1. Why it matters

For the first time in nearly three years, mortgage rates recently dipped into the 5% range. While they are currently hovering in the low 6s, this shift marks a critical turning point for affordability in Greater Boston and the suburbs.

2. The big picture

A single percentage point makes a massive difference in your monthly overhead. When rates hit 7% last year, many buyers felt priced out. Today’s environment is different. 📉

• Lower Payments: On a $400k loan, you save over $300 per month compared to 7% rates.
• Increased Buying Power: That extra breathing room allows you to look at better locations or homes with more “must-have” features.
• Massive Demand: NAR research indicates that at 6%, 5.5 million more households can afford the median home.

3. Between the lines

Approximately 550,000 people are expected to jump into the market within the next 12-18 months due to this rate drop. 🏃‍♂️💨

The math is simple: The difference between 7% and 6% is a game-changer. The difference between 6% and 5.9% is marginal. The smart move is to act before the 550,000 other buyers saturate the local inventory.

4. The bottom line

Rates are at a 3-year low, and the “green light” is officially on. If you paused your search last year, it is time to re-run your numbers with a local expert.

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