Mortgage Rates in Wakefield, Massachusetts — March 2026
Updated March 2026 | Based on Wakefield market data and regional lending conditions
Wakefield is a growing city in Massachusetts with a population of 27,045. The current 30-year fixed mortgage rate in Wakefield is 6.61%, which is 0.04% below the national average. With a median home price of $599,000 and a 20% down payment of $119,800, homebuyers can expect a monthly principal and interest payment of approximately $3,064.
Current Mortgage Rates in Wakefield, MA
Below are the current average mortgage rates available in the Wakefield 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% |
Wakefield Housing Market Overview
The Wakefield housing market is competitive with prices well above the national median. The median household income in Wakefield is $82,900, and the cost of living index is 126.4 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $158,486 to comfortably afford the median-priced home in Wakefield, which exceeds the current median household income.
Monthly Payment Breakdown for Wakefield
Based on the median home price of $599,000 with 20% down ($119,800), here is what you can expect to pay monthly in Wakefield:
15-Year vs. 30-Year Mortgage in Wakefield
Choosing a 15-year mortgage in Wakefield at 5.88% instead of a 30-year at 6.61% would save you $380,700 in total interest over the life of the loan. However, your monthly payment would be $4,013 instead of $3,064 — an increase of $949 per month.
Calculate Your Wakefield 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 Wakefield
What are the current mortgage rates in Wakefield, MA?
As of March 2026, the average 30-year fixed mortgage rate in Wakefield, 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 Wakefield?
Based on the median home price of $599,000 with 20% down, the estimated monthly mortgage payment in Wakefield is $3,064 for principal and interest. Including property taxes of $634/month, the total monthly housing cost is approximately $3,698.
What income do I need to buy a home in Wakefield?
Using the 28% rule, you would need an annual income of approximately $158,486 to afford the median-priced home in Wakefield at $599,000. The median household income in Wakefield is $82,900. This means most households would need to either earn above the median or consider homes below $599,000.
Is Wakefield a good place to buy a home in 2026?
Wakefield has a higher cost of living than average with a cost of living index of 126.4 (national average = 100). The property tax rate in Massachusetts is 1.27%, which is near the national average. Wakefield has a population of 27,045 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 Wakefield, Massachusetts area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.