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Colorado Mortgage and Refinance Rates

On Monday, July 22, 2024, the national average 30-year fixed mortgage APR is 6.90%. The national average 30-year fixed refinance APR is 6.89%, according ... to Bankrate's latest survey of the nation's largest mortgage lenders.

Current mortgage rates in Colorado

As of Monday, July 22, 2024, current interest rates in Colorado are 7.23% for a 30-year fixed mortgage and 6.54% for a 15-year fixed mortgage.

The median single-family home sale price in the state was up 5.3 percent year-over-year as of April 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.

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.

National mortgage rates by loan type

Product Interest Rate APR
30-Year Fixed Rate 6.85% 6.90%
15-Year Fixed Rate 6.29% 6.37%
5-1 ARM 6.43% 7.66%
30-Year Fixed Rate FHA 6.82% 6.86%
30-Year Fixed Rate VA 7.00% 7.05%
30-Year Fixed Rate Jumbo 6.94% 6.99%

Rates as of Monday, July 22, 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 single-family home sales price, April 2024: $595,000
  • Median condo/townhome sales price, April 2024: $425,000
  • Housing inventory, April 2024: 18% 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 of 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 to start.

First-time homebuyer programs in Colorado

The Colorado Housing and Financing Authority (CHFA) helps connect first-time homebuyers to more affordable loans, as well as down payment or closing cost assistance or both. 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.

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.

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

563reviews

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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

1064reviews

Additional Colorado mortgage resources

Meet our Bankrate experts

Written by: Jeff Ostrowski, Principal Reporter, Mortgages

I cover mortgages and the housing market. Before joining Bankrate in 2020, I spent more than 20 years writing about real estate and the economy for the Palm Beach Post and the South Florida Business Journal. I’ve had a front-row seat for two housing booms and a housing bust. I’ve twice won gold awards from the National Association of Real Estate Editors, and since 2017 I’ve served on the nonprofit’s board of directors.

Read more from Jeff Ostrowski

Edited by: Laurie Dupnock, Editor, Home Lending

I’ve spent five years in writing and editing roles, and I now focus on mortgage, mortgage relief, homebuying and mortgage refinancing topics. I’m most interested in providing resources for aspiring first-time homeowners to help demystify the homebuying process. In 2021, I earned a Poynter ACES Certificate in Editing. I have an MA in English. 

Read more from Laurie Dupnock