Colorado Mortgage and Refinance Rates

As of Sunday, October 24, 2021, current rates in Colorado are 3.19% for a 30-year fixed, 2.46% for a 15-year fixed, and 2.88% for a 5/1 adjustable-rate mortgage (ARM).

We’ll help you find Colorado mortgage and refinance rates well below the national average so you can apply and start saving on your home today.

Colorado mortgage overview

By Jeff Ostrowski

High home prices can impact the type of loan and down payment you’ll need if you’re getting for a mortgage in Colorado. Statewide, the median home value (as of November 2019) was just under $400,000 — which is safely below the $510,400 baseline limit for mortgages in Colorado in 2020. This means you can easily shop for conventional mortgages. If you qualify for a VA loan, most limits set for cities exceed this median home price. However, you’re considering an FHA loan, be aware that some counties have FHA loan limits that are below this median price.

Many properties, especially in high-demand areas such as Denver, can exceed the county limit for conforming mortgages. Though many counties with more expensive real estate have been able to set a higher limit for conforming mortgages.

Still, if the home of your dreams exceeds the limit, you’ll need to consider a jumbo mortgage. These loans often have higher down payments and different financial requirements than traditional mortgages (like being able to show 6-12 months of income in a bank account), depending on the lender.

Top 5 Bankrate mortgage lenders in Colorado

  • Better.com – Best overall
  • Interfirst Mortgage Company – Best for refinancing
  • Cardinal Financial Company – Best for VA loans
  • Sage Mortgage – Best broker
  • First Mortgage Direct – Best for FHA loans

Methodology

Bankrate helps thousands of borrowers find mortgage and refinance lenders every day. To determine the top mortgage lenders, we analyzed proprietary data across more than 150 lenders to assess which on our platform received the most inquiries within a three-month period. We then assigned superlatives based on factors such as fees, products offered, convenience and other criteria. These top lenders are updated regularly.

Better.com - Best overall

In a hot housing market where homes are moving quickly (as is the case in many cities around Colorado), time is a crucial ingredient for competing against other offers. With Better.com, you’ll be able to score a preapproval letter in just three minutes (provided you qualify) and impress sellers with a 21-day closing timeline. The lender’s online-only presence also translates to no fees and convenient 24/7 customer service.

Strengths: Rates available online; exclusive savings offers for Chime and American Express customers; no lender fees

Weaknesses: No VA or USDA loans; minimum credit score of 620 means borrowers with lower credit scores should look elsewhere

Read Bankrate's Better.com mortgage review

Interfirst Mortgage Company – Best for refinancing

Headquartered in Chicago, Interfirst Mortgage Company is a $36 billion loan originator. The lender has collected nearly 300 five-star reviews on Bankrate, and quite a few of those borrowers praised its ability to make refinancing a smooth and simple process.

Strengths: A+ rating from the Better Business Bureau; exceptional reviews from past customers

Weaknesses: Website has limited functionality for prospective borrowers; doesn’t offer government-backed loans

Read Bankrate's Interfirst Mortgage Company review

Cardinal Financial Company – Best for VA loans

If you’re looking to limit time spent on the phone with a loan officer, Cardinal Financial Company can be a great option. Octane, the lender’s online platform, allows you to compare loan options, track application status and e-sign all your documents. The lender is also a viable pick for military servicemembers, veterans and their eligible family members, and will consider credit scores as low as 550 for traditional housing and 600 for a manufactured home.

Strengths: Manual underwriting capabilities for borrowers without credit scores; loans for unique homes such as container homes and tiny homes; closings take an average of 30 days (but can close as quickly as one week)

Weaknesses: Doesn’t display mortgage rates online; no home equity lines of credit (HELOCs)

Read Bankrate's Cardinal Financial mortgage review

Sage Mortgage – Best broker

One of the most important steps in buying a home or refinancing your mortgage is to compare different options from a range of lenders. Rather than doing it yourself, Sage Mortgage works with multiple wholesale lenders to help you find the program that best suits your financial needs. The broker is headquartered in South Carolina.

Strengths: 29-day closings for most loans; simple online application process

Weaknesses: Limited information on new purchases (seems to only specialize in refinancing); C+ rating from the Better Business Bureau

Read Bankrate's Sage Mortgage review

First Mortgage Direct – Best for FHA loans

First Mortgage Direct was founded in 2008 and maintains its headquarters in Kansas City, Missouri. While many lenders increased their FHA requirements in the midst of the pandemic, First Mortgage Direct will still consider your application for an FHA-backed mortgage if you have at least a 580 credit score.

Strengths: No hidden fees; new purchases close in around 30 days

Weaknesses: Mortgage rates not listed online; call center hours limited to weekdays

Read Bankrate's First Mortgage Direct review

First-time homebuyer programs in Colorado

The Colorado Housing and Financing Authority (CHFA) offers loans and down payment and/or closing cost assistance for qualifying first-time homebuyers.

  • CHFA’s home purchase 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, buyers must have an income that falls within CHFA guidelines, a mid-credit score minimum of 620, a maximum debt-to-income ratio of 50 percent and limited savings for a down payment or closing costs.
  • CFHA’s down payment assistance grant can cover up to 3 percent of the amount of a 30-year CHFA mortgage. (The money can also be used to cover closing costs.) The grant does not have to be repaid.

Colorado mortgage refinancing

If you’re thinking about refinancing your Colorado mortgage, you’ll have to provide a reason or purpose on your application per the Code of Colorado Regulations. Don’t worry about providing an essay — you can simply provide any reason for your refinance, and it can be as straightforward as wanting to save money.