Mortgage rates in Boston mostly fell this week. Meanwhile, a new report makes some predictions about the 2014 Boston real estate market.
The benchmark 30-year fixed-rate mortgage in Boston fell to 4.55 percent from 4.59 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.15 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.55 percent.
The Boston market has been plagued by low inventory for all of 2013. And that's not likely to change next year, according to a new report from P.T. Vineburgh, a founding partner of the Charlesgate Realty Group. And while inventory remains low, sales prices will continue to rise, notes the report.
But even if mortgage rates and sales prices continue to rise, it won't kill the sales market momentum. Demand is so high, notes Vineburgh, that even if rates rise to 5 percent on a 30-year fixed-rate mortgage, The Hub real estate sales market will keep thriving.
The benchmark 30-year jumbo mortgages, for loans of $465,750 and up, fell to 4.53 percent from 4.54 percent. The benchmark 15-year fixed-rate mortgage fell to 3.6 percent from 3.64 percent. The benchmark 5/1 adjustable-rate mortgage remained at 3.15 percent.
Weekly mortgage survey
|Results from Bankrate's Dec. 11 survey of mortgage lenders. Monthly payments are for a $165,000 loan. The jumbo rate is for the minimum jumbo loan amount of $465,750 in Boston.|
|30-year fixed||15-year fixed||5-year ARM||30-year jumbo|
|This week's rate:||4.55%||3.60%||3.15%||4.53%|
|Change from last week:||-0.04||-0.04||N/C||-0.01|
|Change from last week:||-$3.93||-$3.25||N/C||-$2.77|