Mortgage rates in Boston rose this week. Meanwhile, the suburbs of Boston are starting to attract developers.
This week's rates
The benchmark 30-year fixed-rate mortgage in Boston remained at 4.28 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.2 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.27 percent.
Suburbs get more popular
Downtown Boston might have a little competition. Suburban town centers west of the Boston area are becoming more popular among empty nesters and young professionals, according to the Boston Globe.
Towns like Waltham, Natick, Wellesley and Framingham are all exploring ways to attract new residents to their downtown areas.
Of course, the price tag in the suburbs is still hefty. For example, in Wellesley, units at a new development called the Beclare condo complex go for $1.4 million to $3.2 million, notes the Globe.
The benchmark 30-year jumbo mortgages, for loans of $465,750 and up, rose to 4.3 percent from 4.29 percent. The benchmark 15-year fixed-rate mortgage remained at 3.43 percent. The benchmark 5/1 adjustable-rate mortgage rose to 3.08 percent from 3.07 percent.
Weekly mortgage survey
|Results from Bankrate's Aug. 13 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:||4.28%||3.43%||3.08%||4.30%|
|Change from last week:||N/C||N/C||+0.01||+0.01|
|Change from last week:||N/C||N/C||+$0.90||+$2.74|