Boston – Interest Rates are Up, Now What?

The spring market is here and we have been experiencing plenty of activity in the Boston real estate market. While the majority of the country is experiencing a shortage of homes for sale, the northeast has an adequate amount of homes on the market but still many would be home buyers are hesitant because mortgage interest rates have raised over the last few weeks.  Why should you consider buying your dream home now, instead of waiting? 

Mortgage interest rates, as reported by Freddie Mac, have increased over the last several weeks. Freddie Mac, along with Fannie Mae, the Mortgage Bankers Association and the National Association of Realtors, is calling for mortgage rates to continue to rise over the next four quarters. This has caused some Boston home buyers to lament the fact they may no longer be able to get a rate below 4%. However, we must realize that current rates are still at historic lows.

In the 1990s the average rate was 8.12% and in the 2000s it was 6.29%

Though you may have missed getting the lowest mortgage rate ever offered, you can still get a better interest rate than ten years ago and a lower rate than your parents did twenty years ago. When you are ready to buy a home in Boston, contact a Boston real estate agent. 
 

Lucas Garofalo

Keller Williams Realty

(617) 861-3631

Lucas@LucasBostonHomes.com

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