Mortgage Rates for ZIP Code 02138 — Cambridge, Massachusetts — May 2026
Updated May 2026 | Based on local lending data for ZIP code 02138 in Cambridge, MA
ZIP code 02138 is located in Cambridge, Massachusetts, serving a population of approximately 29,328 residents. The current 30-year fixed mortgage rate in this area is 6.66%, which is 0.15% above the national average. With a median home price of $865,750 and a 20% down payment of $173,150, homebuyers in ZIP 02138 can expect a monthly principal and interest payment of approximately $4,451.
Current Mortgage Rates in ZIP Code 02138
Below are the current average mortgage rates available in ZIP code 02138 (Cambridge, MA) as of May 2026. Rates vary by lender, credit score, and loan-to-value ratio. Use our free calculator to see your personalized estimate.
| Loan Type | Rate | National Avg | Difference |
|---|---|---|---|
| 30-Year Fixed | 6.66% | 6.51% | +0.15% |
| 15-Year Fixed | 5.93% | 5.85% | +0.08% |
| 5/1 ARM | 6.19% | 5.95% | +0.24% |
| FHA | 6.2% | 5.85% | +0.35% |
| VA | 5.93% | 5.65% | +0.28% |
| Jumbo | 6.76% | 6.25% | +0.51% |
Housing Market in ZIP Code 02138
The housing market in ZIP code 02138 (Cambridge) is competitive with prices well above the national median. The median household income in this area is $98,959, and the cost of living index is 155 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $227,871 to comfortably afford the median-priced home in this area, which exceeds the current median household income.
Monthly Payment Breakdown for ZIP 02138
Based on the median home price of $865,750 with 20% down ($173,150), here is what you can expect to pay monthly in ZIP code 02138:
15-Year vs. 30-Year Mortgage in ZIP 02138
Choosing a 15-year mortgage in ZIP code 02138 at 5.93% instead of a 30-year at 6.66% would save you $555,120 in total interest over the life of the loan. However, your monthly payment would be $5,818 instead of $4,451 — an increase of $1,367 per month.
Methodology & Mortgage Rate Data Sources
How we calculate mortgage rates for ZIP code 02138: Our rate estimates integrate federal mortgage surveys, ZIP-level property data, and county-level lending market conditions. Rates shown represent conforming loan estimates for well-qualified borrowers.
- Benchmark rates from Freddie Mac PMMS weekly survey — the most widely cited source for 30-year and 15-year fixed conforming mortgage rates.
- Local home price context from the FHFA House Price Index and US Census Bureau ACS housing value estimates for the county containing ZIP 02138.
- Conforming loan limit for ZIP 02138 set by the FHFA Annual Conforming Loan Limit — $832,750 for most US counties in 2026, higher in designated high-cost areas.
- Flood zone status and insurance cost factors from FEMA Flood Map Service Center — relevant for property in or near flood zones in this ZIP code.
- Mortgage consumer protections per CFPB Mortgage Tools — the Consumer Financial Protection Bureau's buyer's guide and rate comparison resources.
Authoritative mortgage rate sources:
- Freddie Mac PMMS — weekly 30yr and 15yr fixed rate survey
- FRED — Federal Reserve Economic Data — interest rate history and forecasts
- FHFA — conforming loan limits and house price index
- HUD — FHA mortgage programs and down payment assistance
- FEMA Flood Map Service — flood zone status for ZIP 02138
- CFPB — mortgage consumer protections and rate tools
Rate Disclaimer: Rates shown are estimates for well-qualified borrowers in 02138 and may not reflect your actual rate. Your rate depends on credit score, LTV ratio, loan type, and lender. Rates change daily. Obtain personalized quotes from multiple lenders. This is not a loan offer.
Reviewed by Brazora Monk · Last updated 2026 · Freddie Mac PMMS & FHFA data current as of latest weekly release
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Open Free CalculatorFrequently Asked Questions About ZIP Code 02138
What are the current mortgage rates in ZIP code 02138?
As of May 2026, the average 30-year fixed mortgage rate in ZIP code 02138 (Cambridge, Massachusetts) is 6.66%, while the 15-year fixed rate is 5.93%. FHA loans average 6.2% and VA loans 5.93%. These rates are 0.15% above the national average of 6.51%.
What is the median home price in ZIP code 02138?
The median home price in ZIP code 02138 is $865,750 as of 2026. With a 20% down payment of $173,150, the estimated monthly mortgage payment is $4,451 for principal and interest, plus $866 in property taxes.
How much income do I need to buy a home in ZIP 02138?
Using the 28% rule, you would need an annual income of approximately $227,871 to afford the median-priced home in ZIP code 02138 at $865,750. The median household income in this area is $98,959. This means most households would need to either earn above the median or consider homes below $865,750.
How do mortgage rates in ZIP 02138 compare to the national average?
The 30-year fixed mortgage rate in ZIP code 02138 is 6.66%, which is 0.15% above the national average of 6.51%. Local rates can vary based on regional lending competition, property values, and economic conditions in Cambridge, Massachusetts. This area has a higher cost of living (index: 155) compared to the national average of 100.
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Last updated: May 2026. Rates are approximate averages based on regional lending data for ZIP code 02138 in Cambridge, Massachusetts. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.