Colorado mortgage rates dip to 4.9%

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Mortgage rates in Colorado dropped to 4.9 percent yesterday and are likey to keep falling today, say analysts from Zillow Mortgage Marketplace.

Local rates for 30-year-fixed mortgages topped 5.3 percent in early August and have been heading more or less downward ever since, according to Zillow data.

Yesterday’s statewide average was slightly below the national average rate of 4.91 percent.

Meanwhile, new mortgage applications nationwide were down 2.8 percent in the week ending Sept. 25, despite a continuing trend of falling interest rates, according to the Mortgage Bankers Association.

The decline of the trade group’s index of applications to 649.6 reversed a 12.8 percent increase from the week before to its highest level since May.

The index of home purchase applications dropped 6.2 percent while the index of refinances slipped 0.8 percent. Refinancing extended its majority share of all mortgage applications, accounting for 65 percent of all activity last week, up from 64 percent the week ended Sept. 18.