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Colorado mortgage rates drop to 4.65%; new home starts down
Denver Business Journal
Rates for 30-year fixed home mortgages in Colorado slid to a new recent low of 4.65 percent as of Tuesday, Zillow Mortgage Marketplace reports.
Rates are down a bit from last week's average of 4.66 percent, Zillow said.
As recently as mid-summer, Colorado rates were well over 5 percent.
Nationwide, the average rate was 4.66 percent on 30-year fixed loans.
Zillow says its figures on mortgage rates are based on borrower credit scores over 680 and a down payment of 20 percent or more.
Nationally, both mortgage applications and new home construction are on the decline, according to reports Wednesday.
The Mortgage Bankers Association announced that its index of applications fell 2 percent for the week ended Nov. 13 as purchase applications tumbled to a 12-year low.
Now that President Barack Obama has signed an extension of the homebuyer’s tax credit through next April, some analysts think mortgage activity will pick up.
Home builders are more cautious. The Commerce Department announced Wednesday that new home starts plunged nearly 11 percent last month to an annual rate of 529,000. That is the lowest level since April and came despite predictions for a gain in starts.
The Commerce Department said that building permits, a sign of future construction activity, also declined.
Compiled by Mark Harden | Tucker Echols of the Washington Business Journal contributed.
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