Boston condo purchasing power
The latest report from Freddie Mac’s is that Primary Mortgage Market Survey, interest rates for a 30-year fixed rate mortgage are currently at 3.92%, which is still near record lows for the Boston area. The reason this is important it provides Boston condo buyers with more purchasing power. But, it may not stay this ow for long, many experts predict it will go to 5% by this time next year(2018).
As stated, the interest rate you secure when buying a Boston condo not only impacts your monthly mortgage payment it also impacts your purchasing power. As interest rates increase, the amount of a Boston condo that you can afford decreases significantly For example, with each 1/4% increase the amount of purchasing power you have decreases by 2.5%.
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Updated: December 2017