Denver real estate and homes for sale are cheap!!! Why are homes so cheap? In addition to how the market has driven down price on homes, especially those over one million, interest rates are a fraction of what they were ten years or so ago. As you can see from Cherry Creek Mortgage's interest rate guotes for today, rates are about 4.25% for a thirty year fixed rate loan compared to not that many years ago when interest rates were at 10% or above.
Million dollar plus homes, particularly those above two million, have dropped in prices easily 30% over the last three years. The principal and interest payment on a $700,000 dollar home today at 4.25% is 61.6% less than the payment when that home may have sold at $1,000,000 with a 10.25% home loan interest rate!
There has not been a better time in the last forty years to buy a home than today!
Here are Cherry Creek Mortgage's home loan interest rate quotes for September 21, 2011:
30 Yr. Fixed 4.375% 0.0%
15 Yr Fixed 3.626% 0.0%
5-Yr ARM 3.375% 0.5%
30 Yr. Fixed Jumbo 4.75% 0.25%
5-Yr ARM Jumbo 3.75% 0.0%
FHA 30 Yr Fixed 3.875% 0.0%
FHA 5/1 ARM 3.125% 0.0%
30 Yr. Fixed 4.75% 1%
5-Yr ARM 3.75% 3.0%
To calculate your own home loan payments, use this mortgage calculator.