DENVER MORTGAGE RATES CONTINUE TO FALL

Denver mortgage rates continue their descent, briefly reaching 4.75% last week for a 30 year fixed rate.  This is certainly the time to lock in a delicious long term rate!

You will pay one “point” (an amount equal to one percent of the loan amount) to keep your rate under 5% now, but this is a better bargain that it’s ever been.  Normally, for each point paid, your rate will drop about one quarter of one percent.  In this market, that point will get you under 5%; the “no points” rate will be in the 5.5% to 5.75? range.

Also, just know that banks are charging higher rates for everything from lower credit scores to “cash out” refinances, so these low rates are available only to the top tier borrower who just wants to replace her existing loan with a 30 year fixed rate.

Call me for help on your refinance!