Where are Boston condo mortgage rates?
Boston Condos for Sale and Apartments for Rent
Where are Boston condo mortgage rates?
Mortgage Rates Predictions for 2025
Mortgage rates will continue to average above 6% next year, and home prices will keep rising, the Realtor.com® economic research team predicts in its new 2025 housing forecast.
The report forecasts that mortgage rates will average 6.3% across 2025 and end the year at 6.2%. That’s a leg down from the 6.7% average expected across 2024 by year-end, but still well above the 4% historical average recorded from 2013 to 2019.
Home prices will grow an additional 3.7% through next year, after rising 4% this year and 1.1% in 2023, the forecast indicates. Sales of previously owned homes are projected to tick up to 4.07 million, a 1.5% gain from this year, but still sluggish compared with the 2013–19 historical average of 5.28 million.
Mortgage rates continue to climb: 30-year loan at 6.50%
Freddie Mac points to reasons behind the increase
Today’s rates with no points
The Spring Selling Season could get a real boost if mortgage rates stay in the 5s.
The Fed has been telegraphing their intentions for months now, and at this point, there can’t be anyone who thinks the Fed won’t keep raising their Fed Funds rate – at least for their next two meetings. Mortgage lenders have to be pricing in the anticipated future increases, yes?
After some tepid inflation news last week, mortgage rates came down a 1/2%, and they have stayed there, which makes me think that there was already too much buffer priced in – and there has to be some extra left knowing that the Fed has more work to do.
But just in case, go out and buy a house today so you can get a 5-something rate!
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As of Friday, September 16, 2022, current rates in Massachusetts are 6.03% for a 30-year fixed and 5.31% for a 15-year fixed.
Where are Boston condo mortgage rates?
The average long-term U.S. mortgage rates rose this week for Boston condo buyers, as inflation worries remained at the forefront.
Boston Condo Buyers 30-year Mortgage
For Boston condo buyers the 30-year mortgage rate increased to 5.55% from 5.13% last week. Last year at this time, the rate stood at 2.87%.
Boston Condo 15-year Mortgage
The average rate on 15-year, fixed-rate mortgages, popular among those looking to refinance their Boston home, jumped to 4.85% from 4.55% last week.
Rapidly rising interest rates — which add hundreds of dollars to monthly mortgage payments — have pushed many potential Boston property buyers to the sideline this year, cooling the once red-hot housing market both locally and nationally.
The National Association of Realtors
The National Association of Realtors said last week that existing home sales fell for the sixth consecutive month in July, slowed by higher mortgage rates and home prices that are still steadily rising, though at a slower pace.
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