What was the lowest Boston condo mortgage rates were? What are they now?
Boston Condo for Sale Search Fall 2024
What was the lowest Boston condo mortgage rates were? What are they now?
Beacon Hill condo for sale mortgage rates have hit their lowest point in over a year and a half. And that’s big news if you’ve been sitting on the homebuying sidelines waiting for this moment.
Even a small decline in rates could help you get a better monthly payment than you would expect on your next home. And the drop that’s happened recently isn’t small. As Sam Khater, Chief Economist at Freddie Mac, says:
“Mortgage rates have fallen more than half a percent . . . and are at their lowest level since February 2023.”\
But if you want to see it to really believe it, here’s how the math shakes out. Take a closer look at the impact on your monthly payment.
The chart below shows what a monthly payment (principal and interest) would look like on a $400K home loan if you purchased a house back in April (this year’s mortgage rate high), versus what it could look like if you buy a home now (see below):
Going from 7.5% just a few months ago to the low 6s has a big impact on your bottom line. In just a few months’ time, the anticipated monthly payment on a $400K loan has come down by over $370. That’s hundreds of dollars less per month.
Bottom Line
With the recent drop in mortgage rates, the purchasing power for a Beacon Hill condo for sale right now is better than it’s been in almost two years. Talk to a local real estate agent about your options and how you can make the most of this moment you’ve been waiting for.
Updated: Boston Real Estate Blog 2024
Byline – John Ford Beacon Hill Condo Broker
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What was the lowest Boston condo mortgage rates were? What are they now?
Inflation needs to cool further before mortgage rates can drop. Average 30-year mortgage rates are hovering around 7% this week, the highest they’ve been in five months, according to Zillow data.
Data showing that the economy is still running hot has driven mortgage rates higher. This includes the latest Consumer Price Index report, which showed that prices rose 3.5% year over year in March. This is a slight uptick from the previous month’s reading, and higher than what many economists expected.
Because inflation has been somewhat sticky so far this year, we’ll likely need to wait longer for the Federal Reserve to start cutting rates.
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The lowest Boston condo mortgage rates were was 2.65%, in January 2021.
In October of 2023 mortgage rates are at 7.56%
Updated: Boston Real Estate Blog 2024
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Updated: Boston Real Estate Blog 2024
