I saw that mortgage rates hit a new all time low today. Does this mean that they are going to stay this low forever in Denver? The answer unfortunately is probably not. With the average 30 year fixed rate loan dropping to 4.69% this week, it is truly amazing how the rates keep falling. Hopefully they will keep going down further, but if history is the judge, then probably not.
Since 1971, rates have been above nine percent 39% of the time. They have been above eight percent 55% of the time. They have been above seven percent 74% of the time, and above six percent a staggering 89% of the time. Right now they are below 5%!!!!!! Looking at these figures, one can see just how amazing these rates are.
The question then becomes, why aren't people rushing to take advantage of them? The rates keep falling, but since the tax credit expired, home sales have remained pretty average.Hopefully it won't take them jumping above 5 or 6% to get people off the fence and buying again. The amount ofmoney that can be saved over the life of a 30 year loan is staggering. If you are thinking of buying or refinancing, now is the time. This is a second chance to take advantage of these great rates for those that missed out last time, so don't miss it this time around.
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