Is your mortgage costing you an ARM and a leg?

Is your mortgage costing you an ARM and a leg?

Boston real estate for sale

• The share of ARM applications rose to 7.8% of mortgage demand last week, according to the Mortgage Bankers Association.
• The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) increased to 7.29% last week from 7.24% the previous week.
• The average contract interest rate for 5/1 ARMs decreased to 6.60% from 6.64%.

Peace be with you

Byline – John Ford – Boston Seaport Condo Broker.

Updated: Boston Real Estate Blog 2024

 

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Is your mortgage costing you an ARM and a leg?

If you have a loan in process and you will be closing on a Boston condo for sale within 30 days, or thinking of refinancing, it is time to lock. I believe that this is one of the typical Decembers where rates will go up next year. Covid-19 vaccine and economic forces are a big part of it.

None of us were born to remember this. but after the Spanish flu, interest rates sky-rocketed,

Boston real estate for sale