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Colorado Mortgage Rates

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Use SmartAsset's mortgage comparison tool to compare mortgage rates from the top banks and find the one that best suits your needs.

Overview of Colorado Mortgages

Residents of Colorado are known for their love of the outdoors – and with such stunning scenery all around them, it’s no surprise. Colorado has some very high-end housing and some real estate bargains in this beautiful environment. Like incomes, home prices in the state vary considerably by location. Colorado mortgage rates tend to reflect the national average. Eighteen Colorado counties have conforming loan limits above the baseline $453,100 limit.

Today's Mortgage Rates in Colorado

Product Today Last Week Change
30 year fixed 4.63% 4.54% +0.08
15 year fixed 4.08% 3.96% +0.13
5/1 ARM 3.63% 3.69% -0.06
30 yr fixed mtg refi 4.42% 4.40% +0.02
15 yr fixed mtg refi 3.88% 3.86% +0.01
7/1 ARM refi 4.05% 4.02% +0.03
15 yr jumbo fixed mtg refi 4.17% 4.10% +0.06

National Mortgage Rates

Source: Freddie Mac Primary Mortgage Market Survey, SmartAsset Research
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Colorado Mortgage Rates Quick Facts
  • Median Home Value: $365,600 (Zillow)
  • Loan Funding Rate: 65.2% (CFPB)
  • Average Mortgage Rate: 4.00% (Freddie Mac)
  • Homeownership Rate: 59.8% (St. Louis Fed)
  • Median Monthly Homeownership Costs: $1,585 (U.S. Census Bureau)

Historical Mortgage Rates in Colorado

Colorado mortgage rates are generally pretty close to the country as a whole. In 2016, Colorado’s rates were below the national average.

Colorado Historic Mortgage Rates

YearColorado RateU.S. Rate
198213.9214.73
198312.3212.26
198412.0911.99
198511.0811.17
19869.839.79
19878.888.95
19889.108.98
19899.629.81
19909.819.74
19919.149.07
19927.807.83
19936.666.93
19946.847.31
19957.647.69
19967.597.58
19977.587.52
19986.966.97
19997.207.14
20007.817.86
20016.916.94
20026.286.44
20035.545.67
20045.565.68
20055.745.85
20066.526.54
20076.406.42
20086.006.06
20095.065.05
20104.884.81
20114.674.56
20123.673.65
20133.873.84
20144.134.13
20153.893.88
20163.653.73

Colorado Mortgages Overview

When you’re ready to buy a home in Colorado, you’ll have to deal with the state’s mortgage market, assuming you can’t afford to pay cash. Unless you can find a bargain or qualify for down payment assistance, you’ll probably need to have a hefty chunk of cash saved up to buy a home in Colorado.

Eighteen Colorado counties have conforming loan limits that are above the $453,100 that’s the standard in most U.S. counties. These counties are Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Eagle, Elbert, Garfield, Gilpin, Jefferson, Lake, Park, Pitkin, Routt, San Miguel and Summit Counties. The fact that 18 of the state’s 64 counties have higher loan limits should tell you that home prices in a large swath of the state tend to be high.

