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2016-11-30 11:37:27
Denver Mortgage Rate Update

Rising Mortgage Rates and How They Impact Buying a Home in Denver

Denver, Colorado:  With mortgage rates on the rise, home buyers and those looking to refinance are wondering what the future holds. In November, rates for a 30-year mortgage jumped from 3.5% to close to 4.0% in just one week. This increase could impact sellers as well, potentially limiting the number of possible buyers with the ability to afford a more expensive home. 

However, consumers are encouraged to remain patient and take a long view of the economy. “Consumers considering buying or refinancing now should stay patient, as we’ll likely see rates stabilize once markets find a new equilibrium,” says Erin Lantz, vice president of mortgages at Zillow.

It is also important to remember that even despite this shift, rates remain at historical lows. Thirty years ago rates were at 10% and were at 6% as recently as 2007.

To learn more about how this increase may affect you, Click Here to Contact Us today using the form below!

To read more of this Associated Press/Denver Post article, click here.

 
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