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Mortgage rates in Colorado

Interest rates on a 30-year $300,000 conventional mortgage start at around 3.125%

If you have a credit score between 700 and 719 and can put 5% down, you’ll generally pay about 3.188% for a 30-year conventional loan with a fixed interest rate on a $350,000 home. But how much interest you pay for your Colorado home will depend on several factors, including your credit score, loan amount and lender.

Rates were last checked on October 6 and are from the Consumer Financial Protection Bureau (CFPB) website.

Your credit score affects the rate you’ll get

People with higher credit scores generally get lower interest rates because lenders assume they’re less likely to stop paying a mortgage. Here are the most common interest rates in Colorado by mortgage amount, according to the Consumer Financial Protection Bureau (CFPB).

Credit score $200,000 mortgage $300,000 mortgage $400,000 mortgage $500,000 mortgage
620-639 3.875% 3.875% 3.750% 3.750%
640-659 3.750% 3.688% 3.625% 3.563%
660-679 3.563% 3.500% 3.500% 3.375%
680-699 3.250% 3.250% 3.250% 3.250%
700-719 3.250% 3.250% 3.188% 3.188%
720-739 3.125% 3.125% 3.125% 3.063%
740-759 3.125% 3.125% 3.125% 3.125%
760-779 3.125% 3.125% 3.125% 3.125%
780-799 3.125% 3.125% 3.125% 3.125%
800+ 3.125% 3.125% 3.125% 3.125%

*Based on a 10% down payment for a 30-year fixed-rate conventional mortgage

Interest rates vary by lender

Interest rates are affected by the economy and the federal funds rate, or the rate that banks charge each other for overnight loans. But they’re also affected by individual lenders, which can have differing overhead costs, profit margins and credit score requirements.

Comparing lenders can help you find the best deal. Select See rates to provide the company with basic property and financial details for personalized rates.

Name Product Loan products offered State availability Min. credit score
SoFi
(NMLS #1121636)
SoFi
Conventional, Home equity, Refinance
Not available in: HI, MO, NM, NY, WV
620
No hidden fees, multiple loan terms, and member discounts available.
Rocket Mortgage
(NMLS #3030)
Rocket Mortgage
Conventional, Jumbo, FHA, VA, Refinance
Available in all states
620
Streamline your mortgage from quote to final payment — all from your computer or phone.
Better
(NMLS #330511)
Better
Conventional, Jumbo, FHA, Refinance
Not available in: HI, MA, MN, NV, NH, VT, VA
620
Online preapproval in minutes and no origination fees with this direct lender.
LendingTree
(NMLS #1136)
LendingTree
Conventional, Jumbo, FHA, VA, USDA, Home Equity, HELOC, Reverse, Refinance
Available in all states
620
Connect with vetted home loan lenders quickly through this online marketplace.
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Compare up to 4 providers

Interest rates also vary by loan type

The type of loan you get can also affect how much you pay for your Colorado home. 15-year mortgages generally offer lower interest rates than 30-year mortgages, and you’ll see different rates for conventional loans than government loans.

Loan type $200,000 mortgage $300,000 mortgage $400,000 mortgage $500,000 mortgage
15-year conventional 2.438% 2.375% 2.375% 2.375%
30-year conventional 3.250% 3.250% 3.188% 3.188%
15-year FHA 2.625% 2.500% Not eligible Not eligible
30-year FHA 3.125% 3.063% Not eligible Not eligible
15-year VA 2.875% 2.750% 2.625% 2.625%
30-year VA 3.250% 3.188% 3.125% 3.125%

*Based on a 10% down payment, fixed interest rate and 710 credit score

Research ahead of time to get the best rates

Lenders set the mortgage rate. To work toward getting the best rate possible:

  1. Explore loan products. Loan programs offer different loan terms and interest rates. Research a few loan types before applying for a mortgage.
  2. Step up your borrowing profile. Raise your credit score and lower your debt-to-income ratio to qualify for a better mortgage rate.
  3. 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.

Home values in Colorado are forecast to increase

Under normal circumstances, increasing prices and lower inventory might slow a state’s real estate market, but Colorado’s home values are predicted to rise significantly, according to Zillow. Home values in ski resort towns like Breckenridge and Steamboat Springs could grow as much as 18% to 20% in 2022, but even smaller towns like Craig and Sterling should see an increase of 7% to 8%.

A high-priced market with fewer listings to choose from means hefty competition. And you may be competing against out-of-state buyers and investors.

4 fast facts about the Colorado housing market

If you’re planning a move to Colorado, consider the following facts while you shop around for a mortgage:

  1. Colorado home prices are increasing. In June 2021, the median sales price on a single-family home was $530,000, a 24% increase from June 2020.
  2. Colorado provides housing assistance. This state’s Housing Counseling Assistance Program connects homebuyers to mortgage programs and other housing services.
  3. Colorado’s property taxes are low. With a statewide average tax rate of .51%, Colorado is among the five states with the lowest property taxes.
  4. Competition is high in Colorado. There aren’t many houses available and houses are selling quickly, so expect to enter a bidding war on the home you want. And buyers are paying an average of 105.4% of the asking price as of May 2021.

Bottom line

Mortgage rates in Colorado vary by loan type, and factors like your credit score and lender affect what rate you get. But factors like your credit score and lender affect what rate you get. Compare mortgage lenders and programs to find one that best fits your homeownership goals.

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