Colorado Mortgage Rates

When it comes to buying a home in Colorado, there are some advantages and potential downsides to the equation.

Colorado mortgage rates have remained low for much of the year and continue to be at near-historic lows as of December 2020, allowing homebuyers to take advantage of more favorable loan terms. The average interest rate in Colorado is slightly higher than the national average, though, partially due to the state’s high real estate prices.

That being said, prospective homeowners can still find a mortgage at an affordable rate. Whether or not buyers can find an affordable home in Colorado is another question. Colorado is one of the most expensive states to buy a home in, so you’ll need those affordable rates to cut down on your cost of living in this state.

Mortgage Rates in Colorado

The mortgage interest rate table below is updated daily to reflect the most current mortgage rates available in the market. According to Bankrate’s latest survey of the nation’s largest mortgage lenders, these are the current average rates for a 30-year fixed, 15-year fixed, FHA and VA mortgage rates.

Product Rate Rate Last Week
30-Year Fixed Rate2.990%3.030%
20-Year Fixed Rate2.830%2.860%
15-Year Fixed Rate2.300%2.380%
10-Year Fixed Rate2.280%2.300%
30-Year FHA Rate2.640%2.680%
30-Year VA Rate2.570%2.630%

Rates data based on Denver, Colorado as of 7/22/2021

Colorado mortgage rates overview

Colorado’s real estate market has changed drastically over the past decade. The state has a booming economy that has attracted new workers. Overall, Colorado saw a population increase of 14.5% between 2010 and 2019. The real estate market has, in turn, seen an increased housing demand. The state now has some of the most expensive housing prices and mortgage rates in the nation.

The upside is that Colorado residents have plenty of options for mortgages, from traditional to government-backed loans, making it possible to finance a home despite the high costs of housing in this state. Some of the more popular options include:

  • Conventional mortgage — With a conventional mortgage, borrowers can access fixed or adjustable-rate loans from private lenders with terms of 10 to 30 years.
  • FHA loan — Loans backed by the Federal Housing Administration can help low- to moderate-income households buy a home when they otherwise may not have been able to.
  • VA loan — Backed by the U.S. Department of Veterans Affairs, these loans are available to current and former military members who qualify.
  • USDA loan — Residents of rural Colorado may be eligible for a USDA loan, backed by the U.S. Department of Agriculture.
  • CHFA — The Colorado Housing and Financing Authority partners with lenders to provide mortgages to Colorado residents who fall under a certain income threshold.

Mortgage rates in 2020 have been at their lowest rate ever due to the economic hit from the pandemic along with the actions taken by the Federal Reserve. Even at the close of the year, rates have continued to fall, despite seeing some small spikes earlier in the year.

Rates for a 30-year fixed-rate mortgage in Colorado were at just 2.91% as of the first week in December. The lowest rate for a 15-year fixed-rate mortgage was 2.39%, which is incredibly low compared to what we’ve seen in years past. Rates on adjustable-rate mortgages and 30-year refinance loans were slightly higher, at 3.02% and 3.03%, respectively.

Keep in mind that the lowest rate available isn’t the one that most people end up with. The rate you’re eligible for depends on your credit score, income, assets and other factors.

Mortgage Rates Trends

In this graph: On , the APR was for the 30-year fixed rate, for the 15-year fixed rate, and for the 5/1 adjustable-rate mortgage rate. These rates are updated almost every day based on Bankrate’s national survey of mortgage lenders.
Toggle between the three rates on the graph and compare today’s rates to what they looked like in the past days.

First time home buyer programs in the state of Colorado

First-time homebuyers in Colorado may be eligible for home loans and down payment or closing cost assistance through the Colorado Housing and Financing Authority (CHFA). A down payment assistance grant can provide up to 3% down on a Colorado resident’s first mortgage. Homebuyers won’t have to pay back this grant.

CHFA also works with a network of lenders to provide mortgages to eligible borrowers. To borrow through the program, individuals must have a credit score of 620 or higher, attend a homebuyer education class, have an income under a certain threshold, and make a minimum borrower financial contribution of at least $1,000 toward the purchase of the home.

Most and least expensive places to live in Colorado

Housing prices have been steadily increasing in Colorado, largely as a result of the increased population and demand for housing. There are still plenty of affordable places to live in the state, though. There’s a significant difference in the median home price in the most affordable and least affordable regions of the state.

Least expensive places to buy real estate in Colorado

The most affordable places to buy real estate in Colorado are generally located in the southern and eastern parts of the state. The least expensive counties tend to be less populated, further away from the populous cities like Denver and Boulder.

The most affordable counties in the state are:

  1. Bent County, Colorado — Bent County, which is located in the southeast part of the state, has a median home price of just $101,421. It’s also one of the least populated areas in Colorado, with less than 7,000 residents in the county.
  2. Crowley County, Colorado — Crowley County, Colorado, is another affordable area of Colorado that’s located in the southeast corner of the state. The county has a median home price of $104,016. The population in this county is less than 6,000, and the largest town is Ordway.  
  3. Prowers County, Colorado — Prowers County sits close to the border of Colorado and Kansas and has a median home price of $123,182. This county is slightly larger than some of the others on this list, and is home to towns like Lamar, Colorado.
  4. Conejos County, Colorado — Conejas County is in the southwest part of Colorado and has a median home price of $131,640. The county is right on the border of Colorado and New Mexico, and offers some beautiful outdoor features like National Forest and BLM land.
  5. Otero County, Colorado — Otero County is in the High Plains area of colorado and has a median home price of $139,000. This county is the largest of the five most affordable on this list, with just under 20,000 residents.

Most expensive places to buy real estate in Colorado

The most expensive places to buy real estate in Colorado are those counties that either include or surround the most populated cities like Denver and Boulder. The price of homes in these states is as many 4-8 times higher than the state’s most affordable counties.

The most expensive counties in the state are:

  1. Douglas County, Colorado — The most expensive county in Colorado is Douglas County, which has a median home sales price of $609,000. This county is in the Denver metro area, making it a desirable location for Colorado residents.
  2. Boulder County, Colorado — When it comes to home prices, Boulder County is right up there with Douglas County. This county has a median home sales price of $599,900, and is home to Boulder, Colorado and the University of Colorado at Boulder.
  3. Gilpin County, Colorado — Gilpin County, Colorado, has a median home sales price of $475,800 — well above the national average. This county is part of the Denver-Aurora-Lakewood metro area, making it desirable for commuters who work in Denver.
  4. Clear Creek County, Colorado — Clear Creek County has a median home listing price of $430,000 — making it one of the more expensive areas to live in Colorado. It is located just 20 miles from the Denver metro area, but offers residents a ton of outdoor activities, including easy access to ski resorts.
  5. Jefferson County, Colorado — Jefferson county has a median home sales price of $502,500 and is another county in the Denver metro area. This county is home to Golden and Lakewood, two populous areas in Colorado, and is also home to Colorado School of Mines.

Already own a home and want to refinance?

If you already own a home in Colorado, now might be a great time to refinance. Mortgage rates are extremely low, and you can take advantage of this unique opportunity to lower your mortgage rate.

Mortgage rates in Colorado have continued to drop, and refinance rates in Colorado are just slightly higher than the rate for a conventional mortgage. To learn more about refinancing, compare rates among the best refinance lenders on the market.

Mortgage rates in other states

New Jersey
New York
North Carolina

Reviewed by

  • Angelica Leicht
    Angelica Leicht
    Mortgage Editor

    Angelica Leicht is an editor at The Simple Dollar who specializes in mortgages, mortgage refinancing, home equity loans, and HELOCs. She is a former contributing editor to and