The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) decreased to 6.29% from 6.43%
Applications for a mortgage to purchase a home rose 2% for the week but were 3% lower than the same week one year ago.

A sign is posted in front of a home for sale on November 30, 2023 in Larkspur, California. According to a report by the National Association of Realtors, pending home sales fell 1.5 percent in October to their lowest level in 20 years. (Photo by Justin Sullivan/Getty Images)

Justin Sullivan | Getty Images News | Getty Images

Mortgage rates fell for the sixth straight week last week, but mortgage demand still seems to be waiting for something bigger.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) decreased to 6.29% from 6.43%, with points falling to 0.55 from 0.56 (including the origination fee) for loans with a 20% down payment, according to the Mortgage Bankers Association. That is the lowest level since February 2023 and nearly a full percentage point lower than the same week one year ago.

Lower Boston condo mortgage rates are here

Fed Chair Powell finally indicated today that it is time for rates to be lowered…..and the 10-year bond yield barely budged. The next Fed move is already priced into mortgage rates.

Don’t wait to buy a Boston condo for sale just because you think rates might get better. Buy when you find the right home for you!

From realtor.com:

In the coming months, we’ll provide regular updates on these homebuyers so you can see how their various strategies pay off, and learn more about how to time your own home search just right.