Mortgage Rates Up Slightly, Buy Boulder Real Estate Now.

While you might think that Boulder is a pretty high priced market and for some, it’s downright unaffordable, if 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 instruments.  With the upcoming Federal Reserve policy meeting coming up, 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 last year at this time 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 it’s 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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