The Big Story: Mortgage Rates

Mortgage rates are (finally) trending lower.

Last week, the average 30-year conventional loan fell to 6.13% (Mortgage News Daily). That’s 15 basis points lower than the week prior — the biggest weekly drop in a year.

Homebuyers are paying attention. Purchase applications just hit their strongest year-over-year growth in more than four years (Freddie Mac).

Here’s what local lender Marcy MacDonnell shared: “Buyers who were waiting in the wings are calling us to update pre-approvals. And we’ve tripled our refi business. I’ve locked several refinances this week around 5.99%, and some 15-year loans even start with a 4!”

Bottom line: If your current rate is 6.75% or higher, it’s worth calling your lender to see if refinancing makes sense.

Looking ahead: If rates dip closer to 6%, expect more buyers to re-enter the market. But further rate improvement is not a forgone conclusion!

Buyer Activity Picking Up, But Slowly

Even with lower rates, buyers aren’t rushing to the doors. Many are taking their time, mulling over offers, and waiting for the right house, at the right price.

• Median home price: $650,000 (down 1.5% YoY)
• Active listings: Over 10,000 homes — a level not seen since 2012
• Days on market: 27 (up from 19 in 2024)

Sellers with move-in-ready, well-priced homes are still seeing strong offers. But buyers have more choices, and patience is a virtue again.  ;)

Rental Market: Shifting Gears

The rental side of the market tells a different story.

• Median rent: $2,800 (down 5% year-over-year)
• Price per sq. ft.: $1.72 (up 1% year-over-year)
• Days on market: 32 (five days longer than last year)

Bottom line: Tenants have more options, and landlords need to adapt.

Grace Property Management is a great resource on tenant/landlord legal changes in Colorado. They help landlords stay on top of topics like:

• Section 8 acceptance requirements
• Eviction notice rules
• Limits on late fees

Always check with your attorney before making decisions, but it pays to stay current on these updates.

Recent Wins

A quick update from The Girard Group:

✅ Under Contract: Our remodeled Heritage Village 2-story listing went under contract after just one weekend (woohoo!). We also put this turnkey Ridgeview Hills North home under contract in under a week, and helped our buyers get under contract on this charming Heritage Greens ranch.

🎉 SOLD: This one was a rollercoaster! After two contracts fell through, the third was the charm, and our Parker listing just closed!

The Denver market is rebalancing. Buyers are cautiously optimistic, sellers are adjusting, and landlords are facing an ever-changing landscape.

If you want to talk through what this means for your situation — buying, selling, refinancing, or investing — let’s grab a coffee.

Talk soon!

-Jen

The Girard Group