National 30-year loan options reach lowest level since 1950s
The housing market in Boston is finally on the mend, which creates many new opportunities for homebuyers to find the properties of their dreams. What's more, with rents on the rise in the Hub, it may be more cost effective to invest in the homes for sale in Boston, rather than submit monthly payments to a landlord. However, with the market more competitive than it has been in the past few years, it's important for prospective buyers to come prepared to outbid other shoppers. This can be done in several ways, most notably by coming with pre-approval from a lender.
Fortunately, mortgage buyer Freddie Mac said that the average interest rate on 30-year fixed-rate loans dropped to 3.62 percent, a decrease from 3.66 percent last week, and the lowest metric since long-term mortgages began in the 1950s.
With mortgage rates low and the housing market going through an active period, buyers may find themselves in favorable positions to invest in properties with an affordable mortgage offering in tow. The Hub has traditionally featured a competitive housing market, and it seems to have found its stride heading into the summer.