I have a very simple and timely message for you today. As a friend and a Boston condo blogger, I want to let you know personally that this is likely the lowest we’ll see mortgage interest rates this year. The FED will continue to raise interest rates above their current levels. As mentioned in one of my last real estate posts, there’s already been speculation that the FED will raise rates again and could go as high as 5% this year, the fact that they will go up is almost a foregone conclusion.
If you’re a first-time Boston condo buyer, now is the time to jump out of your rent payment and get into a Boston condo you can cal home, with only a 3.5% down payment. If you are a Boston condo owner already, it’s a great time to refinance and probably this will be your last chance to lock into low interest rate for the next few years.
I’m not just telling you this for my sake, but for yours. I am giving you the same advice that I have already given my clients, I have been telling if you are planning to purchase a condo this year, this is the time for you to lock in that rate for a Boston condo you’ll want to live in at some time in the future, maybe in the next few years.
The advice I share with you today is the same advice I share with my family and clients. If locking in a mortgage rate or refinancing makes sense for you to do it right now, I’d love for you to give me a call or send me an email. I look forward to helping you achieve your goals for the Boston condo market.
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