As mortgage rates soar again, the Greater Boston housing market slump may continue through spring
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The Greater Boston housing market is expected to continue its slump through spring due to rising mortgage rates. After a brief decline, mortgage rates shot back up in March, pricing out many prospective buyers and causing a decrease in home sales.
The Greater Boston housing market may continue its slump through spring. Mortgage rates rose in March, affecting buyers. Home sales were down in February, with 388 single-family homes sold. The rise in mortgage rates has kept many residents from selling their homes. High home prices and high monthly payments are making it difficult for middle-income families to afford homes. The average 30-year fixed-rate mortgage rate has increased, making housing affordability worse.
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