Mortgage Rates in Gloucester, Massachusetts — March 2026
Updated March 2026 | Based on Gloucester market data and regional lending conditions
Gloucester is a growing city in Massachusetts with a population of 30,273. The current 30-year fixed mortgage rate in Gloucester is 6.84%, which is 0.19% above the national average. With a median home price of $510,000 and a 20% down payment of $102,000, homebuyers can expect a monthly principal and interest payment of approximately $2,671.
Current Mortgage Rates in Gloucester, MA
Below are the current average mortgage rates available in the Gloucester 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 | 6.84% | 6.65% | +0.19% |
| 15-Year Fixed | 6.06% | 5.89% | +0.17% |
| 5/1 ARM | 6.3% | 6.15% | +0.15% |
| FHA | 6.54% | 6.25% | +0.29% |
| VA | 6.29% | 6.05% | +0.24% |
| Jumbo | 7.09% | 6.85% | +0.24% |
Gloucester Housing Market Overview
The Gloucester housing market is competitive with prices well above the national median. The median household income in Gloucester is $71,600, and the cost of living index is 126.6 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $136,329 to comfortably afford the median-priced home in Gloucester, which exceeds the current median household income.
Monthly Payment Breakdown for Gloucester
Based on the median home price of $510,000 with 20% down ($102,000), here is what you can expect to pay monthly in Gloucester:
15-Year vs. 30-Year Mortgage in Gloucester
Choosing a 15-year mortgage in Gloucester at 6.06% instead of a 30-year at 6.84% would save you $339,480 in total interest over the life of the loan. However, your monthly payment would be $3,456 instead of $2,671 — an increase of $785 per month.
Calculate Your Gloucester Mortgage Payment
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Open Free CalculatorFrequently Asked Questions About Mortgages in Gloucester
What are the current mortgage rates in Gloucester, MA?
As of March 2026, the average 30-year fixed mortgage rate in Gloucester, Massachusetts is 6.84%, while the 15-year fixed rate is 6.06%. FHA loans average 6.54% and VA loans 6.29%. These rates are 0.19% above the national average of 6.65%.
How much is a monthly mortgage payment in Gloucester?
Based on the median home price of $510,000 with 20% down, the estimated monthly mortgage payment in Gloucester is $2,671 for principal and interest. Including property taxes of $510/month, the total monthly housing cost is approximately $3,181.
What income do I need to buy a home in Gloucester?
Using the 28% rule, you would need an annual income of approximately $136,329 to afford the median-priced home in Gloucester at $510,000. The median household income in Gloucester is $71,600. This means most households would need to either earn above the median or consider homes below $510,000.
Is Gloucester a good place to buy a home in 2026?
Gloucester has a higher cost of living than average with a cost of living index of 126.6 (national average = 100). The property tax rate in Massachusetts is 1.2%, which is near the national average. Gloucester has a population of 30,273 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 Gloucester, Massachusetts area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.