Interest Rate
6.574%
APR*
6.674%
Average home price
$397.820

If you’re considering an option to buy a home in Colorado, you’ll definitely be looking for the best possible mortgage rate. Your final rate will depend on a multitude of factors, including your official credit score, The projected amount of your down payment, how your debt-to-income ratio works out, and how much income you have.

You can put your best foot forward for getting the best mortgage rate in Colorado by doing some groundwork: check your credit score and gather all of your documentation before applying for preapproval with a reputable mortgage lender.

Here’s a quick look at current Colorado mortgage rates:

Loan Program Mortgage Rate APR* 1 Day Change
Conventional 30 year fixed 6.574% 6.674% +0.26%
Conventional 20 year fixed 6.524% 6.65% +0.29%
Conventional 15 year fixed 5.644% 5.835% +0.27%
Conventional 10 year fixed 5.24% 5.535% Unchanged
Conventional 7 year ARM 5.861% 5.646% +0.12%
Conventional 5 year ARM 5.846% 5.583% +0.15%
VA 30 year fixed 5.976% 6.261% +0.32%
VA 20 year fixed 5.167% 5.644% Unchanged
VA 15 year fixed 5.43% 6.052% +0.48%
VA 5 year ARM 4.763% 5.771% Unchanged

Data source: ©Zillow, Inc. Use is subject to the Terms of Use

Buying a Home in Colorado

Toying with the idea of buying a home in Colorado? This could be an ideal time to pick out a dream home in the Centennial State. Here’s what you need to know:

Pick a city or town to call home. There are almost 5.2 million people in Colorado, and more than a third live in the city’s top six biggest cities:

  • Denver (state capital)
  • Colorado Springs
  • Aurora
  • Fort Collins
  • Lakewood
  • Thornton

Check your budget. Colorado ranks 5th in US homes for sale at average price, and 6th for homes over $1,000,000. Get preapproved before you go house hunting so you know how much home you can afford.

First-time Homebuyers

Many first-time home buyers are able to qualify for assistance through a program administered by the Colorado Housing and Finance Authority (CHFA)

The CHFA down payment assistance grant allows you to receive funds for up to 3 percent of your first mortgage (for example, $7,500 on a $250,000 mortgage), and you don’t have to repay the grant.

CHFA’s second mortgage provides assistance funds for up to 4 percent of your first mortgage ($10,000 on a $200,000 mortgage). Repayment isn’t due until you pay off or refinance the first mortgage, or sell your home.

To qualify for these first-time home buyer programs in Colorado, you’ll need to:

  • Have a credit score of no lower than 620
  • Complete a homebuyer education class before completion of the loan
  • Meet income requirements
  • Contribute a minimum of $1,000 towards the purchase
  • Be capable of fulfilling your mortgage lender’s loan requirements

Refinancing in Colorado

If you plan to refinance a home in Colorado in the even of favorable Colorado mortgage rates, you can do any of the following:

  • Use your refinance to get a lower interest rate
  • Use your refinance to get a longer loan term
  • Use your refinance to get an equity cash-out
  • Use your refinance to get rid of a private mortgage insurance (PMI) requirement

You might be able to qualify for a streamlined refinance for certain types of loans. Ask your lender for more information.

GUIDES

Buying a Home?

Each step-by-step guide is designed to shepherd you through a process from start to finish. Know what to expect and how to proceed, no matter where you are in your home buying journey.

1 The First Step in Buying a Home – Preapproval

What Is a Mortgage Preapproval? | How Much Will My Monthly Payment Be? | How Much Will My Down Payment Be? | How Long Does a Mortgage Preapproval Last? | What Is the Difference Between a Standard Preapproval and an Underwritten Preapproval?

Read More

3 How much money do I need?

How Can I Lower My Mortgage Payment? | How Can I Lower My Closing Costs? | When Do I Pay Out-Of-Pocket Costs? | What are Prepaid Items or Escrows? | What Will My Closing Costs Be?

Read More

4 The Basics of Mortgage

What Documents Need to be Updated During the Home Loan Process? | What Contingencies Do I Need? | How Important is the Closing Date? | Steps in the Loan Process | Understanding Common Mortgage Terms

Read More

5 Finding a Real Estate Agent

What Are the Top 6 Questions to Ask a Real Estate Agent? | Should I Use the Seller's Real Estate Agent? | Are Online Discount Realty Services a Good Idea? | How Much Does a Buyer's Real Estate Agent Cost? | Why Do I Need a Real Estate Agent to Buy a Home?

Read More
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