During the housing run-up of the early 2000s, many markets built too many houses and are suffering mightily. Home values collapsed and foreclosures skyrocketed. In contrast, the Massachusetts market did not flood the market with homes from 2000-2006. As a result housing prices have dipped, but not nearly as much as in other portions of the country. Low mortgage rates in Massachusetts and the first time home-buyer tax credit have kept demand for housing strong.
Those looking to buy homes in Massachusetts may be surprised by the relative lack of bargains. Housing prices in the Boston metro area have remained relatively stable over the last year, posting a one year change of .5% from the fourth quarter of 2008 to 2009 according to the Case-Shiller Home Price Index. Prices declined .1% from the third quarter to fourth quarter of 2009. The Massachusetts Association of Realtors (MAR) reported that pending home sales were up for the eighth straight month in February, and the number of homes for under agreement was up 16% over the same time last year, while condo sales were up 25%. MAR President Kevin Sears said “lack of inventory will continue to have an impact on pushing prices up if more sellers don’t get into the market”.
While luxury condos in Miami and Las Vegas have had their prices slashed, the condo market in Boston is doing extremely well, sales of condos over $1 million are up almost 100% compared to 2009, and condos priced between $500,000 and $1 million are up almost 100% as well. According to MAR reports, median condo prices rose 26.5% in January, the highest annual price increase since they started keeping track. The number of condos sold increased 35%.
Even quixotic former Red Sox outfielder Manny Ramirez is getting in on the act, putting his 4,500 square foot Ritz Carlton penthouse on the market once again (for a mere $8 million it can be yours)!
Total Mortgage Services is proud to bring you some of the best mortgage rates in Massachusetts:
| Loan Type |
Rate |
APR |
| Massachusetts 30 Year Fixed Conventional Mortgage |
4.5% |
4.710% |
| Massachusetts 15 Year Fixed Conventional Mortgage |
4.0% |
4.363% |
| Massachusetts 30 Year Fixed FHA Mortgage |
4.5% |
5.422% |
| Massachusetts 30 Year Fixed Jumbo Mortgage |
5.5% |
5.716% |
| Massachusetts 15 Year Fixed Jumbo Mortgage |
4.0% |
4.352% |
| Massachusetts 5/1 ARM Conforming Mortgage |
3.0% |
3.249% |
| Massachusetts 5/1 ARM Jumbo Mortgage |
3.625% |
3.303% |
* All rates shown are for 30 day rate locks. Longer locks available. The APR for conventional loan amounts is calculated using a loan amount of $417,000, 2 points, a $495 application fee, $500 loan processing fee, $715 underwriting fee and a $16 flood certification fee. The APR for jumbo loan amounts is calculated using a loan amount of $500,000, two points, a $495 application fee, $500 loan processing fee, $715 underwriting fee and a $16 flood certification fee. The APR for FHA loan amounts is calculated using a loan amount of $295,000, two points, a $495 application fee, $500 loan processing fee, $715 underwriting fee and a $16 flood certification fee. Some rates and fees may vary by state. All interest rates listed are for qualified applicants and are subject to mortgage approval. All rates are subject to change without notice. All rates assume a credit score of 740+ and are subject to change. Rates are quoted from Totalmortgage.com as of 1PM on Monday, March 22nd, 2010.
For more than a decade, Total Mortgage has been providing Massachusetts borrowers with some of the best rates and customer service in the industry. From the Berkshires to the Back Bay, from the Cape to Nantucket, Total Mortgage would like to provide solutions to your mortgage needs. Contact us today at 877-868-2503 and see what Total Mortgage can do for you.
Mortgage rates were slightly down this week according to the survey released by Freddie Mac earlier this morning. The average rate for 30 year fixed rate mortgages was 5.0 percent, down from 5.05 percent the previous week. Similarly, 15 year fixed rate mortgages eased to 4.27 percent compared to 4.29 percent last week.
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