Mortgage Rates Reach Five Month Low

Dated: 04/25/2017

Views: 605

Image title


If you’re considering jumping into homeownership, now may be a great time as mortgage rates have hit their lowest points in the past five months.


According to the latest data released last week by Freddie Mac, the 30-year fixed-rate average dropped to 3.97 percent with an average 0.5 point. (Points are fees paid to a lender equal to 1 percent of the loan amount.) It was 4.08 percent a week ago and 3.59 percent a year ago. The 30-year fixed rate hasn’t dipped below 4 percent since November.


Looking at the 15-year fixed-rate average, that dropped to 3.23 percent with an average 0.5 point. It was 3.34 percent a week ago and 2.85 percent a year ago. The five-year adjustable rate average fell to 3.1 percent with an average 0.4 point. It was 3.18 percent a week ago and 2.81 percent a year ago.


Though mortgage rates are falling, the number of mortgage applicants is actually on the decline. According to the latest data from the Mortgage Bankers Association, the market composite index – a measure of total loan application volume – decreased 1.8 percent. The refinance index was essentially unchanged, slipping 0.2 percent. The purchase index fell 3 percent. Refinance mortgages accounted for 42.4 percent of all applications.


There’s uncertainty surrounding when and if rates will begin creeping back up, but the numbers are promising if you’re ready to take the plunge. In Denver, buyers need to move fast so if you’re considering purchasing a home it’s best to get your finances in order and secure a great rate now.


Ready to start checking out what Denver has to offer? Contact Metrowest today – we’d love to show you around!

Latest Blog Posts

Fall Brings Cool Down To Denver Market

According to last week’s trends report from the Denver Metro Association of Realtors (DMAR), last month the number of homes on the market jumped, the number of home sales dropped, and price

Read More

Denver Ranks 6th In The Nation For Home Sale ROI

According to a recent survey by realtor.com, the return on investment for Denver homes is one of the highest in the country.The analysis found that the median return for homes was 8 percent

Read More

Plan To Double Affordable Housing Fund Gets Approval In Denver

According to the Denver Business Journal, a proposal to double Denver's Affordable Housing Fund from an annual sum of $15 million to $30 million recently advanced out of the city's Safety, ,

Read More

Exploring Harvey Park

About 15 minutes southwest of downtown Denver, the Harvey Park neighborhood is experiencing a resurgence and finding itself on many “hot Denver neighborhood” lists. While it’s on many

Read More