Boston Real Estate for Sale

Boston Real Estate for Sale

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The interest rate you pay on your Boston Beacon Hill 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.

How Will This Impact Your 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. But don’t let the prediction that rates will increase stop you from purchasing your dream home this year!

Record low rates in October pushed tons of homeowners to refinance and new buyers to apply. Applications with Better.com were up 15 percent in October over September.

Uncertainty about the election likely drove rates down too,” explained Capital Markets Analyst Brendan Philips. “Though with rates back to tracking news about the economic recovery – which is directly tied to winning the battle against the pandemic – record low rates may be behind us,” Philips adds.  Better.com explains the various factors that impact and move rates.

Boston Real Estate and the Bottom Line

Be thankful that you can still get a better interest rate than your older brother or sister did ten years ago, a lower rate than your parents did twenty years ago, and a better rate than your grandparents did forty years ago. But it won’t last for long, expect interest rates to rise in 2021.

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Boston Real Estate for Sale

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