COLORADO SPRINGS, Colorado – Mortgage rates have been slowly declining since May of this year. By the end of 2023, the average mortgage rate for 30-year mortgages was nearly 8 percent for the first time since 2000.

Since Monday, the rate has been at 6.49 percent.

“The first house we signed for was in the top 6 (percent). That was not a good feeling,” Tristen Garrett said.

Garrett moved into his new home last week. It’s his third time buying a home, and he says the mortgage rates on the last two homes haven’t been the best experience.

However, Garrett says the rate cut represents a huge financial relief.

“It was great to hear about it. It was like a weight had been lifted off my shoulders,” Garrett said. “Just one last concern.”

John Harding is a local real estate agent. He says that home prices could rise due to lower interest rates, although there are fewer options.

“There are going to be so many people looking for a home but not being able to afford it. Inventory is going to go down,” Harding said.

Dr. Bill Craighead says Colorado Springs is growing and a drop in mortgage rates could boost the local economy.

The question is: If you want to buy a home, is now a good time to look?

“My advice to buyers is this: Smart buyers find the house they like right now, and they buy that house to refinance later,” Harding said.

Dr. Craighead says mortgage rates are unlikely to rise in the near future, at least not any time soon.

“I think it will open up great opportunities for people,” Garrett said.
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