"If you're like a lot of Boston condo owners, you've probably thought: "I'd like to move... but I don't want to give up my 3% rate." That's fair. That rate has been one of your best financial wins - and it can be hard to let go. But here's what you need to remember... A great rate won't make up for a home that no longer works for you. Life changes, and sometimes, your home needs to change with it. And you're not the only one making that choice."
"The share of homeowners with a mortgage rate below 3% ( the yellow in the graph below) is slowly declining as more people move. And while some of the people with a rate over 6% are first-time buyers, the number of homeowners with a rate above 6% ( the blue) is rising as others take on higher rates for their next home: And while it may not seem that dramatic, it's actually a pretty noteworthy shift. The share of mortgages with a rate above 6% just hit a 10-year high ( see graph below). That shows more people are getting used to today's rates as the new normal."
""More homeowners are deciding it's worth moving even if it means giving up a lower mortgage rate. Life doesn't standstill-people get new jobs, grow their families, downsize after retirement, or simply want to live in a different neighbor"
Many Boston condo owners hesitate to move to avoid relinquishing low mortgage rates around 3%. A strong low rate cannot compensate for a home that no longer meets changing life needs. Data from the Federal Housing Finance Agency shows the share of mortgages below 3% is slowly declining as more owners move. The share of mortgages above 6% recently reached a ten-year high, reflecting more buyers accepting higher rates. Life events such as job changes, family growth, retirement, downsizing, or neighborhood preferences are prompting owners to trade low rates for homes that better fit current needs.
Read at Boston Condos For Sale Ford Realty
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