Mortgage rates in Boston increased this week. Meanwhile, Boston luxury condos are driving up the median price of a condo statewide.
This week's rates
The benchmark 30-year fixed-rate mortgage in Boston rose to 3.84% from 3.73%, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.13 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 3.83%.
Boston's luxury condos
For the 2nd time in 2 decades, the median price of a condo in Massachusetts is higher than the median price of a single-family home, according to a new report from The Warren Group.
That's mostly due to the large number of luxury condos being sold in Boston, notes the report.
Condo sales, throughout Massachusetts overall, rose by around 25% year-over-year in March, notes RealEstate Boston.
The benchmark 30-year jumbo mortgages, for loans of $465,750 and up, rose to 3.87% from 3.77%. The benchmark 15-year fixed-rate mortgage rose to 2.98% from 2.89%. The benchmark 5/1 adjustable-rate mortgage rose to 3.39% from 3.3%.
Weekly mortgage survey
|Results from Bankrate's April 27 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:||3.84%||2.98%||3.39%||3.87%|
|Change from last week:||+0.11||+0.09||+0.09||+0.10|
|Change from last week:||+$10.39||+$7.15||+$8.25||+$26.72|