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History Of Interest Rates in Denver
Many Denver Home Buyers have called us this week wondering if the rise in interest rates is the first step in a disastrous free-fall in Denver housing prices. While we don't pretend to know where Colorado housing prices will go, we thought it would be interesting to see where interest rates around Denver have been in the past. Here is a list of the average Denver interest rate for a 30-year fixed rate mortgage over the past 45 years, in 5-year increments. Also shown is the amount of points it costs to get that rate. One point is 1% of the loan amount. And you pay that in closing costs. In short, the rise in interest rates will not affect the Denver Real Estate Market drastically; the main effect is that many buyers waiting for home prices to go down can afford fewer homes, and home prices continue to rise at a healthy rate.
Here is a snapshot of what rates looked like over the years.
- 2013: rate was 3.98%, it cost .7% in points to get that rate
- 2008: rate was 6.03%, it cost .6% in points to get that rate
- 2003: rate was 5.83%, it cost .6% in points to get that rate
- 1998: the rate was 6.94%; it cost 1.1% in points to get that rate
- 1993: the rate was 7.31%; it cost 1.6% in points to get that rate
- 1988: the rate was 10.34%; it cost 2.1% in points to get that rate
- 1983: the rate was 13.24%; it cost 2.1% in points to get that rate
- 1978: the rate was 10.35%; it cost 1.4% in points to get that rate
- 1973: the rate was 8.04%; it cost 1.0% in points to get that rate
Over the past 45 years, the highest average rate was in 1981, when the rate was 16.95%, and it cost 2.1% in points to get that rate.
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