Mortgage interest rates are now at record lows. Some downtown Boston condo owners have managed to refinance. Refinancing can mean lower monthly payments. For those who are facing unemployment now or could be in the future, this is the best time to refinance.
Lower interest rates will provide a little relief for homebuyers who will be experiencing high prices and a strong seller’s market in 2021.
The rates in the chart are averages from FreddieMac and are available to people who have great credit scores and incomes that afford mortgage payments.
At one point I thought Boston real estate mortgage interest rates would not go below 3%. I am very happy to be wrong about this.