Colorado Mortgage and Refinance Rates

Current mortgage rates in Colorado

As of Thursday, November 21, 2024, current interest rates in Colorado are 6.76% for a 30-year fixed mortgage and 6.19% for a 15-year fixed mortgage.

The median single-family home sale price in the state was $599,000 as of June 2024, according to the Colorado Association of Realtors — a 3.1 percent year-over-year (YOY) jump that nears the state’s all-time high. Those gains, plus today’s high mortgage rate environment, continue to make housing affordability a challenge.

Refinance rates in Colorado

While mortgage refinance rates have more than doubled since the pandemic, many Colorado homeowners have much more tappable equity now. With a cash-out mortgage refinance, you could take advantage of this asset to help further your financial goals.

Colorado mortgage rate trends

The Federal Reserve seems poised to cut rates at its next meeting in September, which will push mortgage rates down. However, a small rate cut likely won’t translate to big relief for buyers in Colorado.

The current rate environment is hampering buying activity in the state, which is paving the way to a more balanced market. The number of active listings is up by more than 22 percent YOY, while the number of sold listings has dropped by more than 14 percent, according to June 2024 data from the Colorado Association of Realtors. Homes are taking five days longer to sell, too. However, that doesn’t mean it’s any easier to actually buy one: The affordability index — a reflection of how easy it is for someone in a particular area in Colorado to afford a median-priced home based on certain factors — has declined nearly 4 percent YOY.

National mortgage rates by loan type

Mortgage statistics for Colorado

Colorado’s home prices have registered robust appreciation for years. Here are some statistics about mortgages and the housing market in The Centennial State:

• Median single-family home sales price, June 2024: $599,000
• Median condo/townhome sales price, June 2024: $419,900
• Housing inventory, June 2024: 22.3% higher YoY
• Homeownership rate, Q4 2023: 67.2%

Sources: Colorado Association of Realtors, U.S. Census Bureau

First-time homebuyer programs in Colorado

The Colorado Housing and Financing Authority (CHFA) helps connect first-time homebuyers to more affordable loans, as well as down payment or closing cost assistance or both. Last year, the CHFA provided more than 5,600 customers with $2 billion in new loans and $76 million in down payment assistance. The typical CHFA-approved borrower had a credit score of 689. Here’s an overview of the organization’s offerings:

• CHFA Home Purchase Loans: These loans are available through partnering lenders and offer affordable rates, low (or no) mortgage insurance, closing cost support and free homebuyer education classes. To qualify, your income must be within CHFA guidelines and your credit score must be at least 620. You also must attend an approved homebuyer education course and contribute at least $1,000 toward the home’s purchase.
• CHFA Down Payment Assistance: Depending on what you qualify for through the CHFA, you might be eligible for a grant of up to $25,000 or 3 percent of your mortgage (whichever is less), or a deferred second mortgage for up to $25,000 or 4 percent of your first mortgage (again, whichever is less). You don’t have to repay the grant.

Keep in mind that the state’s housing authority isn’t the only option for assistance. Some local programs are available to help low- and moderate-income buyers — including first-time buyers — too. For example, metroDPA is a down payment assistance program for homeowners looking to buy along the Front Range of Colorado.

How to find the best mortgage rate in Colorado for you

• Step 1: Strengthen your credit score - Long before you start looking for a mortgage lender or applying for a loan, give your finances a checkup, and improve your credit score if needed.
• Step 2: Determine your budget - To find the right mortgage, you’ll need a good handle on how much house you can afford.
• Step 3: Know your mortgage options - There are a few different types of mortgages.
• Step 4: Compare rates and terms from several lenders - Rate-shop with at least three different banks or mortgage companies.
• Step 5: Get preapproved for a mortgage - Getting a mortgage preapproval is the only way to get accurate loan pricing for your specific situation.

Additional Colorado mortgage resources

• Colorado loan limits by county: Learn the conforming loan limit for your city or town.
• Colorado mortgage lenders: Explore mortgage lenders in your state.
• Best places to live in Colorado: These are the top spots to call home.
• How to buy a house in Colorado: Get set up for a successful house hunt with this guide.
• Cost of living in Colorado: Get a sense of how much you’ll spend or save.
• Homeowners insurance in Colorado: Compare policies from a variety of providers.
• Bankrate mortgage calculator: Determine how much that home will cost you.

Meet our Bankrate experts

Written by: Jeff Ostrowski, Principal Reporter, Mortgages

I cover mortgages and the housing market. Before joining Bankrate in 2020, I spent more than 20 years writing about real estate and the economy for the Palm Beach Post and the South Florida Business Journal. I’ve had a front-row seat for two housing booms and a housing bust. I’ve twice won gold awards from the National Association of Real Estate Editors, and since 2017 I’ve served on the nonprofit’s board of directors.

Read more from Jeff Ostrowski

Edited by: Laurie Dupnock, Editor, Home Lending

I’ve spent five years in writing and editing roles, and I now focus on mortgage, mortgage relief, homebuying and mortgage refinancing topics. I’m most interested in providing resources for aspiring first-time homeowners to help demystify the homebuying process. In 2021, I earned a Poynter ACES Certificate in Editing. I have an MA in English. 

Read more from Laurie Dupnock