30-Year Mortgage Rates Increase to High Point, Boston Pads Weighs In on Trend

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New reports reveal that 30-year mortgages in the US have increased to their highest point within a two-year period. While this may concern some prospective buyers, Boston Pads highlights alternative options.

As a comprehensive online property listing resource, Boston Pads is one company that remains dedicated to making sure prospective buyers have what they need to buy a dream home within the Greater Boston area. Although the demand for housing has increased within the country in recent months, the company explains that many consumers—especially first-time buyers—have trouble when it comes to determining the right path toward financing. According to this online resource, a recent report from USA Today reveals that 30-year mortgage rates have increased considerably—a trend that may deter many buyers from going through with a home purchase.

The article explains, “The average U.S. rate on the 30-year fixed mortgage rose this week to 4.51 percent, a two-year high. Rates have been rising on expectations that the Federal Reserve will slow its bond purchases this year. Mortgage buyer Freddie Mac said Thursday that the average on the 30-year loan jumped from 4.29 percent the previous week. Just two months ago, it was 3.35 percent— barely above the record low of 3.31 percent. The average on the 15-year fixed mortgage rose to 3.53 percent from 3.39 percent last week. That's the highest since August 2011.” According to Boston Pads, these rates may reflect increase in mortgage payments by more than $100 per month—or a couple thousand each year.

These figures may lead many to abandon plans to purchase a home; however, Boston Pads explains that there are many other factors to look at before opting out of financing. For instance, while the 30-year and 15-year fixed mortgages may have risen, there are still many great opportunities available through other financing plans, such as ARMs. USA Today reports, “Even with the gains, mortgage rates remain low by historical standards. Low rates have helped fuel a housing recovery that is helping to drive economic growth this year.”

In addition, the article suggests that increased housing demands are likely to continue to have a positive impact on the economy, despite the increase in fixed mortgage rates. It states, “Greater demand, along with a tight supply of homes for sale, has pushed up home prices. It also has led to more home construction, which has created more jobs.”

“It is still a great time to purchase a home, and with a continuously improving economy, Boston is becoming an exceptional place to live for those who want to experience new opportunities and prosperity. While our service offers extensive listings and resources for buying a home in the Boston region, our site also can help those shying away from mortgages to find an apartment rental,” Boston Pads concludes in its press statement.

ABOUT:

Boston Pads is an online resource for buyers, sellers, landlords, renovators and anyone else seeking real estate and housing needs in the Boston, Massachusetts area. The company’s real time database is the largest in the area, constantly updating technology with current listings. There are a variety of resources available, including property management services, landlords, relocation services, renovation and remodeling services along with several other connections and tools. There is a mortgage calculator available as well as data on specific neighborhoods. Boston Pads prides itself on supplying individuals with relevant, convenient services and resources, offering tips on how to get approved for financing and many other topics.

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Gladys Jameson
PR Management Inc.
484-362-9658
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