Boston condo mortgage rates skyrocketed

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Boston condo mortgage rates skyrocketed

What is the average Boston condo mortgage rate?

  • The average interest rate on a 30-year fixed mortgage is 6.7%, up from 3.3% at the start of the year.
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How are home prices compared to last year?

  • While home prices have eased over the last couple of months, they are still up 13.1% from a year ago.
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Are home prices cooling?

Even with signs that the housing market is cooling, homebuyers are still feeling the sting of elevated prices and higher interest rates. The median is $435,000 — are up 13.1% on average from a year ago, according to Realtor.com.

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How much did interest rates rise in 2022 for a Boston condo?

The average rate on a 30-year fixed-rate mortgage is 6.7% as of Friday, up from 3.3% at the start of 2022, according to Mortgage News Daily.

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Are adjustable rate mortgages worth considering for a Boston condo?

An adjustable rate mortgage may be worth considering. With an ARM, as it’s called, the appeal is its lower initial rate compared with a traditional fixed rate mortgage.

That rate is fixed for a set amount of time — say, seven years — and then it adjusts up, down or remains the same, depending on where interest rates are at the time.

While there’s a limit to how much the rate can change, experts recommend making sure you’d be able to afford the maximum rate if faced with it down the road. As illustrated above, a few percentage points can make a big difference in the monthly payment.

Median home price as a percentage of income is up 46% since the start of the pandemic

What is the median home price as a percentage of income?

Median home price as a percentage of income is up 46% since the start of the pandemic.

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What is the interest rate for a 15-year Boston condo mortgage?

The average rate for a 15-year loan is 6%, according to Mortgage News Daily.

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What are Boston condo mortgage points?

One point is worth 1% of the loan amount — to get a lower interest rate.

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