I posted this a few months ago on our Facebook page showing how increasing interest rates impact your purchasing power. Mortgage rates are currently at about 5.2% (depending on your credit, down payment, etc), and some say they’ll increase through next year. As a general guideline, you can expect about 10% reduction in purchasing power for every 1% increase in rates if you are financing your next home.
I’ve run into several people already who wish they bought a home a few months ago, so I figured a good topic for today is to talk current market conditions in Colorado Springs and El Paso county. Most of you know we’ve seen a rise in mortgage interest rates in the last month…last I checked average was around 5.2%, up from 4.5% just a few weeks ago! With that we’ve seen more homes come on the market, up about 5% from this time last year. Median home prices are down about 6% from their peak in June, and homes are staying on the market for a longer time. Continue reading “Colorado Springs Market Oct 2018”