COLORADO SPRINGS, Colo. — Mortgage rates have been slowly falling since this May. In late 2023, the average 30-year mortgage rate was nearly 8 percent for the first time since 2000.
As of Monday, the rate is now 6.49 percent.
"The first house we went under contract for was the upper 6 (percent). That was not a great feeling," said Tristen Garrett said.
Garrett moved to his new home last week. It's his third time buying a house, and he says paying the interest rate on the mortgage for the last two houses wasn't the best experience.
However, Garrett says the rate drop is a huge financial relief.
"It was great hearing about that. It was almost like a weight lifted off my shoulder," Garrett said. "Just one last thing to worry."
John Harding is a local realtor. He says because of the lower interest rates, home prices could go up with fewer options.
"There will be so many people looking for homes who can't afford that point. Inventory will go down," Harding said.
Dr. Bill Craighead says Colorado Springs is growing. A dip in the mortgage rate could boost the local economy.
The question is: If you want to buy a house, is now a good time to look?
"Here's what I recommend to buyers. Smart buyers right now are finding the home they love, and they are purchasing that home, and then they are going to refinance down the road," Harding said.
Dr. Craighead says it will be likely that mortgage rates won't be higher soon, not for a while.
"I think it's going to open up a great opportunity for people," Garrett said.
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