For the 14th time this year, 30-year mortgage rates set a record and hit an all-time low.
Based on data just released by Freddie Mac, rates are now at 2.71%. Their weekly survey of the 30-year mortgage rate dates back to 1971.
Just one year ago rates were at 3.68%.
So, what does this mean for buyers?
Based on a $400,000 loan, current rates result in a monthly payment that would be $212 less than one year ago.
The Greeley market is about to hit a major milestone.
We project that in the first quarter of 2018, the average price for a single family home in Greeley will surpass $300,000.
Just a year ago it was $262,828.
Guess when Greeley broke the $200,000 barrier? It was only about 3 years ago in June 2014.
So what ‘s going on?
Double-digit price appreciation is being fueled by a healthy Northern Colorado economy, low interest rates and local affordability. Greeley prices can look really attractive compared to Fort Collins.
We don’t see anything on the horizon that will significantly change the trajectory of the Greeley market. It is a fundamentally a very strong place to own real estate.
For a detailed look at what ‘s happening across Colorado, request our quarterly market report called “The Gardner Report“, written by Windermere Real Estate’s Chief Economist, Matthew Gardner. You can download it HERE.