Halloween’s not until next month, but Boston condo buyers are already in for a fright: The average rate on a 30-year fixed mortgage has hit 6 percent for the first time since 2008.
That’s about double what it was a year ago, according to data from the Mortgage Bankers Association, this will inevitably will have an impact on our local Boston condo for sale market.
Higher mortgage rates have pushed refinance activity down more than 80 percent from last year. Refinancing accounted for 30 percent of mortgage applications last week.
Yes, the adjustable-rate mortgage share of activity increased to 9 percent of total applications, as buyers looked for lower initial rates.
The average Boston condo interest rate for 15-year fixed-rate mortgages increased to 5.30 percent.