Massachusetts
Mortgage Rates;
Its been a mixed year for the housing market in Massachusetts so far. After getting off to a strong start, sales fell 1.7% in April and the median homne price declined 2.3% to $345,000. The market is still struggling with an over supply of homes and continued fallout from bad lending which is leading to overstretched homeowners looking to offload their homes. These homeowners are forced to drop their prices which is putting pressure on other sellers to lower their prices. This means that buyers hold the upper hand and are in a very string position.
While single family home prices are declining, the condo market is holding up. Condo sales were up 0.7% compared to April 2006 and the median price of a condo increased by 2.6% to $274,650.
The rest of the year will remain challenging for all those wanting to sell homes in Massachusetts. Even though there are buyers out there, there is no rush for them to close deals as there is so much inventory available. They can take their time to find the best home at the best price for them.
Below are examples of current rates:
For loans up to $417,000
30 Yr Fixed: rates from 6.125% to 6.5%
15 Yr Fixed : rates from 5.875% to 6.25%
1 yr ARM : rates from 5% to 5.875%
3/1 ARM : rates from 5.375% to 6.5%
5/1 ARM : rates from 5.5% to 6.375%
For loans above $417,000
30 Yr Fixed Jumbo : rates from 6.375% to 7%
15 Yr Fixed Jumbo : rates from 5.875% to 6.875%
1 Yr ARM Jumbo : rates from 5.125% to 6%
3/1 ARM Jumbo : rates from 5.25% to 7%
5/1 ARM Jumbo : rates from 5.5% to 7%
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Major Massachusetts
Cities;
Boston
Cambridge
Lenox
Springfield
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