Boston real estate dominated the headlines this year with forbearance programs and the seemingly endless decrease of mortgage interest rates.
Now, on the last day of the year, the latest report from Freddie Mac shows mortgage interest rates increased just barely from last week when they were at the lowest they have ever been. One year ago rates were 3.72% for a 30-year, fixed rate loan so they have fallen more than one full percentage point in just 12 months.
Rates for a 15-year loan did decrease over the past week, down to 2.17% from their previous low of 2.19%.
Boston Real Estate and the Bottom Line
The bottom line, refinance applications stayed strong, even during the holiday slowdown with applications increasing 4% compared to last week, a full 126% higher than last year, according to the Mortgage Bankers Association weekly report.