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Mortgage rates in Colorado

Colorado mortgage rates closely follow the national average.

Updated

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Mortgage rates during the coronavirus

As mortgage rates fall to record lows in the wake of COVID-19, our partners are seeing an increase in demand for loans and refinancing. As they work through this influx of applications, you may see rates that are higher than expected — or no rates at all. We recommend comparing offers from multiple lenders to ensure you're getting the best deal possible.

Compare mortgage lenders in Colorado

Mortgage rates in the Centennial State average 4.716% on 30-year loans, and should stay below 4% in the coming year.

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 California by loan type

Metropolitan statistical areaAverage mortgage rateMedian loan amountEstimated monthly cost
Boulder4.644%$405,000$2,085
Colorado Springs4.710%$275,000$1,430
Denver-Aurora-Lakewood4.754%$355,000$1,850
Fort Collins4.714%$315,000$1635
Grand Junction4.898%$215,000$1,140
Greeley4.803%$305,000$1,600
Pueblo4.897%$175,000$930

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.

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 areaAverage mortgage rateMedian loan amountEstimated monthly cost
Boulder4.644%$405,000$2,085
Colorado Springs4.710%$275,000$1,430
Denver-Aurora-Lakewood4.754%$355,000$1,850
Fort Collins4.714%$315,000$1635
Grand Junction4.898%$215,000$1,140
Greeley4.803%$305,000$1,600
Pueblo4.897%$175,000$930

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:

  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.

Historical mortgage interest rates in Colorado

Bottom line

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.

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