Best Mortgage Rates in Colorado 2023
If you’re looking to purchase a home in Colorado, you’ll want to find the best mortgage rate to keep your payment as low as possible over the long term. Across the United States, mortgage rates have increased substantially over the past year. In that time, the Federal Reserve has initiated a series of interest rate hikes, with rates topping 7% in October 2023, the highest rate seen in two decades.
Along with rising inflation, higher interest rates are contributing to a drop in demand for homes, which could mean more opportunities as you begin your search for a new home. Blue Water Mortgage is here to help navigate the current housing market to ensure you get the best mortgage rates in Colorado for your specific preferences and financial situation.
Current Mortgage Rates in Colorado
When it comes to current mortgage rates in Colorado, the state’s average home loan interest rates tend to align with national averages. Like the rest of the country, Colorado is currently experiencing higher than normal mortgage rates. When mortgage rates are on the rise, it is especially important to work with an experienced and savvy team that can help you consider all available options.
The four main types of mortgages in Colorado are:
- Conventional fixed-rate mortgages: These mortgages have a set interest rate over the lifetime of the home loan, and typically include 10, 15, 20 or 30-year terms.
- Adjustable rate mortgages (ARMs): These mortgages have a lower initial interest rate that can fluctuate over time depending on the general state of the economy and the fixed margin charged by the lender.
- Government-backed mortgages: These mortgages include FHA and VA mortgages that often allow for lower down payments and credit scores.
- Jumbo mortgages: These mortgages are sought when the amount that needs to be financed exceeds the limits set by Fannie Mae and Freddie Mac.
With mortgage rates at their highest in recent years, it’s more important than ever to research rate trends and choose the loan program that best fits your circumstances as you begin the homebuying process. Our expert brokers are standing by to help you find the best mortgage rates in Colorado.