Boston condo buyers are starting to gain leverage

South Boston Condos for Sale and Apartments for Rent

Boston condo buyers are starting to gain leverage

Mortgage rates dropped this week to their lowest level in more than a year, mortgage buyer Freddie Mac said Thursday.

Freddie Mac’s latest Primary Mortgage Market Survey, released Thursday, showed the average rate on the benchmark 30-year fixed mortgage decreased to 6.19% from last week’s reading of 6.27%.

“At the start of 2025, the 30-year fixed-rate mortgage surpassed 7%, while today it hovers nearly a full percentage point lower,” said Sam Khater, Freddie Mac’s chief economist. “This dynamic has kept refinancings high, accounting for more than half of all mortgage activity for the sixth consecutive week.”

Mortgage rates hit their lowest level in over a year this week, mortgage buyer Freddie Mac said Thursday. Getty Images© Dustin Chambers/Bloomberg via Getty Images

The average rate on the 15-year fixed mortgage fell to 5.44% from last week’s reading of 5.52%.

“But further declines may be harder to come by,” Krimmel said. “The upcoming cut is already priced in, while uncertainty over a potential December move, stubborn budget deficits, and lingering inflation expectations continue to limit how far mortgage rates could fall.”

For the Boston condo for sale market, the shift gives buyers a window of opportunity.

“Rates have eased steadily throughout the ‘best time to buy’ season, offering buyers and refinancers welcome savings and some breathing room as inventory climbs and buyers gain leverage,” Krimmel said. “While affordability remains a challenge, borrowers still have meaningful control over the rate they lock in through credit, loan type and down payment decisions.”

Original article source: Mortgage rates drop to lowest level in over a year as buyers regain leverage

Updated: Boston condo for sale blog 2025