Now Boston condo sellers are being impacted by higher interest rates
Boston Condos for Sale and Boston Apartments for Rent
Now Boston condo sellers are being impacted by higher interest rates
Mortgage rates shot higher Friday after a monthly government report on wholesale prices showed inflation is still persistent and hotter than most analysts had expected.
The average rate on the 30-year fixed mortgage jumped to 7.14%, according to Mortgage News Daily. That is the highest level in two months.
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Higher interest rates are now impacting Boston condo sellers along with home buyers. New listings were down compared with April 2022.
However, some Boston condo sellers are still getting more than their asking price, for example, one of my agents placed a Charles River Park condo over asking price last week. The demand for Boston condos for sale remains higher than the supply.
Prices usually peak in the metro area in April. We won’t have those numbers until May. Average mortgage rates on a 30 year mortgage are at around 6.4%.
If you would like to know how much your home will sell for call or write for a free no obligation market analysis.
