Mortgage rates in Boston rose this week. Meanwhile, a report said that Boston is in a new age of development.
This week's rates
The benchmark 30-year fixed-rate mortgage in Boston rose to 4 percent from 3.97 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.27 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 3.93 percent.
Boston's skyline is transforming
It's a great time to be hunting for a condo in the Hub. Boston is undergoing residential real estate growth that will transform the skyline at a rate the the city hasn't seen since the Industrial Age, according to the Boston Globe.
There are new residential skyscrapers going up in Downtown Crossing and the Back Bay, and new neighborhoods are popping up all over downtown. In fact, at the end of 2014, 14.6 million square feet of new buildings were going up in the city, notes the Globe.
The benchmark 30-year jumbo mortgage, for loans of $465,750 and up, rose to 4.12 percent from 4.05. The benchmark 15-year fixed-rate mortgage rose to 3.14 percent from 3.12 percent. The benchmark 5/1 adjustable-rate mortgage rose to 3.2 percent from 3.14 percent.
Weekly mortgage survey
|Results from Bankrate's March 4 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%||3.14%||3.2%||4.12%|
|Change from last week:||+0.03||+0.02||+0.06||+0.07|
|Change from last week:||+$2.86||+$1.60||+$5.43||+$18.98|