Understanding Mortgage Rates in September 2025: What Homebuyers in New Bedford Need to Know

Buying a home is one of the biggest financial decisions you’ll make, and mortgage rates play a huge role in what you can afford. Whether you’re a first-time buyer or looking to upgrade, understanding current rates—and how they compare to the past year—can help you make smarter choices in New Bedford and across the SouthCoast.

Mortgage Rates: Today vs. Last Year

As of September 2025, the 30-year fixed mortgage rate is averaging 6.59%, while the 15-year fixed is at 5.55%. Adjustable-rate mortgages, like the 5/1 ARM, sit around 6.50%.

To put this in perspective, last September (2024), the 30-year fixed rate averaged 6.9%, and the 15-year fixed was closer to 5.8%. This decrease, though subtle, can make a real difference in monthly payments and overall buying power.

Example: How Rates Affect Payments

Let’s look at a standard 3-bedroom, 2-bath single-family home in New Bedford priced at $460,000 with a 20% down payment:

Even a slight drop in rates saves roughly $125 per month, which adds up to $1,500 per year—money that could go toward furniture, renovations, or savings.

How Rates Impact Buying Power

Mortgage rates directly influence what homes are realistically within your budget:

• Monthly Payments: Higher rates increase monthly payments, reducing the price range you can comfortably afford.

• Loan Qualification: Small rate changes affect how much lenders will approve you for.

• Long-Term Costs: Over 30 years, even a fraction of a percent can add thousands in interest.

By understanding these impacts, you can plan strategically for your next home purchase.

Tips for Homebuyers

Navigating mortgage rates can feel overwhelming, but there are ways to stay in control:

1. Stay Informed: Keep an eye on current trends and monthly updates.

2. Talk to Lenders: Each person’s financial situation is unique. Mortgage professionals provide the most accurate, personalized guidance.

3. Plan Your Budget: Factor in potential rate fluctuations when calculating affordability.

4. Consider Timing: If you’re ready to buy, even a slight dip in rates could make it a good time to act.

Bottom Line

Mortgage rates in September 2025 are slightly lower than last year, offering buyers an opportunity to maximize their budget in New Bedford. Staying informed and connecting with lenders ensures you make smart, strategic decisions in today’s market.