A house is probably the most significant purchase that most people will ever make. Therefore, it is essential to think about the interest rate you will be paying on the money you borrow. The mortgage rates you will find will mostly depend on your credit score and other financial details.
For 2019, mortgage rates throughout the country and in Colorado are not estimated to rise as much as previously anticipated. In March, the Federal Reserve’s Open Market Committee (FOMC) announced that it would adopt a data-dependent “wait-and-see” approach to raising the rate in the future. Therefore, the market interest rates should hold steady or even in some cases decline.
This recent announcement is a good thing for those looking to buy a home in Colorado. Potentially stabilizing rates allows for individuals to have some room for a more methodical shopping process. Homebuyers won’t have to rush to secure financing before interest rates rise.
However, Denver has always been a hot spot for the real estate market and especially now in 2019. The Denver real estate market stands out for a variety of reasons—from mansions to one-bedroom apartments and everything in between. Denver has been named as the third best place to live in the United States and the 37th best place to retire.
If you don’t want to invest in the Denver housing market because you are nervous about losing money because the neighborhood is going downhill—there are areas slated for redevelopment and those will almost always go up. Denver is a city that is known for and plans for areas of redevelopment. Whether you are investing for a future endeavor or looking to buy a home for your family—there are a variety of options and locations that you can find.
An excellent way to find out about median home values in your area is to look at the data compiled from the United States Bureau of the Census. Quarterly house resale data is provided to the Federal Housing Finance Agency (FHFA) by Fannie Mae and Freddie Mac. You can find the data using a simple city search [https://www.neighborhoodscout.com/co/denver] for your area of choice.