2026, the average 30-year fixed mortgage rate in Andover, Massachusetts is 6.61%, while the 15-year fixed rate is 5.88%. FHA loans average 6.43% and VA loans 6.18%. These rates are 0.04% below the national average of 6.65%.
How much is a monthly mortgage payment in Andover?
Based on the median home price of $518,000 with 20% down, the estimated monthly mortgage payment in Andover is $2,649 for principal and interest. Including property taxes of $527/month, the total monthly housing cost is approximately $3,176.
What income do I need to buy a home in Andover?
Using the 28% rule, you would need an annual income of approximately $136,114 to afford the median-priced home in Andover at $518,000. The median household income in Andover is $88,000. This means most households would need to either earn above the median or consider homes below $518,000.
Is Andover a good place to buy a home in 2026?
Andover has a higher cost of living than average with a cost of living index of 121 (national average = 100). The property tax rate in Massachusetts is 1.22%, which is near the national average. Andover has a population of 36,220 and offers a balanced lifestyle.
Mortgage Rates in Other Massachusetts Cities
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Last updated: March 2026. Rates are approximate averages based on regional lending data for the Andover, Massachusetts area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.