Today's Mortgage Rates

Product (Rate Program)RateAPR
Fixed30Year4.479%4.559%
Fixed20Year4.357%4.44%
Fixed15Year3.815%3.935%
ARM53.846%4.619%
ARM73.851%4.506%

 

Colorado home prices have been on a tear in recent years, becoming one of the hot spots in the nation on the strength of an influx of new arrivals who have poured in since the Great Recession. Fortunately, Colorado mortgage rates have remained fairly stable during that time.

While Colorado mortgage rates and those in the rest of the United States have gradually risen from the extreme lows that followed the recession, they still remain well below long-term norms, somewhat moderating the effect of those sharp price increases.

Current mortgage rates for Colorado are shown at the top of this page for several of the most popular types of mortgages.  Note that these are averages of what borrowers are currently receiving and the rates individual borrowers receive for Colorado home loans will vary based on factors such as credit score, down payment, discount points purchased and other factors.

 

Colorado home loans

Borrowers seeking home loans in Colorado have a variety of options. Here are some of the more common ones:

Conventional loans: This term refers to mortgages backed by Fannie Mae or Freddie Mac and offered through most banks and mortgage lenders.  These are the most common type of mortgage in the U.S. 

For borrowers with good credit, this type of loan typically offers the best mortgage rates. Colorado homebuyers or those refinancing a home loan can borrow up to $453,100 - $679,650 (2018) with this type of loan, depending on local home values – the first limit applies to most of the state, but higher limits are allowed for counties with higher home values.

FHA loan: Colorado borrowers with weaker credit or with limited savings for a down payment often find their best option to be an FHA loan. This makes them a popular choice for first-time homebuyers.

FHA loans typically offer more attractive rates for borrowers with flawed credit scores and many lenders will approve borrowers with credit scores of 620 or below for an FHA loan. Colorado lending limits for FHA loans are $294,500 (2018) in most of the state, but go as high as $679,650 in counties with high real estate values, same as conventional loans.

VA loans:  For qualifying veterans or active duty members of the military in Colorado, VA loans are hard to beat. VA mortgage rates are comparable to those on other loan types, and you can borrow up to the loan limit for conventional loans without a down payment.

Jumbo loans: Jumbo loans are those that exceed the lending limits for the above types of loans. Credit and down payment requirements for a jumbo loan are more stringent than for the other loans, but you can still qualify with down payments as little 5-10 percent and credit scores as low as 660 – though not both. A lower credit score demands a higher down payment and a small down payment requires a high credit score. 

Colorado jumbo loan rates also run a big higher than on regular loans.

 

Colorado home equity loans  

Home equity loans and lines of credit (HELOCs) are loans secured by the equity you have in your home. As such, you can usually get a better rate with these loans than you can with other types, particularly unsecured loans like credit card debt.  Because they are second liens on the property, Colorado HELOC rates and home equity loan rates run higher than rates on a primary, first-lien mortgage.

Standard home equity loans usually have fixed rates; Colorado HELOC rates are adjustable, meaning they fluctuate with the market. So they start out lower than a fixed rate, but may move higher or lower over time.

With a standard Colorado home equity loan, you borrow a sum of money and pay it back over a certain period of time. With a HELOC, you have a line of credit you can borrow against and repay as needed for a certain period of time, called the draw, before you must begin repaying principle.  This provides a certain amount of financial flexibility, as HELOCs are interest-only loans during the draw period.

If you're thinking about a home loan, use the form at the top of this page to get personalized quotes for Colorado HELOC rates, refinance rates or other mortgage rates for Colorado borrowers.