M ortgage rates have been falling again this week. This is good news, especially combined with price stabilization in recent months in the Denver home and condo resale market. On a national basis, fixed-rate 30 year home loans are averaging 6.04% for the week ending November 20, down from 6.14% the week before. Rates one year ago were at 6.20%.
In terms of monthly payments, the difference between 6.20% and 6.04% are minimal but add up over the life of the loan. On a $300,000 loan, a monthly payment on a 30-year fixed loan at 6.04% is about $1,807 and a payment at 6.20% is around $1,837. On a simple payment basis, this is a savings of almost $11,000 dollars over 30 years.
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