Conforming and FHA Loan Limits by County

CountyConforming LimitFHA Limit
Adams$529,000$529,000
Alamosa$453,100$294,515
Arapahoe$529,000$529,000
Archuleta$453,100$294,515
Baca$453,100$294,515
Bent$453,100$294,515
Boulder$578,450$578,450
Broomfield$529,000$529,000
Chaffee$453,100$301,300
Cheyenne$453,100$294,515
Clear Creek$529,000$529,000
Conejos$453,100$294,515
Costilla$453,100$294,515
Crowley$453,100$294,515
Custer$453,100$294,515
Delta$453,100$294,515
Denver$529,000$529,000
Dolores$453,100$294,515
Douglas$529,000$529,000
Eagle$636,150$679,650
Elbert$529,000$520,000
El Paso$453,100$304,750
Fremont$453,100$294,515
Garfield$679,650$679,650
Gilpin$529,000$529,000
Grand$453,100$373,750
Gunnison$453,100$357,650
Hinsdale$453,100$427,800
Huerfano$453,100$294,515
Jackson$453,100$294,515
Jefferson$529,000$529,000
Kiowa$453,100$294,515
Kit Carson$453,100$294,515
Lake$625,500$294,515
La Plata$453,100$391,000
Larimer$453,100$402,500
Las Animas$453,100$294,515
Lincoln$453,100$294,515
Logan$453,100$294,515
Mesa$453,100$294,515
Mineral$453,100$294,515
Moffat$453,100$294,515
Montezuma$453,100$294,515
Montrose$453,100$294,515
Morgan$453,100$294,515
Otero$453,100$294,515
Ouray$453,100$425,500
Park$529,000$529,000
Phillips$453,100$294,515
Pitkin$679,650$679,650
Prowers$453,100$294,515
Pueblo$453,100$294,515
Rio Blanco$453,100$294,515
Rio Grande$453,100$294,515
Routt$625,500$634,800
Saguache$453,100$294,515
San Juan$453,100$294,515
San Miguel$625,500$679,650
Sedgwick$453,100$294,515
Summit$625,500$679,650
Teller$453,100$304,750
Washington$453,100$294,515
Weld$453,100$358,800
Yuma$453,100$294,515

In Colorado, if you default on your home loan and your lender forecloses on the home and sells it at auction, the lender can sue you for the difference between what you owe and the price the home commands at auction. That difference is known as the “deficiency.” If you think the home didn’t sell for its fair market value and the deficiency is therefore higher than it should be, you can present evidence of this in court.

Most foreclosures in Colorado are non-judicial, which means the lender doesn’t have to take you to court to foreclose on the home. If your home has a power of sale clause in its deed of trust, you’ll know that it can be sold at auction via non-judicial foreclosure. However, in Colorado, the lender must submit proof of default to a public trustee, who will oversee the foreclosure process.

30-Year Fixed Mortgage Rates in Colorado

Most homebuyers opt for a 30-year fixed-rate mortgage. That means the loan term is 30 years and it will take you 30 years to repay it, unless you refinance or you prepay your mortgage and knock out the debt in a shorter time.

A fixed-rate mortgage is generally a safer bet than an adjustable-rate mortgage because you know what your interest rate will be for the length of the loan and your monthly mortgage payments will stay the same for the duration of the mortgage. This can help give you financial certainty.

The average Colorado mortgage rate for 30-year fixed-rate loans is 4.08%.

Colorado Jumbo Loan Rates

Loans that are $453,100 or less (for most countries) are considered conforming loans. That means banks don’t impose special conditions on those mortgages and they can be sold on the secondary mortgage market. In some counties, such as the 18 Colorado counties listed above, the conforming loan limit is higher, in recognition of the fact that home prices in general are higher in those counties.

If you need a mortgage that exceeds the conforming loan limit in your county, you’ll be shopping for a jumbo mortgage. A jumbo loan is by definition one that exceeds the conforming loan limit. In general, jumbo loans come with a higher interest rate because the bank needs more security in exchange for lending you more money.

The average Colorado jumbo loan rate is 4.65%.

Colorado ARM Loan Rates

Unlike a fixed-rate mortgage, an adjustable-rate mortgage isn’t a sure thing. ARMs start with an introductory period, which could last for one, three, five, seven or 10 years. During that introductory period, the interest rate on an ARM is generally lower than the fixed interest rates in the same mortgage market.

Opting for an ARM over a fixed-rate mortgage to take advantage of the lower rate isn’t a risk-free strategy, though. That’s because after the introductory period has ended the rate on an ARM can go up. The maximum increase will be stated in the loan documents, but it can be substantial – and substantially increase your monthly payments.

Some homeowners can’t keep up with their mortgage payments once the interest rate on their ARM jumps up. If you’re worried that you might find yourself in this situation it’s probably safer to opt for a fixed-rate mortgage.

The average rate for an ARM in Colorado is 3.38%.

Colorado Mortgage Resources

If you want some help buying or holding on to a home in Colorado, the Colorado Housing Finance Authority (CHFA) is there for you. Down payment assistance (DPA) is offered in the form of a grant up to 4% of the purchase amount and the money does not have to be repaid. You can use that grant money to cover a down payment and/or closing costs.

