We are living in unprecedented times. You are probably in lockdown mode like the rest of us, worrying about paying your bills and getting back to work. The Front Range Mortgage team has set up home offices, and virtual phones to continue to work to help you save money on your homes – even while we are under aspects of the statewide ban and reacting to daily headlines of chaos in Colorado and the US.
Home Prices Have Held Stable (so far)
We have seen over the past decade that housing has become increasingly unaffordable in Colorado. With inventory down and demand up, our home prices were at an all-time high with potential buyers bidding against each other for the limited supply.
As of late March, early April reports, sales have slowed down substantially, with realtors having to adjust with few to no open houses and fewer showings and companies supporting real estate sales and financing doing everything virtually from a distance. Seller’s pulling new listings in March has helped avoid falling contract prices (at least of the time of this posting).
The forced closing down of 20 million + US jobs will undoubtedly reduce demand for new homes in Q2+ as they will not qualify for a new mortgage and as demand will suffer for some time even after they are back to work (let us hope to be starting in May). Stay tuned for more as these changes play out in Colorado home values through the balance of 2020.
The GOOD News – Rates Remaining Among All-time Lows
The one bright light in this virus crisis has been the provision of the very lowest VA rates I have seen in over 22 years in this business. With 30 yr fixed VA rates from the upper 2’s! I must note that they are very, very volatile (with rates commonly changing during the day, with lenders pulling morning rates and re-pricing during the day to the worse).
Please call or email if you want to know the “rates of the day” or even more accurately “rates of the hour!” and we can gladly provide these for you to see if they can save you enough money to be worth the consideration of a refinance. No Cost, No obligation.
Contact us in Colorado Springs at (719) 540-2020 or in Denver at (303) 500-1900 to talk to one of our loan specialists to see if you qualify for a VA loan.
Front Range Mortgage
“We’ve Got you Six!”
- Six Time Colorado Mortgage Professional Award Winner 2015, 2016, 2017 & 2018, 2019 & 2020 (as featured in 5280 Magazine)
- Colorado Better Business Bureau Accredited Business (A+ Rating)
- Over 35 years of combined experience serving Colorado homeowners (Locally owned, Colorado-only, Colorado Proud)
- As seen on TV (NBC, CBS, ABC, Fox & CW2) and as heard on Colorado radio (98.1, 740 AM, 95.1, 850 KOA, 630 AM, 710 KNUS, The Fan 104.3, 600 KCOL, AM760, KOSI, KEZW, KRDO, etc.)