Boston Condos for Sale

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Boston condo buyers: Watch out for rising interest rates in 2021

In this video below they explain how rising mortgage rates will impact the housing market.

 

Boston condos

Boston condos for sale

 

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Updated: Boston Real Estate Blog 2021

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Boston Real Estate for Sale 

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Boston condo buyers: Watch out for rising interest rates in 2021

The interest rate you pay on your Boston condo mortgage has a direct impact on your monthly payment; the higher the rate, the greater the payment will be. That is why it is important to know where rates are headed when deciding to start your home search.

Below is a chart created using Freddie Mac’s U.S. Economic & Housing Marketing Outlook. As you can see, interest rates are projected to increase steadily over the course of the next year.

How Will This Impact Your condo Mortgage Payment?

Depending on the amount of the loan that you secure, a half of a percent (.5%) increase in interest rate can increase your monthly mortgage payment significantly.

According to CoreLogic’s latest Home Price Index, national home prices have appreciated 6.2% from this time last year and are predicted to be 5.1% higher next year.

If both the predictions of Boston condo price and interest rate increases become a reality, families would wind up paying considerably more for their next homes.

 Boston Real Estate and the Bottom Line

Even a small increase in interest rate can impact your family’s wealth, so don’t wait until next year! Let’s get together to evaluate your ability to purchase your dream Boston condo for sale.

Boston Real Estate for Sale 

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