Mortgage rates in Boston took a dive this week. And February was a big month for apartment real estate in the area.
The benchmark 30-year fixed-rate mortgage in Boston fell to 4.4 percent from 4.47 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 4.45 percent.
February was a great month for apartments in Greater Boston. More than 1,280 apartment projects either picked up approval for development or opened their doors to residents, according to Curbed.
One of those projects was Radian Boston, a 26-story, 240-unit tower where one-bedrooms start at a pricey $3,600 per month. In addition, the Boston Redevelopment Authority approved plans for a project at 345 Harrison Ave. It will have 602 apartments, retail and a restaurant, notes Curbed.
The benchmark 30-year jumbo mortgages, for loans of $465,750 and up, dropped to 4.57 percent from 4.59 percent. The benchmark 15-year fixed-rate mortgage fell to 3.42 percent from 3.48 percent. The benchmark 5/1 adjustable-rate mortgage fell to 3.01 percent from 3.02 percent.
Weekly mortgage survey
|Results from Bankrate's March 5 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:||4.40%||3.42%||3.01%||4.57%|
|Change from last week:||-0.07||-0.06||-0.01||-0.02|
|Change from last week:||-$6.81||-$4.84||-$0.89||-$5.55|