How much do interest rates affect housing? Likely significantly. Courtesy of Empire Title, mortgage applications nationally have fallen for week over week for four weeks now and are the lowest since July 2011. Also, refinances are down 20% in the last month and purchases have fallen 6.9%.
What does that mean for you? This is just my opinion but I think this translates into more advantage to a buyer. If you want to sell your home, you may want to list soon to capitalize on what are still phenomenal mortgage rates. The same goes for buyers; the numbers above seem to me to indicate an increase in a buyer’s power, as well.
Interested in buying, selling or renting in Colorado Springs, please call Rob @ 719.440.6266!