Limbo or mortgage rates…how low can they go? Nationally, the average fixed rate 30-year mortgage is down to 4.27% from 4.32% the week before. Locally, in the Steamboat Springs area, at least one bank is advertising their 30-year fixed rate at 3.75%. Interestingly, the local “Agency Jumbo” rate is 3.75%, as well. (Agency jumbo applies to loans from $417K up to $675K.) Imagine locking in a loan at 3.75%!
The average rate on a 15-year, fixed-rate loan dropped to 3.72%. Interest rates at these levels are the lowest ever recorded…that is since 1971 when record-keeping began.
Mortgage rates track the yield on Treasury bonds, which have seen a resurgence since Spring with investors seeking safety.
Anne Mayberry 970.846.1425