Mortgage rates are down across the board. While you can find out why on any major financial news portal, you may be a little confused as to what it means to someone trying to buy a home or condo in Estes Park, Colorado.
FREE MONEY! Really?
Well not exactly…but pretty close. You won’t find anyone handing you a suitcase full of cash. However, when you are looking to finance real estate, a 1% change in mortgage rates roughly translates into a 10% change in the amount you can qualify for. As an example, the cost per month of financing $300,000 at 6% interest is roughly the same amount per month as financing $330,000 at 5% interest. Do the math for yourself on any online mortgage calculator or call your local mortgage broker.
This good news is viewed in one of two ways depending on your personality.
- The spender says “I can qualify for a more expensive home.”
- The saver says “Now I don’t have to pay as much for the home I want.”
Either way sounds like a great deal to me.
Current Mortgage Rates
While there has been a lot of news lately about the Fed making 4.5% interest rates available to home buyers, interest rates that low are not available…yet. Estes Park mortgage brokers are currently quoting phenomenal rates between 5% and 5.25%.
Lower interest rates are the best thing that can happen to you if you are considering purchasing real estate. It also reinforces what you are hearing every realtor across the nation who says “Now Is a great time to buy real estate.”
Buying a home or condo in Estes Park is no exception. Call or email me today to get started.
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