In the midst of the decline of the US economy few people noticed how far mortgage rates have fallen.  Instead, we’ve been watching as the bears have awoken and drastically slashed our retirement funds.  Or perhaps, we’ve been too busy following the shenanigan’s of Washington as the people on the hill try to blame anyone but themselves for the predicament we find ourselves in.

According to Bankrate.com rates have fallen to 6.19% where a year ago we were looking at 6.5% for 30 year mortgages while a 15 year rate fell to 5.95%.  While definitely showing fluctuation’s they are still considerably less than a year ago.  We’re actually seeing a pick-up in buyers seriously looking right now.  Unlike earlier this spring, the market seems to be trending down for mortgage rates and they do change quickly. If you’re looking to purchase, talk to Kathy or Nancy soon, so they can get you into a home while rates are still low.  Now is the time to save money while rates hover around the high 5’s to low 6’s.  Rates may not stay this low as the world economy seems to be suffering so much. 

For that reason, mortgage shoppers should make sure they speak with a qualified mortgage broker, become qualified and get used to enduring the ups and downs of this market.  Until the credit and stock markets start calming down, we’re in for a bumpy ride.

For information on purchasing a home in the Colorado Springs Area, please call Kathy at 719-287-1049 or Nancy at719-659-4380

For other articles on financing and buying a house see: