Mortgage Interest Rates in 2016

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Everyone is speculating about interest rates. Will they go up in 2016 or will they remain low? A low interest rate allows the home buyer to qualify for a higher priced home. When interest rates go up, buyers do not have as much buying power. Here is an excerpt from an article I recently read on realtor.com:

"Mortgage rates will likely be volatile in 2016. But the recent move by the Federal Reserve to guide interest rates higher should push mortgage rates higher in the new year than the historical lows they have been at for years. The 30-year fixed-rate mortgage will likely end 2016 about 60 basis points higher than today’s level. That level of increase is manageable, as consumers will have multiple tactics to mitigate some of that increase, experts say. However, higher rates will drive monthly payments higher, and, along with that, debt-to-income ratios will also go higher. The markets with the highest home prices will see the effects from the higher rates the most."

I think rates will go up a little this year just because the housing market nationwide is so strong. And usually the Fed raises rates in an up market. Here are today's rates as quoted by one of my favorite local lenders:

 

        Conventional 30 year fixed rate mortgage = 4.125%

        FHA 30 year fixed rate mortgage = 3.75%

        VA 30 year fixed rate mortgage = 4.0%

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Understanding Your Property Taxes

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Will property taxes go up in 2016?   Better yet, just how are property taxes calculated? Here, in Colorado Springs, the El Paso County Assessor re-evaluates the value of homes every two years.   He starts with the current market value of the home. Market Value is based on the most recent comparable sales in the area.

Once market value is determined, he multiplies the current market value by 7.96%, which is the current assessment rate for all residential properties.   MARKET VALUE times 7.96% = ASSESSED VALUE.

 

Once the assessed value is determined, he multiplies that by the current mill levy for the area. And that result is your annual property tax.

The mill levy for your area is dependent on many factors including but not limited to the school district, fire district, water district, library district, your county, and city. These various taxing entities comprise the total mill levy for an area. Taxing entities in one area may be higher than another. For example, the taxes for School District 20 are higher than those of School District 11. Although, the school district is not the only taxing entity in an area, the example gives you some information regarding the various mill levies for El Paso County.

You can appeal the assessed value of your Colorado Springs home, thereby possibly lowering your property taxes. If you choose to do so, remember the El Paso County Assessor will only consider comparable sales for a specific period. That period must fall within the Assessor’s specific collection dates. For this task, I recommend calling your Realtor. As a part of our ongoing service and commitment to you, we can easily provide those comps to help you through the process.

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Tremendous 2-story - 10450 Pictured Rocks Dr

This golf course community 2-story home in Meridian Ranch has a gourmet kitchen and plenty of space to enjoy inside and out, 5 bedrooms... and the basement is unfinished, leaving even more opportunity to expand the living space! 

 

Peak view from the back of the home... kitchen, family and 2 bedrooms. This gourmet kitchen comes complete with gas cooktop, stainless shteel hood, double ovens, island, pantry, and eat-in area. Wood floors start at the front door and go throughout the dining, kitchen and eating area... plus toward the back door, keeping high-traffic areas free of carpet. 

The master includes a bay window with Pikes Peak view, lengthy master bath, walk-in closet. All bedrooms are so spacious, including one on the main level with nearby 3/4 bath, great for those who can't do stairs. 

Large laundry room with fridge, utilty sink and storage cabinets.... plus a spacious 3 car garage. 

For more information, photos and a video tour, please visit www.10450PicturedRocksDrive.com or give me a call.

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A Thoughtful Gift

Gift House IIIIt means so much when people say thank you!  Recently some clients of mine not only said it, but they made this adorable house for me.  It even has a sign in the front with my name on it.  The roof comes off, and there is storage inside, so now I keep all of my client thank-you notes in there.  I proudly display it here in my office, on the shelf above my desk.  Each day I look at it and feel happy knowing that people appreciate my work.

In this fast-paced world it's easy to forget to say thanks, to forget to compliment someone on a job well-done.  But those little things can really make someone's day.  Sometimes when I am feeling low, I pull this house out and re-read the client thank-you notes.  I am reminded of their kindness and gratitude.  I am reminded of their families, their houses, the experience of helping them.  Thanks to all of you!

 

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Colorado Style + Southern Charm = 8425 Garrison Rd

Colorado Style + Southern Charm = 8425 Garrison Rd

This sweet house is a beautiful combination of Colorado and the south! Beams & stone inside and out, plus plenty of finished space, storage, bedrooms and yard! This might be the perfect home for entertaining, all just minutes east of Colorado Springs in Falcon North with easy access to Air Force Bases! 

 

10 foot + main level ceilings, wood beams, ceiling fans, tall windows, open floor plan, deck and back yard view. Three main level bedrooms, to include a generous master suite with walk-in closet (convenient niche drop into laundry), custom tiled 5-piece bath. 

Open, custom kitchen with tall cabinets, raised counter height, pantry, gas range, open to everything... the true heart of this home! 

 

The basement includes 2 large bedrooms and a bath with separate vanities. The Recreation Room just needs some framing and drywall.... but it's usable as is for excerise and gathering space! 

 

The back yard starts with a deck and leads down to a firepit area for outdoor gatherings, plus ample yard space all fenced. 

 

For a personal tour or more info, please contact Brooke Mitchell

http://garrisonroad.com/

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