Will there be a strong spring home buyer demand?
Boston Condos for Sale and Apartments for Rent
Will there be a strong spring home buyer demand?
Mortgage rates last week moved higher for the fourth week in a row. That caused already very weak mortgage demand to drop even further. Total mortgage application volume fell 3.7% compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. An additional adjustment was made for the New Year’s holiday.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) increased to 6.99% from 6.97%, with points decreasing to 0.68 from 0.72 (including the origination fee) for loans with a 20% down payment. That is the highest rate since July 2024.
Applications for a mortgage to purchase a home fell 7% for the week and were 15% lower than the same week one year ago. There is considerably more supply of homes for sale now than there was last January, but higher rates and higher home prices are clearly keeping buyers on the sidelines.
Will there be a strong spring home buyer demand?
What will happen to the spring Boston condo for sale market? In this video they dive into the current real estate conditions and possible trends.
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