Mortgage rates in Boston dropped this week. Meanwhile, home prices are booming in the suburbs of Boston.
This week's rates
The benchmark 30-year fixed-rate mortgage in Boston fell to 4.06 percent from 4.21 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.17 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.01 percent.
Home prices rise in the suburbs
Prospective buyers looking for a home in some of Boston's suburbs may run into hefty prices and competition.
Home prices in the Cambridge neighborhood of Boston, and everything adjacent, are booming. The median home price in Cambridge hit $1.1 million during the first eight months of the year, according to The Warren Group, publisher of Banker & Tradesman.
Indeed, buyers typically are up against multiple offers in those neighborhoods, notes Boston.com.
The benchmark 30-year jumbo mortgages, for loans of $465,750 and up, fell to 4.15 percent from 4.32 percent. The benchmark 15-year fixed-rate mortgage fell to 3.29 percent from 3.44 percent. The benchmark 5/1 adjustable-rate mortgage dropped to 3.16 percent from 3.26 percent.
Weekly mortgage survey
|Results from Bankrate's Oct. 15 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:||4.06%||3.29%||3.16%||4.15%|
|Change from last week:||-0.15||-0.15||-0.10||-0.17|
|Change from last week:||-$14.26||-$12.01||-$8.97||-$45.83|