Boston condo mortgage rates dominate the news
Boston Condos for Sale and Apartments for Rent
Boston condo mortgage rates dominate the news
Mortgage market conditions have improved slightly as the calendar is set to flip to May, but anyone expecting sub-6% rates at the start of the year will be disappointed.
Data at HousingWire’s Mortgage Rates Center on Tuesday showed that 30-year and 15-year conforming rates were averaging 6.95% and 6.82%, respectively. These figures were down slightly compared to one week ago and represent a partial pullback from the huge spikes seen earlier in April.
Currently, the average interest rate on a 30-year fixed mortgage is 6.85%, compared to 7.07% a week ago, according to the Mortgage Research Center.
For borrowers who want to pay off their home faster, the average rate on a 15-year fixed mortgage is 5.92%, down 0.16 percentage point from the previous week.
If you’re thinking about refinancing to lock in a lower rate, compare your existing mortgage rate with current market rates to make sure it’s worth the cost to refinance.
Boston condo mortgage rates dominate the news
The average rate on the popular 30-year fixed mortgage sits around 7.5%, the highest level since mid-November of last year, according to Mortgage News Daily.
Even with rates higher, however, mortgage applications to purchase a home rose 5% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.
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Boston condo mortgage rates dominate the news
US employers added 311,000 jobs in February, which was stronger than expected. That means that we can count on another interest rate increase, which also means that Boston condos for sale will become less affordable.
I noticed that credit card companies are advertising like crazy. They do make more money when interest rates are higher.
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Boston condo mortgage rates dominate the news
Boston condo mortgage interest rates have more than doubled in the last year. Presently, Boston condo mortgage interest rates are not at an all-time high but Boston condos for sale prices are and they continue to rise due to strong demand. The question is how long can this last?
Some economists are predicting that home prices will go down in 2023. Locally homes are selling but it appears days-on-market are rising. I’ll keep an eye on this to see if we will see price reductions as sellers can be impatient on waiting for offers on the Boston condo for sale
Boston condos for sale and the bottom line
Historically higher interest rates cause a slowdown in housing appreciation.
