Boston’s housing market has been one of the few lucky ones to get out easy in the current real estate fiasco that haunts the country. The real estate market in the Boston area has been stabilizing and home prices are on the rise. Home mortgage rates are also down to 4.95 percent, indicating the area’s recovery and a chance for home buyers to take advantage of low rates.
The Federal Reserve will soon stop its buying spree of $1.25 trillion in mortgage-backed securities as part of its bailout of Fannie and Freddie. The move has kept mortgage rates artificially low, and many analysts expect rates to rise come the end of March when the Fed’s deadline is reached.
Boston Mortgage Rates
Whereas the average mortgage rate has been trending slightly upward in the past few weeks, the Boston area mortgage average is currently in a downward trend. The average* 30-year fixed-rate mortgage is at 4.95 percent down from last week’s 4.99 percent. The 5-year Adjustable Rate Mortgage is also down to an average of 4.05 percent from last week’s 4.19 percent. The 15-year fixed-rate mortgage is at 4.32 percent. This is a downward change from last week’s 4.37 percent rate average.
Foreclosures in Massachusetts as a whole are still remarkable with a total of 4,554 new foreclosure filings in February 2010. Fifty-two foreclosures were actually sold in February. The average sales price in Suffolk County is $251,298. Twenty-nine new or existing homes were sold in February. This is down from 69 homes sold in January.
For home buyers, low mortgage rates mean a better return on properties they purchase. Coupled with the Obama Administration’s home buyer tax credits, a first-time home buyer is in the perfect market to purchase a home. Prices are at all time lows as well. Prospective home buyers in the Boston area should take advantage of mortgage rates before they rise.
Written by Lani Shadduck
HULIQ.com
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*DataSource:RealtyTrac
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