October 22, 2008 Mara Bushari

The benchmark 30-year fixed-rate mortgage jumped 54 basis points this week to 6.74 percent, according to the Bankrate.com national survey of large lenders. The benchmark 5/1 adjustable-rate mortgage rose 40 basis points to 6.61 percent, and the benchmark 15-year fixed-rate mortgage rose 45 basis points to 6.4 percent. This shows the largest weekly rise in the Bankrate.com index since 1987.

What does that mean for Boston real estate? Well, buyers are already having trouble coming up with 15-20 percent down payments and higher interest rates mean higher monthly payments. Many buyers may have trouble finding their dream home in their new price range. Buyers will either realize that they may not get all their “must have’s” and simple move forward with a purchase, or they will decide to sit the fence and lease. If interest rates continue to increase, we will most likely see higher rents prices with the increased demand.

Mara Bushari

Mara is a creative thinker and strategic marketer. She graduated Summa Cum Laude from Boston University’s College of Communication and worked in international finance before joining The Bushari Team. Mara strives to exceed expectations. As Client Relations Specialist, she is a key facilitator in all team transactions, making the buying or selling process as stress-free as possible for the client. Mara learned many of her extraordinary organizational and problem-solving skills during her service in the Israeli Defense Forces, where she earned the “President’s Award” for exceptional service. In the military, Mara solidified her abilities to achieve top results in high pressure and time sensitive situations. In her spare time, Mara enjoys skiing, photography and writing.

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