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Mortgage rates in Colorado
Colorado mortgage rates closely follow the national average.
Mortgage rates in the Centennial State average 4.716% on 30-year loans, and should stay below 4% in the coming year.
Compare mortgage lenders and brokersCompare these lenders and lender marketplaces by the type of home loan you're searching for, state availability and minimum credit score (for a conventional loan). Select See rates to provide the company with basic property and financial details for personalized rates.
How much do Colorado rates vary?
Average mortgage rates for a 30-year home loan range from 4.572% to 4.888%, but different factors can influence your rate. If you can qualify, government-backed loans and shorter loan terms generally come with a lower interest rate than conventional 30-year mortgages.
2018 average rates in Colorado by loan type
|Loan type||15-year average rate||30-year average rate|
Based on data from ffiec.cfpb.gov
For example, the average rate for a conventional loan is 4.341% for a 15-year loan term or 4.758% for a 30-year loan term. If you borrow $305,000, your monthly mortgage payment might be $2,308.52 for 15 years or $1,592.50 for 30 years, excluding taxes and other fees.
If you can afford an extra $716.02 a month for the 15-year mortgage, you may end up saving $157,764.51 in interest over the course of the loan.
Which way are rates trending in Colorado?
Although mortgage rates may fluctuate slightly, Colorado rates should stay at their current low levels into 2020.
Historically, Colorado interest rates closely mimic the national average. Several national housing agencies expect rates in the upper 3%, with predictions averaging 3.70%. Colorado mortgage rates should do the same.
Compare mortgage rates throughout Colorado
Each region within the Centennial State has a slightly different average mortgage rate and median loan amount. So your monthly payment may vary depending on what geographic area your house is in.
We crunched data from the Home Mortgage Disclosure Act to give you a sample of the monthly cost on the average 30-year fixed-rate loan in various Colorado metropolitan areas. Your payment amount may vary depending on tax, fees and other costs.
|Metropolitan statistical area||Average mortgage rate||Median loan amount||Estimated monthly cost|
Based on data from ffiec.cfpb.gov
How to get the best mortgage rate in Colorado
Lenders set the mortgage rate. To work toward getting the best rate possible:
- Explore loan products. Loan programs offer different loan terms and interest rates. Research a few loan types before applying for a mortgage.
- Step up your borrowing profile. Raise your credit score and lower your debt-to-income ratio to qualify for a better mortgage rate.
- Weigh the closing costs. Closing costs are lender fees associated with a home loan. These charges typically run approximately 0.72% to 0.90% of the purchase price.
Historical mortgage interest rates in Colorado
Although Colorado mortgage rates are closely aligned with the national average, they depend on your property’s location and borrower criteria. By comparing a few mortgage lenders, you can make an informed decision to get the best mortgage rate possible.
Frequently asked questions
Does Colorado have any state programs with reduced mortgage rates?
No. Currently, Colorado doesn’t offer any programs to lower mortgage rates. But there are various county, city and statewide down payment assistance and homeownership programs available to help qualified borrowers.
Where can I find a housing counselor in Colorado?
The US Housing and Urban Development (HUD) website has a list of its approved housing counseling agencies in Colorado. On HUD’s website, hover over the Single Family tab and Housing Counseling in the dropdown menu. Click Find a Counseling Agency to search for your state and a counselor near you.
Is a homebuyer education class required to get a mortgage in Colorado?
Homebuyer education is required for all Colorado Housing and Finance Authority (CHFA) loans to purchase a home. It is not required if you are refinancing a loan with CHFA.
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