A mortgage rate is not just a number on a loan. At the market level it is a gate: every move opens or closes the door for a certain number of households. Here is how many buyers can afford the median Colorado Springs home at each rate, from 20 years of local sales and affordability data. Move the slider and watch the door.
Notice as you move the slider: rate moves hit harder the higher rates already are. A quarter point near today's 7.4% is worth about 280 buyers, but down near 3% it is closer to 225. That is the mortgage math. The payment is a curved function of the rate, so each added point piles on more when rates are already high. It cuts both ways: at these levels every bit of relief, or increase, counts for more.
Estimated buyers per year at each rate, holding today's $460,000 median price and $90,778 median income fixed. Today's 7.4% sits at the lower-left, the tightest affordability in our 20-year record.
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