Initial rates displayed are based on a $200,000 loan for a purchase or refinance transaction of an owner-occupied, single-family residence with 62.5% LTV and 740 credit score and no cash out. The rates were submitted by each individual lender/broker on the date indicated. Rate/APR terms offered by advertisers may differ from those listed above based on the borrower's creditworthiness and other differences between an individual loan and the loan criteria used for the HSH quotes. The annual percentage rate in ARM products may increase after the loan is closed. More Info: These quotes are from banks, thrifts, and brokers who have paid for a link to their website in the listings above, and you can find additional information about their loan programs on their websites.
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.
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.
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.
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%.
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 for One MSA