Days of record low mortgage interest rates over?
The average mortgage interest rate in the Colorado Springs Real Estate Market increased substantially over the last week, moving up fron below 5% to 5.3%. Rising mortgage rates impacts a buyers purchasing power for Colorado Springs Real Estate and reduces the pool of would-be buyers.
It's all about affordability. Genreally, for every 1 point increase in mortgage rates a buyer's purchasing power is reduced by about 10 percent. For every 1 percentage point rise in rates, 300,000 to 400,000 would-be buyers are priced out of the market in a given year, according to the National Association of Realtors.
For Colorado Springs Home Sellers, putting their homes on the market this spring, rising rates may actually be a good thing. Buyers are racing to complete their purchases and lock in loans before the go up much more. Home buyers, in the short term, will be less likely to worry about a few thousand dollars in the negotiations and be more focused on locking in a reasonable rate.
Consumer info provided by William Szilagyi WilliamsHomeSellers LLC www.ZColorado.com www.WilliamsHomeSellers.com 719-646-2634 colorado springs home values,colorado springs homes for sale,colorado springs housing,colorado springs real estate,colorado springs realtor,colorado springs realty,foreclosed homes colorado springs,foreclosure colorado springs,fort carson housing,fort carson real estate,home values colorado springs,homes colorado springs,homes for sale colorado springs,housing colorado springs,mls colorado springs,mls listing colorado springs,mls listing colorado springs,property colorado springs,realtor colorado springs,realty colorado springs
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