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Colorado Mortgage and Refinance Rates

On Monday, March 18, 2024, the national average 30-year fixed mortgage APR is 6.92%. The national average 30-year fixed refinance APR is 6.92%, according ... to Bankrate's latest survey of the nation's largest mortgage lenders.

Current mortgage rates in Colorado

As of Monday, March 18, 2024, current interest rates in Colorado are 6.81% for a 30-year fixed mortgage and 6.28% for a 15-year fixed mortgage.

The median home sale price in the state was up 4.4 percent year-over-year as of January 2024, according to the Colorado Association of Realtors. Those gains, plus today’s higher mortgage rate environment, continue to make housing affordability a challenge.

Refinance rates in Colorado

While mortgage refinance rates have more than doubled since the pandemic, many Colorado homeowners have much more tappable equity now. With a cash-out mortgage refinance, you could take advantage of this asset to help further your financial goals.

Learn more: Why and how to do a cash-out refinance

Colorado mortgage rate trends

While mortgage rates are difficult to predict, the current consensus is for rates to remain well above historical lows for the foreseeable future, including in Colorado.

Learn more: Latest mortgage rate forecast

National mortgage rates by loan types

Product Interest Rate APR
30-Year Fixed Rate 6.88% 6.92%
15-Year Fixed Rate 6.41% 6.49%
5-1 ARM 6.38% 7.78%
30-Year Fixed Rate FHA 6.75% 6.80%
30-Year Fixed Rate VA 6.90% 6.95%
30-Year Fixed Rate Jumbo 6.98% 7.03%

Rates as of Monday, March 18, 2024 at 6:30 AM

 

 

Mortgage statistics for Colorado

Colorado’s home prices have registered robust appreciation for years. Here are some statistics about mortgages and the housing market in The Centennial State:

  • Median home sales price, Jan. 2024: $519,538
  • Median single-family home sales price, Jan. 2024: $548,950
  • Housing inventory, Jan. 2024: 11.1% higher YoY
  • Homeownership rate, Q4 2023: 62.7%

Sources: Colorado Association of Realtors, U.S. Census Bureau

Mortgage options in Colorado

Known for its outdoor activities and diverse economy, Colorado has experienced strong growth in home prices. If you’re looking to get a mortgage in Colorado, there are several options:

  • Colorado conventional mortgages: To qualify for a conventional mortgage, you’ll need a minimum credit score of 620 and a debt-to-income (DTI) ratio no more than 45 percent. If you make a down payment of less than 20 percent, you’ll need to pay private mortgage insurance (PMI) premiums, as well.
  • Colorado FHA loans: If your credit history disqualifies you from a conventional mortgage, you might be able to obtain a loan insured by the Federal Housing Administration (FHA). If you have a down payment of at least 3.5 percent, you could qualify for this type of loan with a credit score as low as 580.
  • Colorado VA loans: If you’re a veteran or active-duty member of the military, you might qualify for a mortgage guaranteed by the Department of Veterans Affairs (VA). A VA loan doesn’t require a down payment or mortgage insurance, but you do need to pay a funding fee, which ranges from 1.25 percent to 2.15 percent.

Learn more: Types of home loans

First-time homebuyer programs in Colorado

The Colorado Housing and Financing Authority (CHFA) helps connect first-time homebuyers to more affordable loans and down payment and/or closing cost assistance. Here’s an overview:

  • CHFA Home Purchase Loans: These loans are available through partnering lenders and offer affordable rates, low (or no) mortgage insurance, closing cost support and free homebuyer education classes. To qualify, your income must be within CHFA guidelines and your credit score must be at least 620. You also must attend an approved homebuyer education course and contribute at least $1,000 toward the home’s purchase.
  • CHFA Down Payment Assistance: Depending on what you qualify for through CHFA, you might be eligible for a grant of up to $25,000 or 3 percent of your mortgage (whichever is less), or a deferred second mortgage for up to $25,000 or 4 percent of your first mortgage (again, whichever is less). You don’t have to repay the grant.

Learn more: Colorado first-time homebuyer assistance programs

How to find the best mortgage rate in Colorado for you

  • Step 1: Strengthen your credit score - Long before you start looking for a mortgage lender or applying for a loan, give your finances a checkup, and improve your credit score if needed.
  • Step 2: Determine your budget - To find the right mortgage, you’ll need a good handle on how much house you can afford.
  • Step 3: Know your mortgage options - There are a few different types of mortgages.
  • Step 4: Compare rates and terms from several lenders - Rate-shop with at least three different banks or mortgage companies.
  • Step 5: Get preapproved for a mortgage - Getting a mortgage preapproval is the only way to get accurate loan pricing for your specific situation.

Learn more: How to get a mortgage

Lender compare

Compare mortgage lenders side by side

Mortgage rates and fees can vary widely across lenders. To help you find the right one for your needs, use this tool to compare lenders based on a variety of factors. Bankrate has reviewed and partners with these lenders, and the two lenders shown first have the highest combined Bankrate Score and customer ratings. You can use the drop downs to explore beyond these lenders and find the best option for you.

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Garden State Home Loans

NMLS: 473163

State License: MB-473163

3.6

Rating: 3.6 stars out of 5
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Rating: 4.98 stars out of 5

5.0

562reviews

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Homefinity

NMLS: 2289

State License: 4965

4.5

Rating: 4.5 stars out of 5
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Recent Customer Reviews

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Rating: 4.94 stars out of 5

4.9

1061reviews

Additional Colorado mortgage resources