Mortgage Rates Below 5%

Just wanted to give a quick update to those savvy buyers looking to buy this fall. Mortgage rates are currently around or below 5%. The current 30-year fixed rate is 5.12% and there are some rates as low as 4.875% paying some origination/points. I will update this post with more info as it becomes available.

Has Boston Already Rebounded?

The question on everyone’s mind is when will the housing market rebound? For those in some parts of the country it already has. If you live in Boston or the Greater Boston Area, then it’s your lucky day, because you are living in one of those areas. The Case Shiller Index you see on the news every night talking about the country still having housing problems has shown Boston having modest increases in home prices for the past 3 months. We aren’t alone in our increases either, 18/20 markets that they monitor show increases in recent months.

Looking for further evidence the housing market is headed up, let’s go take a look at the data shall we? June home prices in Massachusetts were 2.6 percent above the month before and the number of single-family homes that sold statewide in July was 12 percent higher than a year ago. Even this past month Back Bay alone has seen a 26 percent increase in the average condo price compared to a year ago. If you’re interested in buying condo in Boston this fall is definitely the time to do it.