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.
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.
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.
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.
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.
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.
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.
What are Boston condo mortgage points?
One point is worth 1% of the loan amount — to get a lower interest rate.