Boston condos for sale mixed messages on mortgage applications

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Boston condos for sale mixed messages on mortgage applications

Mortgage rates continued to climb higher last week, causing both current homeowners and potential homebuyers to retreat from the market, especially first-time buyers. Total mortgage application volume fell 4.4% compared with the week before, according to the Mortgage Bankers Association’s seasonally adjusted index.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances, $832,750 or less, increased to 6.45% from 6.37%, with points rising to 0.66 from 0.61, including the origination fee, for loans with a 20% down payment.

Boston condos for sale mixed messages on mortgage applications

• Early vs. late October: An initial jump in applications, especially refinancing, was recorded in late September and continued into early October as rates declined. However, later in the month, applications generally decreased week-over-week.
• Rate sensitivity: Fluctuations in mortgage rates significantly impacted application volume. An increase in rates, even a small one, was enough to send some refinancers “back to the sidelines”. Boston condo for sale borrowers with larger loan balances were especially sensitive to these rate changes.

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South Boston condos for sale 

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