I just emailed one of the mortgage professionals I work with requesting an interest rate update for my clients. I wanted to share his response with you:
"Rates have trended lower over the past several weeks, although they have risen in the past few days from 2-year lows. We are currently sitting near all time lows. Mortgage rates are very attractive currently, bouncing between the high 5's and low 6's for a typical conforming loan.
Mortgage Bond Prices (the financial instrument rates are based upon, not the FED or Treasury Bonds) have seen serious volatility in recent days. Treasury Bonds were the main beneficiary of the "flight to quality" we have seen in the last few days with Mortgage Bonds less so due to credit concerns. They have been caught in a game of pickle between investors fleeing stocks for the safety of bonds and lingering credit concerns.
In economic news, Durable Goods Orders for October were reported -.4%, lower than expectations, existing home sales nationwide (unlike Denver) continue to drop. This is good news for mortgage rates because it means that the economy is cooling off. Rates generally go down in weak economic conditions.
If you or someone you know has a rate that has or will will adjust or a fixed rate over 6.5%, we should talk. I'll be happy to give them a complimentary mortgage checkup to see if their mortgage is the best fit for what is available."
-- Jonathan Mather, Clarion Mortgage Capital
More good news for anyone looking to buy or re-finance. You can see Jonathan’s contact information on our Denver Real Estate website, along with other mortgage information. We also have a new Denver MLS Search tool on the website. We would love for our clients, or other visitors, to give it a whirl and let us know what you think!