Updated: Boston Real Estate Blog 2023
Byline – John Ford Beacon Hill Condo Broker
OMG what’s going on with Boston condo mortgage rates?
The persistently higher mortgage rates are putting added strain on today’s would-be homebuyers who are also confronting elevated home prices due to a lack of inventory of homes for sale.
The 30-year fixed-rate mortgage averaged 7.57% in the week ending October 12, up from 7.49% the week before, according to data from Freddie Mac. A year ago, the 30-year fixed-rate was 6.92%. The last time rates were this high was in December 2000.
We have another record high for the last twenty years or so. Current rates are higher than they have been at any time in my 22-year career. Be very cautious. You might not be able to “date the rate” and “Marry the house” as some Realtors are suggesting.
Yes, I want you to buy a Boston condo for sale, but if it is going to lead to poverty don’t do it.
Updated: Boston Condos for Sale 2023
Current mortgage rates are up but they are still fairly low at the same time the price of a Boston condo for sale is at an all-time high. The last time the rates were as high as they are today was back in 2008. Mortgage applications are down. They ticked up slightly in August when rates went down but are down by more than 20% from this time last year.