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Colorado Mortgage Rates Drop, Foreclosures Down

According to Freddie Mac's latest Primary Mortgage Market Survey, released May 5th, 2011, 30 year, fixed-rate mortgages in the West have fallen to 4.63 percent, on average, and 15 year loans are averaging 3.84 percent, the lowest among the nation's four regions. The national average for a 30 year loan, meanwhile, has fallen to 4.71 percent, the lowest it's been since January, according to the mortgage giant's report.

The Colorado Division of Housing, meanwhile, has issued some positive news regarding the state's foreclosure situation, reporting on May 5th that filings have fallen 27 percent over the last year. A spokesman for the agency added that foreclosures are now occurring at their slowest pace since the third quarter of 2008 , before the housing bust hit in Colorado, and are down 35 percent from peak levels set in the third quarter of 2009 when filings peaked at more than 12,000 for the three-month period.

Realtors are hoping that an easing of credit standards and near-historic low interest rates will be enough to entice homebuyers, adding strength to the overall Colorado economy. With rent prices climbing due to increased demand and low vacancies and home prices falling, they hope many Coloradans will choose to buy rather than rent.
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