Boston Condos for Sale and Apartments for Rent

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Are higher interest rates hurting the Boston condo market?

Okay, let’s be serious for a moment, here’s what I see:

Are Boston condo buyers leaving the Boston condo market?

Rising mortgage rates have pushed potential Boston condo buyers out of the market as sellers have refused to slash their prices.

We’re currently in a stalemate with Boston condo buyers.

Across the market, homebuyers have seen homes within their reach become unaffordable as mortgage rates have doubled in the past year. The average rate on a 30-year fixed mortgage Thursday is over 6%,, the highest since July 2007. A year ago, rates were at 3 percent.

Here’s the Bottom Line

Historically, when borrowing costs go up, Boston condo for sale prices come down, but that has not happened this time because so few homes are for sale, according to Melissa Cohn, a senior executive at William-Ravls Mortgage.