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No one really knows if mortgage rates will fall even further but at this point no one can complain about our current position.  We have hit a point that matches the lowest mark since Freddie Mac started tracking the data nearly 28 years ago. 

As the economy continues to struggle mortgage rates will continue to maintain these low points or even go lower.  In my opinion once the economy shows signs of recovery mortgage rates will climb quickly to more reasonable levels.  The low rates should really spark the first time homebuyer market and hopefully lead the way to recovery. 

By the end of 2009 Denver should be in a very good position.  Since the New Year we have already seen a surge in refinance and purchase business that is a great signal for the local real estate market.  At this point it's hard for homeowners to sell their home and purchase another but for first time homebuyers this is the perfect conditions to buy in. 

Michael Shotnik-