Denver Mortgage Rates Rise for First Time in Five Weeks

By teamcox • December 11th, 2009

Denver Mortgage RatesThe 30-year fixed-rate mortgage averaged 4.81% for the week ending December 10, 2009, according to Freddie Mac’s Primary Mortgage Market Survey. Last week’s average was 4.71%, and last year’s average was 5.47%. 

What is putting pressure on mortgage rates? This week, long-term bond yields increased slightly, following an upbeat employment report, revealing that only 11,000 jobs were shed in November, and fixed mortgage rates followed suit.

What does this mean for a prospective Denver homebuyer? Rock-bottom interest rates is definitely one of the most important motivators, since buying power is dramatically increased. If you are sitting on the fence, now is the time to purchase a home. Even if home prices were to decrease, which is unlikely at this point, mortgage rates are likely to increase in the near future.

For information on purchasing a home in the Denver area, please contact TeamCox Realtors – Denver real estate specialists – at 303-400-6060.

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