Colorado Mortgage and Refinance Rates
On Wednesday, December 06, 2023, the national average 30-year fixed mortgage APR is 7.45%. The national average 30-year fixed refinance APR is 7.58%, according to Bankrate's latest survey of the nation's largest mortgage lenders.
On Wednesday, December 06, 2023, the national average 30-year fixed mortgage APR is 7.45%. The national average 30-year fixed refinance APR is 7.58%, according to Bankrate's latest survey of the nation's largest mortgage lenders.
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Colorado Mortgage and Refinance Rates
Current mortgage rates in Colorado
As of Wednesday, December 6, 2023, current interest rates in Colorado are 7.46% for a 30-year fixed mortgage and 6.71% for a 15-year fixed mortgage.
Elevated mortgage rates continue to make housing affordability a challenge for Colorado homebuyers, and refinances far less desirable for homeowners. While mortgage rates are difficult to predict, many economists expect them to remain well above their historical lows for the foreseeable future.
Refinance rates in Colorado
While mortgage refinance rates are much higher than the lows of 2020 and 2021, Colorado borrowers who saw their home equity rise during the pandemic might still be interested in refinancing as a way to tap those funds. Check out Bankrate’s guide to cash-out refinancing to learn more.
Colorado mortgage rate trends
As of September 2023, mortgage rates nationally and in Colorado were at their highest levels since 2000, according to Bankrate’s national survey of lenders.
National mortgage rates by loan types
| Product | Interest Rate | APR |
|---|---|---|
| 30-Year Fixed Rate | 7.43% | 7.45% |
| 15-Year Fixed Rate | 6.73% | 6.76% |
| 5-1 ARM | 6.73% | 7.85% |
| 30-Year Fixed Rate FHA | 6.40% | 7.31% |
| 30-Year Fixed Rate VA | 6.53% | 6.64% |
| 30-Year Fixed Rate Jumbo | 7.48% | 7.50% |
Rates as of Wednesday, December 06, 2023 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:
- Average home value (as of Sept. 2023): $537,600 (Zillow)
- Homeownership rate (as of Dec. 2022): 67.4% (U.S. Census Bureau)
- Average mortgage loan size in 2022: $468,090 (Home Mortgage Disclosure Act)
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.
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.
Additional Colorado mortgage resources
- Colorado first-time homebuyer resources: Get more help becoming a homeowner.
- Colorado loan limits by county: Learn the conforming loan limit for your city or town.
- Colorado mortgage lenders: Explore mortgage lenders in your state.
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 about how to get a mortgage.