Menu burger Close thin Facebook Twitter Google plus Linked in Reddit Email arrow-right-sm arrow-right
Tap on the profile icon to edit
your financial details.

Colorado Mortgage Rates

Your Details Done

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

Overview of Colorado Mortgages

Residents of Colorado are known for their love of the outdoors. With such stunning scenery all around them, it’s no surprise they feel this way. Colorado has some very high-end housing along with some real estate bargains in its beautiful environment. Like incomes, home prices in the state vary considerably by location. Colorado mortgage rates tend to reflect the national average, though. There are a few Colorado counties that have conforming loan limits above the baseline $647,200 mark.

Today's Mortgage Rates in Colorado

Product Today Last Week Change
30 year fixed 5.52% 5.65% -0.13
15 year fixed 4.78% 4.96% -0.18
5/1 ARM 4.93% 4.66% +0.27
30 yr fixed mtg refi 5.55% 5.62% -0.08
15 yr fixed mtg refi 4.88% 4.93% -0.05
7/1 ARM refi 5.50% 5.25% +0.25
15 yr jumbo fixed mtg refi 2.95% 3.03% -0.08

National Mortgage Rates

Source: Freddie Mac Primary Mortgage Market Survey, SmartAsset Research
Add your details
Purchase or Refinance
Select Purchase or Refinance
Do this later
Add your details
Enter your location Do this later
Add your details
Target Home Price
Target Home Value
Enter target home value
Do this later
Add your details
Down Payment
Down Payment
Enter down payment
Do this later
Add your details
Current Home Value
Current Home Value
Enter current home value
Do this later
Add your details
Current Mortgage Balance
Current Mortgage Balance
Enter current mortgage balance
Do this later
Add your details
Credit Score
Credit Rating
Select Your Credit Rating Do this later
No mortgages found. Please change your search criteria and try again.
Searching for Mortgages...
Share Your Feedback
How would you rate your experience using SmartAsset’s financial advisor matching service so far?
What is the most important reason for that score? (optional)
Please limit your response to 150 characters or less.
Thank you for your answer! Your feedback is very important to us.

Historical Mortgage Rates in Colorado

Photo Credit: ©

Colorado Mortgage Rates Quick Facts

  • Median Home Value: $394,600 (U.S. Census Bureau)
  • Loan Funding Rate: 59.17% (CFPB)
  • Homeownership Rate: 64.9% (St. Louis Fed)
  • Median Monthly Homeownership Costs: $1,744 (U.S. Census Bureau)

Colorado mortgage rates are generally pretty close to the country as a whole. Homeownership costs in Colorado are slightly above the national median, which is $1,595.

A financial advisor in Colorado can help you plan for the homebuying process. Financial advisors can also help with investing and financial plans, including tax, retirement and estate planning, to make sure you are preparing for the future.

Colorado Historic Mortgage Rates*

YearColorado RateU.S. Rate

*The FHFA stopped reporting new data in 2018.

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.

A total of 18 Colorado counties have conforming loan limits that are above the $647,200 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, Park, Pitkin, Routt, San Miguel and Summit counties. The fact that 18 of the state’s 64 counties have higher loan limits signal that home prices in a sizable swath of the state tend to be high.

Conforming and FHA Loan Limits by County

CountyConforming LimitFHA Limit
Clear Creek$684,250$684,250
El Paso$647,200$460,000
Kit Carson$647,200$420,680
La Plata$647,200$494,500
Las Animas$647,200$420,680
Rio Blanco$647,200$420,680
Rio Grande$647,200$420,680
San Juan$647,200$420,680
San Miguel$756,700$970,800

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 a 30-year fixed-rate loan is 3.42% (Zillow, Jan. 2022).

Colorado Jumbo Loan Rates

For most counties, loans that are $647,200 or less 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 30-year fixed jumbo loan rate is 3.31% (Zillow, Jan. 2022).

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 a 5/1 ARM in Colorado is 2.72% (Zillow, Jan. 2022).

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 as much as 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 620 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

ResourceProblem or IssueWho Qualifies
Colorado Housing Finance AuthorityOffers 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).

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 0.02% 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 4.5% 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