Updated: December 12, 2024
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Today's 30-year mortgage rate in Colorado is 6.42%, just a fraction off from the national average rate of 6.83%. To lessen mortgage expenses, homebuyers can access programs like Colorado's CHFA Program Loans and Down Payment Assistance Grants.
MoneyGeek uses publicly available data from Zillow for the rates on this page. Mortgage rates shift daily, and we take a snapshot of rates to analyze rate information for Colorado. We update the data frequently to ensure you have access to the most recent rates, but the values may differ slightly between reporting sources. Unless specifically noted otherwise, rates featured in the content are annual percentage rates (APRs).
This data was last updated on December 2024.
In December 2024, the average APR for a 30-year fixed-rate mortgage in Colorado is 6.42%, down from 6.69% the previous month. For a $250,000 loan with a 20% down payment, this movement could result in savings of about $3,350 over the life of the loan, excluding property taxes or HOA fees.
Rates shift frequently due to changing economic conditions and Federal Reserve policies. The line chart below shows the recent monthly changes in mortgage rates.
Even small changes in mortgage rates can significantly impact your finances. Stay updated on Colorado's current rates to calculate your potential monthly payments and budget effectively.
Understanding today's mortgage interest rates in Colorado benefits first-time buyers and experienced investors in the housing market.
First-time homebuyers in Colorado can use current mortgage rates to compare offers and find the best rates.
Colorado homeowners may consider a mortgage refinance if current rates are lower than what they're paying.
Purchase and refinance rates can differ slightly. The current rate for a 30-year fixed mortgage in Colorado is 6.42%, while the APR for refinancing is 6.43%.
A 30-year fixed mortgage usually has a higher interest rate than a 15-year fixed-rate mortgage. Lenders charge more for a longer loan term because of its increased risk of non-payment and potential changes in interest rates.
When exploring mortgage types in Colorado, remember that your financial situation will influence the rates you're offered. Use a mortgage calculator to understand how these rates affect your monthly payments.
| 6.08% | 6.39% |
The interest rate is the yearly cost of borrowing money for a mortgage. Colorado's current interest rate for a 30-year fixed mortgage is 6.34%.
The APR (annual percentage rate) includes the interest rate and additional mortgage fees. Colorado's average APR for a 30-year fixed mortgage is 6.42%, providing a comprehensive view of your yearly borrowing cost.
In Colorado, if your credit score is 740 or higher and you make a 5% to 20% down payment, you'll see an average APR of 6.79% for a 30-year fixed mortgage. If your score is below 680, the rate increases to an average of 8.02% for the same term.
Your credit score directly impacts your mortgage rates. The table below shows the rates you could qualify for based on your credit score and down payment.
| 10-year Fixed | 5.89% |
| 15-year Fixed | 5.97% |
| 20-year Fixed | 6.36% |
| 30-year Fixed | 6.79% |
| 5-year ARM | 7.75% |
| 7-year ARM | 7.37% |
In December 2024, 30-year fixed-rate VA loans have the lowest average APR for 30-year fixed-rate mortgages in Colorado at 6.22%. Understanding the different mortgage options can help you make homebuying decisions that suit your financial situation and lead to substantial savings. Explore the mortgage types available in Colorado:
Mortgage Type | Definition | Impact on Rates | 30-Year Rates in Colorado |
|---|---|---|---|
Conventional Loans | Conventional loans in Colorado are not insured or guaranteed by government agencies. | Credit score and down payment size influence the rates on a conventional loan. | 6.42% |
FHA Loans | FHA loans in Colorado are insured by the Federal Housing Administration, enabling lower down payments. | FHA loans have lower credit requirements, affecting the offered rates. | 7.91% |
VA Loans | VA loans in Colorado are guaranteed by the Department of Veterans Affairs for eligible military members. | VA loans offer competitive rates due to government backing, limited to qualified individuals. | 6.22% |
USDA Loans | USDA loans in Colorado are aimed at rural homebuyers and backed by the United States Department of Agriculture. | USDA loans can offer lower rates due to government support targeted at rural development. | currently unavailable |
Jumbo Loans | Jumbo loans in Colorado exceed conforming loan limits, suitable for more expensive properties. | Larger loan amounts in jumbo loans typically lead to higher interest rates. | 6.64% |
Mortgage rates are of two types: fixed and adjustable.
