Buying Downtown Denver Condos or Lofts just got a helping hand in the form of even lower interest rates. CNN Money’s Article “Mortgages rates keep falling: 30-year nears record low” released earlier this month reported on the new trend offering the lowest interest rates seen in 3 decades.
What does that mean for the Downtown Denver condo owner… here’s what they shared.
“The savings for borrowers who lock in rock-bottom rates over the length of a mortgage loan can be sizable. Take, for example, a borrower with a $200,000, 30-year loan. If their mortgage carries a 4.32% rate their monthly payment is just $992 and they make total interest payments of $157,153. However, if the rate on their 30-year fixed mortgage is 5% (ordinarily considered a low rate), they'd pay $1,074 a month and $29,357 more in interest over the 30-year period.”
And for our clients looking for Downtown Denver lofts and condos this couldn’t be better news. The current Downtown Denver neighborhoods are all seeing some incredible opportunities for value priced homes, condos, and lofts.
All of this combines to make buying more attractive than renting. While interest rates have dropped the rental occupancy rates have increased and the rental market seems to be increasing. That’s great news if you are an investment property owner and many of our clients are currently looking for investment property opportunities. But many renters are finding their rental rates increasing or finding that there is a feeding frenzy to secure a nicer rental Denver condo or home.
Of course buying a home is a personal decision. For those who are pursuing the dream of owning their own Downtown Denver loft or condo and who have a good credit and employment history the rates could not be more attractive.
If you are interested in learning more about the Downtown Denver condo market or questions about learning your qualifications for these amazing rates for please contact any of us at New Era Realty.