Take Advantage of the Lowest Mortgage Rates in Two Years
According to an article on MSNBC.com, mortgage rates fell this week to 6.10 percent. Rates this low haven’t been seen in more than two years.
Another article in The Denver Post reported a similar drop in mortgage rates last week: According to Freddie Mac, between the second and third weeks of November mortgage rates fell from an average of 6.24 percent to an average of 6.20 percent.
What does this mean for homebuyers in Colorado? For one thing, if you buy a house or refinance a loan at this time, your savings are huge. Not only does a lower mortgage rate mean lower monthly payments, it also means less money paid over the long run. Even a four-thousandths of a percent less can save you thousands over the life of a 30-year loan.
And if mortgage rates keep falling, it could mean even greater savings for those buying or refinancing Colorado homes.
Finally, low mortgage rates could help boost the real estate market. New homes sales in October actually rose 1.7 percent; falling mortgage rates could encourage home sales to increase even more.
These advantages could combine for a really great deal for Colorado homebuyers. If you buy a home when 1) mortgage rates are low and 2) a buyer’s market enables you to get your home for less than fair market value, you end up with double savings!
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