Today's Mortgage Rates in Colorado

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What Affects Mortgage Rates in Colorado

Mortgage interest rates in Colorado are a complex, individual figure based on both your personal situation and the broader economy.

It's also worth noting that your final APR is different from the interest rate. The interest rate affects your monthly principal and interest payment, while the APR includes certain fees.

Some factors that affect your mortgage rate in the Centennial State include:

Federal Reserve policy and inflation: The Fed's policies have an indirect but important impact on rates. If inflation is high and the Fed sets out aggressive policies to tighten lending and cool the economy, rates can rise. If inflation is slowed and the Fed sets out more relaxed guidance, rates can fall.
Economic indicators: Economic factors like housing supply, unemployment, and wage growth all play a role in shaping investor expectations and lender pricing.
Your situation: Your credit score, debt-to-income ratio, down payment, and loan type also affect your final APR.

The rates on this page are based on certain, pre-set loan amounts and credit scores. To get a personalized rate that reflects both current economic conditions and your personal circumstances, you can connect with an experienced loan officer.

Types of Mortgages Available in Colorado

Whether you're using a conventional loan to buy a home in Denver or purchasing your first house with an FHA loan in a rural area of the state, you have access to different loans to meet your unique needs. Here's a look at some common home loans in Colorado:

Conventional Fixed-Rate Mortgages: Having a fixed rate means the interest rate stays the same for the full loan term, which is usually 15 or 30 years. Private mortgage insurance (PMI) is generally required if your down payment is less than 20%, but PMI can usually be canceled once you gain enough equity. These loans conform to Fannie Mae and Freddie Mac guidelines for underwriting and loan amounts. You'll typically need a credit score of at least 620 and a debt-to-income ratio under 43-45%. You might be eligible for a minimum down payment as low as 3% if you're a qualified borrower, including many first-time homebuyers, but most buyers will need a down payment of at least 5%.
FHA Loans: FHA loans are backed by the Federal Housing Administration and have more flexible down payment and credit score requirements. Buyers with a credit score of 580 or higher can qualify with a down payment as low as 3.5%. Mortgage insurance premiums (MIP), which have both an upfront premium and ongoing monthly payments, are required regardless of down payment size. If you have a down payment of less than 10%, MIP generally lasts for the life of the loan unless you refinance into a conventional mortgage. If your down payment is 10% or higher, your MIP will end after 11 years.
VA Loans: VA loans have competitive terms but limited eligibility. They're open to eligible veterans, active-duty service members, and surviving spouses. They generally don't require down payment or private mortgage insurance. They do require a one-time VA funding fee, but that can be financed. Some eligible veterans, like those with disabilities related to their service, aren't required to pay the funding fee.
Adjustable-Rate Mortgages (ARMs): Adjustable-rate mortgages, or ARMS, generally start with a period of fixed interest rates before the rate periodically adjusts. Common fixed-rate periods for ARMS are between 5 and 7 years. If you see a 5/1 ARM, for example, that means the loan has an initial fixed rate period of 5 years and annual adjustments afterwards. A 5/6 ARM, by comparison, means an initial fixed rate for five years followed by adjustments every six months. Payments can change after the introductory period, but many ARMs come with rate caps to limit how much they can change. Like other conventional loans, PMI may be required if your down payment is less than 20%.
Jumbo Loans: Jumbo loans exceed conforming loan limits, and generally come with stricter underwriting requirements. Conforming limits are higher in high-cost counties, but those limits can vary year to year. Some Colorado counties use the baseline conforming loan limit set by the FHFA, while others have higher limits.

Refinancing a Mortgage in Colorado

Coloradans can also lower their rate or tap into their home's equity with a mortgage refinance. Here are two common refinance options in Colorado:

Rate-and-term Refinance: This is a simple and common refinance that replaces your existing mortgage with a new one. That could mean refinancing from an FHA to conventional loan to remove FHA mortgage insurance if you qualify, or refinancing a conventional loan to lower your rate or shorten your payoff timeline.
Cash-out Refinance: This refinance replaces your existing mortgage with a new, larger one and lets you take a portion of your equity out as cash. The amount you can access depends on your home value, how much you still owe, lender loan-to-value limits, and closing costs. Unlike a home equity loan or HELOC, which come as second loans, a cash-out refinance replaces your primary mortgage with a new one.

Does credit score affect mortgage rates?

Credit score has a major impact on your mortgage rates, with higher credit scores generally meaning lower interest rates.

Your credit score isn't the only thing that affects your mortgage rate, however. Your downpayment, debt-to-income ratio, loan term, and other factors will also affect your rate.

Larger factors, like inflation and the broader economy, also have a major impact on your rate.

How will property taxes in Colorado
affect my mortgage payment?

Property taxes are often included in your mortgage payment as part of an escrow account. If that's the case, it means your lender will collect property tax payments each month and pay the tax bill for you.

Colorado generally has a lower property tax rate than other states, according to the Tax Foundation. Keep in mind that rates can vary significantly, with municipal areas generally having higher rates than rural areas.

Homeowners insurance can also affect your mortgage payment if it's bundled into your premium with an escrow account. Your home's location, and whether it's in an area that is affected by natural disasters like floods, plays a major impact on your insurance cost. Details about your home, like its size, age, and condition can also affect your payment.

Colorado is one of the most expensive states in the country in terms of annual insurance cost for houses with a mortgage, according to the U.S. Census Bureau.

Loan Officers in Colorado

Shari Whitson-Pfeifer

Loan Officer

NMLS ID# 283832

Today's Mortgage Rates in Colorado

Current Colorado Mortgage and Refinance Rates

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Get your personalized rate

What Affects Mortgage Rates in Colorado

Types of Mortgages Available in Colorado

Colorado Mortgage FAQs

Loan Officers in Colorado

Shari Whitson-Pfeifer

Jim Smith

Sandy Levy

Elizabeth Turra

Judy L Jones

Jeffrey Rickard

Beth Anderson

Sara Pipkin

Kristina Fischer

Claudia Weaver-Lopez

Tonya Jenkins - TJ

Nicky Hungerford

Donna Hudson

Jodianne Carrino