As we’ve been hearing on the news the coronavirus is creating a slow down in the local economy. One area, that hasn’t slowed down is the Boston real estate industry, at least no yet.
It’s hard to reconcile a relatively thriving housing market with a city that all but has tumbleweeds rolling through the streets. So how is real estate essentially continuing with business as usual, while most other industries are closed for business? For one, interest rates are incredibly low. Two weeks ago, the rates for a 30-year fixed-rate mortgage dropped to 3.29%, hitting an all-time low. This week, they quickly rose to 3.65%, but that’s still significantly lower than the 4.28% from the same week last year.