Interest Rates are Really Low – 4.5%

All we have been hearing lately from our past and present clients, our friends, and everyone else is how great of an interest rate they can get. Our mortgage contacts and real estate attorneys have been super busy with the recent refinance boom. We have heard people getting rates from 4 – 4.50%.

The rates are really low. It was not too long ago people received interest rates well above 6% and higher. I know of one client who purchased a home with a 6.25% interest rate and now a couple of years later has refined to 4.25%. On a $400,000 loan that is a monthly savings of $495.11 that is $5,941.32 per year.

With interest rates as low as they are currently we are surprised there are not more people searching for homes. The markets in sections of Boston, Newton, Brookline, Cambridge, and other areas have some really positive statistics. That being said we would think even more buyers would be out shopping for home.

The buyers we she shopping now have an amazing advantage! The real estate market in the Boston Massachusetts area offers a lot of opportunity. You have less competition among buyers, more flexibility in price, and low interest rates.

Be sure to contact a reputable mortgage banker for information on current rates and to learn more about what mortgage programs are available.