What’s Happening with Mortgage Interest Rates?
If you're thinking about buying or selling a home in Chaffee County, one of the biggest factors in your decision is likely mortgage interest rates. They play a major role in affordability, monthly payments, and overall buying power. But with so much information out there, it can be tough to know what to expect. Let’s break it down.
Where Are Interest Rates Now?
Mortgage rates have been on a bit of a rollercoaster over the past year, influenced by inflation, the Federal Reserve, and economic conditions. Right now, we’re seeing rates that are higher than the historic lows of a few years ago, but still within a range that allows buyers to secure financing at reasonable terms.
What Does This Mean for Buyers?
Affordability Matters – Higher rates mean slightly higher monthly payments, so it’s more important than ever to know your budget and get pre-approved.
Creative Financing Options – Many lenders are offering rate buy-downs or adjustable-rate mortgage options to help buyers lock in lower rates.
Less Competition – While higher rates may cause some buyers to pause, those who stay in the market face less competition—which means better negotiating power.
What Does This Mean for Sellers?
Serious Buyers Are Still Looking – Even with higher rates, people are still buying homes—especially in desirable areas like Salida, Buena Vista, and Poncha Springs.
Pricing Strategically is Key – Sellers should work with an agent to price competitively and highlight the value of their home.
Consider Buyer Incentives – Offering closing cost credits or rate buy-downs can make a listing more attractive.