CHFA offers seven different loan programs with varying qualification requirements. For the CHFA Advantage loan, you’ll need at least a 3% down payment and a 680 credit score to qualify for a 30-year fixed rate loan. The CHFA Preferred, SmartStep and HomeOpener require a 620 credit score and have a variety of different requirements. The SmartStep program has the lowest interest rate of all the CHFA programs. The HomeOpener program has no purchase price limit and has higher income limits than the other CHFA programs.

Available Resources

Resource Problem or Issue Who Qualifies Website
Colorado Housing Finance Authority Offers down payment assistance, closing cost assistance, low-income housing tax credits and special loan programs for the disabled and low-income individuals. First-time homebuyers or mortgage refinancers who meet income limits with a minimum credit score of 620 (for most loan programs). https://www.chfainfo.com/
Home Affordable Refinance Program Refinancing. Single-family homes and condos that fit within lending loan limits and were made before 2009. http://www.harp.gov/

If you’ve been receiving Section 8 rental vouchers for at least a year you may be eligible for the CHFA “SectionEight Homeownership” program. If you meet credit and income requirements, are a first-time homebuyer and complete homebuyer education you may be able to go from being a Section 8 renter to being a homeowner.

There are specific benefits available to Coloradans with disabilities. CHFA HomeAccess is a loan designed help Coloradans with a permanent disability - or the parent(s) of a child or children with a permanent disability - make their first home purchase.

There are income limits that vary for each CHFA program and, sometimes, by Colorado county.

Colorado Mortgage Taxes

Colorado has a real estate transfer tax of 0.01% that applies to the money you make when you sell a home in Colorado. But what about your regular income taxes? Colorado has a flat income tax rate of 4.63% that’s applied to the income that’s taxable when you fill out your federal income tax return. Your taxable income is your gross income minus deductions.

It’s up to you to determine whether it’s more advantageous to take the Standard Deduction or to itemize your deductions (including the mortgage interest you paid throughout the year) when you do your federal income taxes. Whichever you choose will help determine your federal taxable income, which in turn will be entered when you fill out your Colorado income tax return.

Colorado Mortgage Refinance

When it’s time to refinance your Colorado mortgage you have a few options. You can reach out to your current lender and ask about the refinance mortgage rates available to you. But you’re not limited to the lender who gave you your first home loan. You can shop around and refinance with another lender. Keep in mind that when you refinance you will pay closing costs again, so it’s important that the benefits of refinancing outweigh the hassle and cost.

If you got your original loan through the CHFA, you can go back to the Colorado Housing Finance Authority for your refinance mortgage. CHFA offers a 30-year, fixed-rate CHFA-to-CHFA refinance for FHA loans. You must have had your mortgage for at least six months, be current and have made all payments on the mortgage within the month due for the previous 12 months. For mortgages that are between six and 12 months old, you must have made all payments on time, not just within 30 days of the due date.

If you qualify for the program you can participate without any minimum financial investment on your part. There are no income limits for participation, but the loan limit is the same as the conforming loan limit in your county.

See Mortgage Rates in These Other States

Best Places To Get A Mortgage

SmartAsset’s interactive mortgage map highlights the best counties in the country (and in each state) for securing a mortgage. Hover over counties and states to see data points for each region, or use the map’s tabs to view the top counties for each of the factors driving our analysis.

Worst
Better
Rank County Loan Funding Rate 5 Year Borrowing Costs Property Tax Annual Mortgage Payment

Methodology For many people buying a house means securing a mortgage. To determine the best places in the country to get a mortgage we looked at four factors: overall borrowing costs, ease of securing a mortgage, cheap property taxes and cheap annual mortgage payments.

To calculate the overall borrowing costs, we looked at the expected costs over the first five years of a $200,000 mortgage with a 20% down payment, including closing costs. We calculated the ease of getting a mortgage as the ratio of mortgage applications to actual mortgage originations (secured mortgages) in each county. We based annual mortgage payments on the annual principal and interest payments for a $200,000 loan in that location, using average mortgage rates in each county.

Finally, we ranked locations based on these four factors, and then averaged those rankings, giving equal weight to each factor. The areas with the lowest average rankings are the best places to get a mortgage.

Sources: Mortgage Bankers Association, US Census Bureau 2016 5-Year American Community Survey, Informa, Bankrate, government websites, SmartAsset