This afternoon, I had a great conversation about the Estes Park real estate market with Rich Flanery of Cherry Creek Mortgages (a local Estes Park Mortgage Broker who calls himself a “loan consultant” – I like that). In our conversation we talked a lot about where mortgage rates are, where they’ve been and where they are headed in the near future. Rich had so many good things to say, that I asked him to send it to me in writing so I could share it with all of you!
Life is all about second chances. If you are in the market for a new home it appears you may have been given a second chance. Just a few weeks ago, mortgage rates were at historical lows. However, in just two short weeks, mortgage rates have shot up dramatically. The main reason for this is the prospect of future inflation because of all the money the Federal Government is printing in the form of Treasury bills, notes and bonds. But I anticipate that we will see a reversal in this rate trend and will watch rates move lower. A word of caution, it is unlikely that we will see rates moves to the levels we were at just a few weeks ago.
Currently homes have never been more affordable, first time homebuyers are eligible for an $8,000 tax credit and rates should begin to slide back down again. If you are in the market than you have a second chance at very affordable housing. This window won’t last long as current economic indicators reflect that rates could start moving higher as we move towards the end of the year. Rich Flanery CMPS® Certified Mortgage Planner
Feel free to contact Rich with mortgage questions about Estes Park. I am sure he would be happy to help. Unfortunately, he tells me he really doesn’t have a crystal ball, though.
If you ARE interested in pursuing Estes Park real estate, now is the time to do it. Give me a call or email and we can formulate a plan for you to take advantage of one of the best real estate buying environments in a long time.
