Mortage Rates Up Slightly, Boulder Real Estate Still Okay

If you think that Boulder is a pretty high-priced market and for some, (it’s downright unaffordable), and you are interested and able to spend that kind of money, this may be a good time to buy. With rates up slightly this week, they’re still lower than a year ago and Boulder real estate prices are holding steadily flat versus summer 2007.

Freddie Mac’s vice president and chief economist reported this week that mortgage rates are up slightly to an average of 6.45% for a 30-year fixed rate mortgage when compared to rates one week ago. You might already know that this is still lower than a year ago when rates averaged 6.67%. Most of this upward action in the average rates comes from ARM rates which are usually connected to short-term financing rates. With the upcoming Federal Reserve policy meeting, ARM rates showed the most volatility while fixed-rate mortgages changed little by comparison.

We saw increases in the 15-year fixed-rate mortgages also but they’re still lower than this time last year currently holding at just barely over 6.03%. The Mortgage Bankers Association released a survey Wednesday which showed that mortgage applications fell almost 10% when compared with last week.

If you think that you’re ready to buy real estate, it’s still possibly a good time due to the flat prices overall, and the radically lowered prices in some communities. Boulder is still holding its own in general, but if you read my recent post about Boulder’s sold home stats, you know that less inventory is getting sold when compared to last year at this time and the average prices aren’t significantly higher.

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