Interest rates for a 30-year fixed rate mortgage climbed consistently throughout 2018 until the middle of November. After that point, rates returned to levels that we saw in August to close out the year at 4.55%, according toFreddie Mac’sPrimary Mortgage Market Survey.
After the first week of 2019, rates have continued their downward trend. AsFreddie Mac’s Chief EconomistSam Khater notes, this is great news for homebuyers. He states,
“Mortgage rates declined to start the new year with the 30-year fixed-rate mortgage dipping to 4.51 percent. Low mortgage rates combined with decelerating home price growth should get prospective homebuyers excited to buy.”
In some areas of the country, the combination of rising interest rates and rising home prices had made some first-time buyers push pause on their home searches. But with more inventory coming to market, continued price growth, and interest rates slowing, this is a great time to get back in the market!
Even a small increase (or decrease) in interest rates can impact your monthly housing cost. If buying a home in 2019 is on your short list of goals to achieve, let’s get together to find out if you are able to today.
Author:Michael Le Phone: 303-356-8282 Dated: January 10th 2019 Views: 147 About Michael: Michael has been a Real Estate Broker in the Denver area for 17 years. With over hundreds of closed...
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"Kelly Hunter recently handled a long distance home sale for me. Her knowledge of the area where I was selling was excellent. She was immediately responsive to all the questions that I had, and kept me informed throughout the process (sometimes several times a day). She was able to negotiate a very satisfactory price for the home. I would highly recommend Kelly to anyone selling or buying in the Denver area