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Mortgage Rates and Greater Boston Real Estate Market Soars

By Allyson Kreycik, Senior Loan Officer, Guaranteed Rate

The start to 2015 has been one for the record books in the Greater Boston Real Estate Market! We’ve all been busGrowing home salesy! We are seeing consumer confidence being at its highest in the past few years. Buyers feel comfortable making the move and pulling the trigger on a new home. It helps that mortgage rates continue to be at near record lows with the 30 year fixed rates staying under 4.00%. We are seeing banks start to relax a little in guidelines on down payment and credit scores. Fannie Mae will now do 3% down payment programs. FHA reduced their monthly Private Mortgage Insurance rates. The conventional loan limits for Greater Boston increased to $517,500.   All good things if you are a buyer.

As a seller it has been the best time to sell as we are seeing prices per square foot that we have not seen before in Boston.   As a buyer – although rates are great – the low inventory can be frustrating as it leads to bidding wars, risky offers with waiving financing, appraisal and even home inspection contingencies just to have a competitive offer.

My advice. Be prepared by getting the information you need a head of time.   If you have to spend a few extra thousand for the home of your dreams know that in the long run it will amount to a cup of coffee each month. Hire a professional Real Estate Agent that knows your market to help guide you as you make one of the biggest purchases of your life and enjoy the process- a little drama can be fun!

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