Mortgage interest rates, as reported by Freddie Mac, have increased by close to a quarter of a percent over the last several weeks. Freddie Mac, Fannie Mae, the Mortgage Bankers Association, and the National Association of Realtors are all calling for mortgage rates to rise another quarter of a percent by next year.
In addition to the predictions from the four major reporting agencies mentioned above, the Federal Open Market Committee recently voted “unanimously to approve a 1/4 percentage point increase in the primary credit rate to 2.75 percent.” Historically, an increase in the primary credit rate has translated to an overall jump in mortgage interest rates as well.
This has caused some purchasers Boston high rise condos buyers to lament the fact that they may no longer be able to get a rate below 4%. However, we must realize that current rates are still at historic lows.
Here is a chart showing the average mortgage interest rate over the last several decades:
Bottom Line
Though you may have missed the lowest mortgage rate ever offered, you can still get a better interest rate than your older brother or sister did ten years ago, a lower rate than your parents did twenty years ago, and a better rate than your grandparents did forty years ago.
Helpful tips for buying a Boston high rise condo
Boston high rise Condo Buying Process
- What does the Boston high rise condo buying process consist of?
- Selecting a Boston high rise condo broker
- What is a buyers agent?
- Tips for Boston high rise condo buyers?
Souce: Boston condo real estate blog
- What is a buyers agent?
- What are the benefits of going to a Boston condo Open House?
- How do I tell my kids we’re moving to Boston condo?
- questions: Buying a condo in a new luxury high rise condo building?
- Can I buy a Boston condo for sale with less than 20% down payment?
- What are the benefits of buying a Boston high rise condo?
- Can you buy a Boston condo for under $300,000?
- Can you buy a Boston condo for under $400,000?
- Are we entering a Boston condo housing bubble?
- What are some examples of Boston condo real estate scams?
- What on purchasing a new construction high rise condo?
- What are some Boston condo buyers misconceptions?
- Dangers buying a Boston condo as an unmarried couple?
- How do I find a Boston condo for sale?
- How do I negotiate a Boston condo for sale?
- What is a probate Boston condo sale?
- What type of qualities should a Boston condo buyer/ owner have?
Source: Boston condos for sale
How to Compete: Boston Condo Market?
- Tips on how to compete when Boston condo market is competitive?
- What are the benefits of going to a Boston condo Open House?
Viewing Boston Condos for Sale
- What is MLS?
- Viewing Boston condos for sale. Remember these two things
- How do I find a Boston condo for sale?
- What are the benefits of going to a Boston condo Open House?
How to place a Boston condo Offer?
- Do I need a pre-approval before submitting an Offer?
- What is the process of submitting an Offer for a Boston condo for sale?
- How to Calculate Offer Price for a condo in Need of Work/Repair?