Mortgage rates fell for the second straight week, but they continue to remain above 6.5%. According to Freddie Mac, the average rate on a 30-year fixed mortgage ticked down to 6.69% from 6.71% the previous week. In the meantime, two of the main factors driving today’s mortgage market have become more favorable. Inflation dropped to 4%, and the Federal Reserve paused its interest rate hikes after raising rates for more than a year. Data also indicates that inflation may ease even faster in the following months. The latest release shows that CPI rent growth has already peaked and started to cool. With this decelerating trend in rent prices to persist in the upcoming months – following the trend of asking prices for rent reported by the private sector – inflation will slow down further, pulling down mortgage rates.
At the current mortgage rate, renters who pay $1,655 monthly for rent can spend the same amount on a monthly mortgage payment for a home with a value of $321,000.
– From Nadia Evangelou, Senior Economist & Director of Real Estate Research for the National Association of REALTORS®.
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OPEN HOUSE
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10 am to 1 pm
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Beautiful Wash Park Home
3 Bedrooms | 4 Baths | 3,422 Sq Ft
$1,490,000
A beautiful fenced yard and an elegant brick exterior welcome you to this exceptional home in Washington Park, one of Denver’s favorite neighborhoods. Here, you’re a half block walk from the park, which spans over 160 acres and features two lakes, lush green lawns, and meticulously maintained gardens.
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Loft-style Condo in the Heart of Downtown Denver
2142 Curtis St, Unit #204, Denver, CO 80205
1 Bedroom | 1 Bath | 759 Sq Ft
$380,000
Live in the heart of downtown Denver, near everything the city offers, in this fantastic loft-style condo.
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Schedule a CallDuring the last week:
New Listings – 1569
Back On Market – 284
Price Increase – 89
Price Decrease – 1333
Pending – 1485
Withdrawn – 124
Closed – 1159
Expired – 149
Previous Week:
New Listings – 1498
Back On Market – 291
Price Increase – 130
Price Decrease – 1160
Pending – 1436
Withdrawn – 148
Closed – 1277
Expired – 308
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Based on data from REColorado®
Trends in Metro Denver
- Home Prices
- How Long It Takes to Sell a Home
- Prices Per Square Foot
- Showings Until Pending
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Real Estate News
Mortgage Rates Barely Budge After Fed Announcement
Mortgage demand surges higher as interest rates fall
Housing inflation will almost surely fall soon, say economists
“Finding the right home for my family was challenging but David provided exceptional guidance and patience during our search for a new home. He was an excellent listener and really zeroed in on my wants and needs. He found so many possible homes in my price range, I was thrilled. He really understood the needs of my family and only showed us homes that would work for us. I loved looking at homes with David! I can’t imagine a more perfect home now.
I would recommend David in a heartbeat. He got the job done and I love my new home.”
– Lisa O, Westminster