Mortgage Rates in Aurora, Colorado
Mortgage Rates Continue to Drift in the Aurora, Colorado Region
According to recent reports, mortgage rates in Aurora continue their slide, although they are still above the records lows that were reached this past spring.
Freddie Mac Vice President and Chief Economist stated: “Average fixed-rate mortgage rates were lower than last week and were down 0.4 percent to 0.5 percent from the levels of early June. For a 30-year fixed-rate mortgage, the rate reduction over the past five weeks translates into a monthly payment saving of $56 on a $200,000 loan.
“The latest economic reports were influenced by recent energy-cost movements. Although higher gasoline prices fueled a 0.7 percent monthly jump in the consumer price index for June, the index was down 1.4 percent from June 2008 and represented the largest 12-month drop since January 1950. In addition, retail sales rose 0.6 percent in June bolstered by automobile sale incentives and higher gasoline prices; the average price for regular gasoline has since fallen 6.1 percent from its recent high set over the week ending June 22, according to the Energy Information Administration. And finally, industrial production fell only 0.4 percent in June, the slowest decline in eight months.”
His statement stems from the release of the Primary Market Survey release by Freddie Mac for the week ending July 16. Results showed that interest rates for the 30-year fixed-rate mortgage had an average of 5.14 percent with 0.7 point despite the previous week’s average of 5.20 percent with 0.7 point.
Further inspection of the report shows that the 15 fixed-rate mortgage dropped 6 basis points to an average 4.63 percent. Even the Adjustable Rate Mortgage market is seeing a continued slide, with the one-year Treasury-indexed ARMS averaged 4.75 percent with 0.5 point, down substantially from the week ended July 11 when the rate was 4.82 percent with 0.6 point.
The low rates in the Aurora region could be very good for prospective homebuyers. Even Fannie May showed further decline in their rates reporting their government guaranteed 30-year FHA and VA mortgages recently hovering in 6 percent territory down to an average 5.51 percent from 5.69 a week earlier.
The largest drop for Fannie Mae rates was the one-year ARM, averaging 2.99 last week compared to 3.27 the previous week.
Buyers looking for homes can take advantage of these nearly-record low mortgage rates in Aurora as the market continues to struggle to solidify. Loans are available – talk to a loan officer today!
