Are Boston condo mortgage rates dropping?
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Are Boston condo mortgage rates dropping?
As of August 12 this year, after a week of decreases, mortgage rates are remaining high today. According to Zillow, the 30-year fixed mortgage rate is up 13 basis points to 6.57%, while the 15-year rate decreased by just two basis points to 5.71%.
The Bureau of Labor Statistics released the July Consumer Price Index (CPI) this morning, reporting that inflation rose by 0.3% from June. With inflation running fairly hot, rates will probably stay stagnant or inch up. So, if you’re looking to buy a house, now could be as good a time as any to lock in a mortgage rate.
Freddie Mac reported that rates for 30-year fixed-rate mortgages were 6.63%. This means that, although they’ve dropped nine basis points since last week, they’re still up 16 basis points since last August. This time last year, mortgage rates were averaging 6.47%.
In situations like these, it pays to look at the numbers. Here’s the Freddie Mac data on mortgage rates for the past 52 weeks as of August 7, 2025:
30-year fixed-rate mortgage: 6.08% to 7.04%
15-year fixed-rate mortgage: 5.15% to 6.27%
If you just go by the numbers, rates on both 30-year and 15-year fixed-rate mortgages remain mostly below the highs noted above. So, yes, mortgage rates have decreased incrementally over the past year. Will they keep dipping? That remains to be seen.
Peace be with you.
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