Mortgage rates mostly fell in Boston this week. Meanwhile, one of the highest prices ever recorded for a multi-family property in the city just sold in Allston, The Boston Globe reported.
This week's rates
The benchmark 30-year fixed-rate mortgage in Boston decreased to 4.29 percent from 4.31 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.24 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.3 percent.
Boston's real estate market heats up
The three buildings in the Green District are being purchased for nearly $150 million, demonstrating the demand for large apartment buildings in the city. The Globe noted that a combination of rapid population growth and low vacancy is driving rents to record highs. More than 175 parties, including international investors, national real estate firms and pension funds, showed interest in the property.
Additionally, apartment properties are receiving high prices as they offer stronger returns than stocks and other investments, according to real estate specialists.
And as the Green District is located along a transit line in a neighborhood with new restaurants and stores, the site is especially attractive to Bostonians.
The benchmark 30-year jumbo mortgages, for loans of $465,750 and up, inched down to 4.31 percent from 4.33 percent. The benchmark 15-year fixed-rate mortgage dipped to 3.48 percent from 3.51 percent. The benchmark 5/1 adjustable-rate mortgage grew to 3.26 percent from 3.24 percent.
Weekly mortgage survey
|Results from Bankrate's Sept. 24 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:||4.29%||3.48%||3.26%||4.31%|
|Change from last week:||-0.02||-0.03||+0.02||-0.02|
|Change from last week:||-$1.94||-$2.43||+$1.81||-$5.47|