Right now may be the best time to execute a Denver real estate search. When mortgage rates are this low, it is only logical to take advantage of them and act quickly to secure a great home.
If you’re searching for Denver real estate, a recent report from Kenneth Love indicates that it’s a great to finance a home purchase.
In his report, Love sees record-low mortgage rates across the country. Love reports that, according to mortgage buyer Freddie Mac, they are as low as they have been in decades:
- 15-year fixed mortgage rate slipped to 2.56 percent on average, the lowest since 1991
- 30-year loan fell to 3.35 percent, just above November’s 3.31 percent, which is the lowest since 1971
Why is this happening? Love notes that central banks across the world are adding currency as a result of the recession. However, it is not likely that rates will continue to fall as they have been recently. Thus, many people are buying homes at the moment.
It is also a good time for people to refinance. Love notes how home owners can save by refinancing from a 30-year to a 15-year home loan, saving a great deal in the interest of that time period.
Of course, with these incredibly low rates, the primary trend is centered on home buying. Throughout the area and across the country, the home market is heating up with encouraged buyers looking to capitalize on low rates.
Those on a Denver real estate search are urged to contact us immediately at Web Savvy Real Estate. We would be happy to help you find the perfect home – when the opportunity is there with mortgage rates and a great market in the Mile High City.