Hey Colorado Buyers and Real Estate Professionals do you Agree with Freddie Mac? Doubtful Rates Will Return to Recent Lows
"One thing seems certain: we aren't likely to see average 30-year fixed mortgage rates return to the historic lows experienced in 2012."
Says, - Freddie Mac, March 24, 2014
There are those that hope that 30-year mortgage interest rates will head back under 4%. Obviously, for any prospective home purchaser that would be great news. However, there is probably a greater chance that interest rates will return to the greater than 6% rate of the last decade before they would return to the less than 3.5% rate of 2012.
Freddie Mac, in one of four original posts on their new blog, explained that current rates are still extremely low compared to historic averages:
"The all-time record low – since Freddie Mac began tracking mortgage rates in 1971 – was 3.31% in November 2012. Conversely, the all-time record high occurred in October of 1981, hitting 18.63%. That's more than four times higher than today's average 30-year fixed rate of 4.32% as of March 20...rates hovering around 4.5% may be high relative to last year, but something to celebrate compared to almost any year since 1971."
If you are thinking of buying a home call the Craig Adelman Lending Team at 303.809.8979, waiting for a dramatic decrease in mortgage rates might not make sense. Speaking to a professional Mortgage lender is a great way to determine your buying power while rates are still low. Call Craig Adelman today at 303.809.8979
Denver Real Estate Agents: Would the above chart help you put today’s interest rate environment in perspective when you’re meeting with buyers? How about a few more showing rate projections and the impact this would have on your buyer’s purchasing power? Call Craig Adelman today to help build your brand and receive amazing new marketing tools to target active buyers in your community