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Colorado Mortgage Rates

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Colorado Mortgage Rates

Comparing Colorado Mortgage Rates with National Rates

In order to help you see how Colorado mortgage rates compare with National rates, check out the following rate table from the industry website mortgagenewsdaily.com. These rates represent national averages and are based on specific loan assumptions. 

Shopping for Best Mortgage Rates in Colorado

It is important to shop around for the best terms. Make sure that you compare rates, lender fees and learn about third party fees. When comparing mortgage offers check out the term (length), interest rate (fixed vs. variable), and if applicable the cost of mortgage insurance. Get more information about mortgage rates and mortgage fees. Also, FHA loans, which always require mortgage insurance, differ from conventional loans, which require Private Mortgage Insurance (PMI) if your loan to value ratio (LTV) is over 80%.  Make sure that you use all of your costs when comparing loans.

Qualifying for a Mortgage in Colorado

In order to qualify for the best mortgage rates in Colorado it is important to have an excellent credit score. Also, you want to make sure that your debt to income ratio (DTI) and your downpayment or equity position , your loan to value ratio (LTV) are sufficient to qualify. Read this Bills.com article about qualifying for a mortgage.

 Mortgage Resources for Colorado

Colorado is the twenty first most populous US state. According to the US census, as of 2017, there is an estimated population of over 5.5 million residents, which represents 1.7% of the US population. However, according to the HMDA data for 2015, Colorado ranked 13 for most mortgage loans originated in 2015.

Based on the FHFA All-transaction HPI, Colorado home prices were more stable between the years of the Great Recession than US home prices. Between Q1 2005 and Q1 2011 Colorado housing prices decreased by only 9%, whereas National Home Prices decreased between Q1 2005 and Q2 2012 (their lowest point) by 18%. Overall, Housing prices in Colorado increased between Q1 2005 and Q1 2017 by more than 48%, whereas US home prices increased by only 17%.

  1. FHA loan amounts in Colorado: (note:set the table to Colorado). There are 64 counties in the state of Colorado of which 8% of the single family units meet the Highest loan limit, currently at $636,150. 56% of the counties are at the Standard loan limit, currently at $275,665. The remaining 36% are between those two limits.
  2. FHFA Conventional Loan Amounts: Check the pdf from FHFA for all states and search for Colorado and your county or check out the FHFA conforming limit map. Since the FHFA has higher base limits than the FHA, currently at $424,100, there are 69% of the counties that fit this category. 5% of the counties have the Highest Loan limit of $636,150. The remaining 26% are between those two limits.
  3. The Colorado Housing and Finance Authority offers a number of programs including down payment assistance, mortgage loan and homebuyer education programs. The also have a closing cost assistance program for both purchase and refinance loans, the CHFA Advantagesm  . Currently the homebuyer program requires you to "Complete a CHFA-approved homebuyer education class, Complete a CHFA-approved homebuyer education class, Have a mid credit score of 680, Contribute a 3 percent down payment (may be a gift), Meet incom​e limits​​, and  In addition to qualifying for the CHFA program guidelines, you must also qualify according to the first mortgage underwriting ​ guidelines determined by your CHFA Participating Lender." 
  4. Check out the Hud’s website for more information about homeowner programs and homeowner education programs. 

Mortgage Trends and Statistics for Colorado

Mortgage rates, loan amounts, LTV, (etc) vary based on areas. The FHFA provides a useful insight into differences in conventional loans. based on Metropolitan Areas.

Source of Data: FHFA Historical Table  - (TERMS ON CONVENTIONAL HOME MORTGAGES) Table V - Averages for Major Metropolitan Areas: Loans Closed

Check out some differences in One MSA area in Colorado:

  • Mortgage Rates for Conventional Loans in One MSA in Colorado
  • Mortgage Fees in One MSA in Colorado
  • Loan Amount in Colorado for One MSA
  • LTV over 90% in One MSA in Colorado

 

Mortgage Rates for Conventional Loans in One MSA in Colorado

 

Mortgage Fees in One MSA in Colorado

 

Loan Amount in Colorado for One MSA

 

LTV over 90% in One MSA in Colorado for One MSA

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