As of December 2024, Colorado's average APR is 6.42% for a 30-year fixed mortgage and 7.14% for a seven-year adjustable-rate mortgage.
U.S. Bank, Better and Rocket Mortgage are solid home financing options in Colorado due to their state availability, Better Business Bureau accreditation and homeowner assistance programs. Many other lenders might fit different financing needs.
Mortgage rates in Colorado vary by lender, each offering various mortgage options and terms. Comparing options can help you secure the best deal.
U.S. Bank offers various mortgage products, including conventional, FHA, VA, jumbo, investment property and construction loans. For traditional and FHA loans, minimum credit scores start at 660 for jumbo loans and as low as 640 for FHA. Low down payments are also available — just 3% for conventional loans and 3.5% for FHA. Veterans may qualify for VA loans with no down payment required. U.S. Bank is also a top lender for HELOCs, even for those with bad credit in most states.
Customer service is available via video chats, phone calls and in-person visits Monday through Friday from 7 a.m. to 8 p.m. CT and Saturday from 8 a.m. to 2 p.m. CT. The bank supports homeowners facing financial challenges with forbearance, repayment plans, loan modifications and payment deferral options.
Pros
Cons
Better offers online mortgage services with fixed-rate and adjustable-rate options. Minimum credit scores are 620 for fixed-rate and 580 for FHA loans. Down payment requirements are 3–5% for conventional loans, 3.5% for FHA loans, 10% for credit scores below 580 and 25% if a co-borrower won't live in the property.
Phone and email customer support is available Monday through Friday, 8 a.m. to 9 p.m. ET and weekends from 9 a.m. to 9 p.m. ET. The lender's Better Real Estate assists with the homebuying process.
Pros
Cons
Rocket Mortgage offers various loans, including conventional and FHA. Minimum credit scores start at 580 for FHA loans and 620 for conventional loans. Homebuyers can benefit from low down payments, with FHA loans requiring as low as 3.5% and conventional loans starting at 3%.
Phone and chat support is available from Monday to Friday, 8:30 a.m. to 9 p.m. ET, and Saturdays from 9 a.m. to 4 p.m. ET. The lender offers ONE+ and Freddie Mac BorrowSmart Access programs for additional homebuyer assistance.
Pros
Cons
Owning a home involves hidden costs. The Colorado Housing and Finance Authority (CHFA) offers two mortgage programs to help you manage them.
Program | Description |
|---|---|
Assist in down payment and closing costs. Applicants need a minimum credit score of 620 and must meet income guidelines. A homebuyer education class and a $1,000 home purchase contribution are required. | |
Offers up to $25,000 to cover part of the down payment on a new home. This grant doesn't need to be repaid, making it easier for homebuyers to afford a mortgage. |
Understanding today's mortgage rates in Colorado can be challenging for homebuyers. We've answered common questions to guide you through your financing options.
Current average APRs in Colorado vary by loan type, for instance, as of December 2024, a 30-year fixed conforming loan has an average APR of 6.42%, while a seven-year ARM jumbo loan has an average APR of 7.33%.
In Colorado, the current average APRs for a 30-year fixed-rate mortgage and a five-year adjustable-rate mortgage are 6.42% and 7.26%, respectively, as of December 2024. Comparatively, the national average APRs are slightly higher at 6.83% for the 30-year fixed and 7.79% for the five-year ARM.
Your credit score significantly impacts the mortgage rates you receive in Colorado. A higher credit score usually translates to lower mortgage rates, whereas a lower credit score may result in higher rates. To understand how rates vary, explore low mortgage rates.
Colorado offers several mortgage programs to assist homebuyers, such as the CHFA Program Loans, Down Payment Assistance Grant and others which help make homeownership more accessible.
To secure the best possible mortgage rate in Colorado, consider putting in a larger down payment, improving your credit score and shopping around to compare rates from different lenders.
As of December 2024, today's refinance rates in Colorado for a 15-year fixed-rate loan is at an average of 5.87%, and the 30-year fixed-rate loan is at an average of 6.43%.
To calculate your mortgage payments, use a mortgage calculator for Colorado, which can help you estimate your monthly payments based on the loan amount, interest rate and other factors.
About Zachary Romeo, CBCA
Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.
Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.
