Mortgage rates in Boston inched up this week. And it's a tough market for those who want to purchase a luxury condo in The Hub.
This week's rates
The benchmark 30-year fixed-rate mortgage in Boston rose to 3.81 percent from 3.8 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.24 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 3.8 percent.
Luxury condos are scarce in Boston
Prospective buyers shopping for a luxury condo in downtown Boston won't have an easy time. Most of the new residential buildings found downtown have rental units, not condos for purchase, according to Boston.com.
In addition, the two new condo towers that are currently under construction won't be finished until 2016 or later.
For the luxury condo shopper, that means the next couple of years will be full of competition and high prices, notes Boston.com.
The benchmark 30-year jumbo mortgage, for loans of $465,750 and up, rose to 3.9 percent from 3.87 percent. The benchmark 15-year fixed-rate mortgage rose to 3.06 percent from 3.05 percent. The benchmark 5/1 adjustable-rate mortgage rose to 3.03 percent from 2.95 percent.
Weekly mortgage survey
|Results from Bankrate's Jan. 28 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:||3.81%||3.06%||3.03%||3.9%|
|Change from last week:||+0.01||+0.01||+0.08||+0.03|
|Change from last week:||+$0.94||+$0.80||+$7.15||+$8.01|