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12/1/2009
Colorado real estate mortgage rates continued to fall at the end of November, reaching 4.54 % on a 30-year fixed loan November 25, 2009 according to Zillow Mortgage Marketplace. The week of November 16th, mortgage rates averaged 4.62 %, the week of Nov. 9 they averaged 4.66 % and the week of Nov. 2, they averaged 4.77%, Zillow reported. Zillow says its figures on mortgage rates are based on borrower credit scores over 680 and a down payment of 20% or more.
Separately, Freddie Mac calculated an average 30-year fixed mortgage rates nationwide at 4.78% with an average of 0.7 points for the week of November 25th, the lowest rate since April 30. The average 30-year fixed rate was 4.83 % the week before and a year ago, it was 5.97 %, Freddie Mac said. Freddie Mac calculates average rates for a broader range of credit scores and down payments.
The Commerce Department reported sales of new homes rose a more than they expected with 6.2 % in October, although they slipped in the western states, including Colorado. (Denver Business Journal report.)
The National Association of Realtors says that last month, sales of existing homes rose 10.1 %. (Denver Business Journal report.)
And a Metrolist Inc. report on Nov. reported that in the Denver metro area, resale homes sales increased by 2.9% in October from September, but were down 7.6 % from October of last year. (Denver Business Journal report.)
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