Mortgage rates have recently dipped to their lowest average in over three years, offering meaningful relief for buyers navigating today’s market. According to national data, the average 30-year fixed mortgage rate has fallen to around 6.06%.
Lower mortgage rates increase your purchasing power but there is a flip side. When rates drop, more buyers enter the market. As borrowing becomes more appealing, competition increases, especially in desirable markets like Boston. Savvy buyers should be prepared to act quickly and thoughtfully when the right home comes along, because more buyers will likely be making offers and inventory moves faster this Spring.
This shift in the market also encourages sellers to list. In a market where more buyers are empowered by affordable financing, homeowners who were previously reluctant to sell may feel more confident putting their properties on the market. Increased seller participation typically translates to more inventory and more choices for buyers, easing one of the biggest pain points in recent Boston real-estate cycles.
If you’ve been sitting on the sidelines waiting for better conditions, this may be the best time to buy or sell property in Boston. Lower rates make financing a home more manageable, and a burst of new inventory could give you more opportunities to find the right property in the Boston area. That said, with competition picking up and homes moving quickly, having a strong plan and trusted agent by your side is more important than ever.
