Mortgage rates in Boston jumped up this week. Meanwhile, there are concerns that condo prices in and around the city are getting too high.
The benchmark 30-year fixed-rate mortgage in Boston rose to 4.49 percent from 4.41 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.22 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.48 percent.
Condos are getting a little too pricey in The Hub. The average sales price of a condo rose to almost $950,000 in the first quarter of this year, notes the Boston Globe.
That's causing concern that Boston could be turning into a city that the working class simply can't afford. But that's not preventing doctors, financiers and foreign investors from flocking to the market, notes the Globe.
Indeed, condo sales rose by more than 17 percent in the first quarter, according to Link, a company that tracks sales in the area. And luxury units sold in an average of just 20 days.
The benchmark 30-year jumbo mortgages, for loans of $465,750 and up, rose to 4.41 percent from 4.38 percent. The benchmark 15-year fixed-rate mortgage rose to 3.54 percent from 3.45 percent. The benchmark 5/1 adjustable-rate mortgage inched up to 3.04 percent from 3.02 percent.
Weekly mortgage survey
|Results from Bankrate's April 23 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:||4.49%||3.54%||3.04%||4.41%|
|Change from last week:||+0.08||+0.09||+0.02||+0.03|
|Change from last week:||+$7.86||+$7.32||+$1.79||+$8.27|