Boston Real Estate: Mortgage Rates Next Hike 2023
According to the Fed, the next rate hike they anticipate will be sometime in 2023. And even though all this talk is more than likely already priced in, rates are still low amidst rising inflation. Look LO’s this is a gift. This is a huge gift and we hope you’re taking advantage of it. Over 40% of mortgage-holding consumers out there still have a rate over 4%. So go get ’em. Save some money on your downtown Boston condo
Boston Real Estate: Q&A on Mortgage Rates
Why do Boston real estate mortgage rates go up?
Interest rate levels are a factor of the supply and demand of credit: an increase in the demand for money or credit will raise interest rates, while a decrease in the demand for credit will decrease them. … The more banks can lend, the more credit is available to the economy.
When does the FED expect interest rates to go up again?
Interest rates will remain stable til 2023
What will be the main cause of a rate hike?
Simple answer, inflation
Boston Real Estate: Mortgage Rates
U.S. average rates on long-term mortgages rose this week though they remain at historically low levels. The key 30-year loan nudged toward 3%.
Mortgage buyer Freddie Mac reported Thursday that the average rate on the 30-year home loan increased to 2.99% from 2.96% last week. By contrast, the rate averaged 3.55% a year ago.
The average rate on the 15-year fixed-rate mortgage rose to 2.54% from 2.46% from last week.
Homebuying demand continues as one of few bright spots in the pandemic-struck economy, especially for prospective buyers considering a first-time purchase. The government reported Tuesday that construction of new homes surged 22.6% in July as homebuilders bounced back from a lull induced by the coronavirus pandemic.
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Updated: Boston Real Estate 2021