Boston Condos for Sale and Apartments for Rent
Halloween’s not until next month, but Boston condo buyers might be scared of this blog post
Halloween’s not until next month, but Boston condo buyers are already in for a fright: The average rate on a 30-year fixed mortgage has hit 6 percent for the first time since 2008.
That’s about double what it was a year ago, according to data from the Mortgage Bankers Association, this will inevitably will have an impact on our local Boston condo for sale market.
How has the increase in interest rates impacted refinancing of Boston condos?
Higher mortgage rates have pushed refinance activity down more than 80 percent from last year. Refinancing accounted for 30 percent of mortgage applications last week.
Is there an increase in adjustable Boston condo mortgages?
Yes, the adjustable-rate mortgage share of activity increased to 9 percent of total applications, as buyers looked for lower initial rates.
What is the interest rate for a 15-year fixed Boston condo mortgage?
The average Boston condo interest rate for 15-year fixed-rate mortgages increased to 5.30 percent.
Boston condos for sale and the bottom line
In might not be all gloom and doom for Boston condo buyers, in August when the Fed raised its benchmark rate by a historic 75 basis points, mortgage rates dropped.
