Monday, December 03, 2007

Denver Mortgage Rates Fall!

Got this from a lender friend this morning... mortgage rates are continuing in a downward spiral. We are officially in the FIVES now! It would be a great time to lock in a loan if you have people sitting on the fence. I caution that "for no good reason" interest rates could jump up at any time. Keep in mind that while rates typically creep downwards, they have a tendency to move upwards VERY quickly. We have all seen it happen before...

If you look back in the archives of this Blog, you will see I predicted this and I fully expect interest rates to bottom close to 5% sometime around February 1st. What an amazing time to be able to buy a home. Last week I saw 5.875% rate on a conforming 30 year fixed rate loan.
I would be refinancing, or buying right now, before the supply is used up...that is what happens you know. Supply of long term money is great right now (lenders have not been making loans) so interest rates are low to entice you into the market. "We have all seen it happen before...".
Years of experience gives you an extra leg to stand on.

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