Although interest rates are on the rise, it's still a great time to purchase a home. Speak with one of our expert loan officers today!

Best Mortgage Rates in Colorado 2024

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:

  1. 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.
  2. 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.
  3. Government-backed mortgages: These mortgages include FHA and VA mortgages that often allow for lower down payments and credit scores.
  4. 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.

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Colorado Mortgage Rate Trends

Following the housing crisis in 2007, mortgage rates in Colorado and throughout the United States reached historic lows. In the 15 years since, the housing market has rebounded and mortgage rates have risen steadily. The past year, in particular, has seen a dramatic uptick in rates in an effort to curb inflation and stabilize the economy.

As of November 2023, today’s mortgage interest rates in Colorado are hovering between 6–7% for 15-year and 30-year fixed rate mortgages. Average adjustable rate mortgages currently average around 5.6% for a 7-year term. Keep in mind that mortgage rates change continuously depending on various economic factors, as well as personal factors, such as credit score and loan-to-value ratio (the mortgage amount compared to the home’s price or value).

It can be challenging to determine which mortgage type is right for your current and future payments. That’s why having an experienced partner is important before you purchase your Colorado dream home. Reach out to the experts at Blue Water Mortgage to easily navigate the homebuying process and find the mortgage rate and loan option that is right for you.

Why Blue Water Mortgage?
No Surprises
No Surprises
With over 150 years of collective experience, our mortgage brokers have seen it all. This level of expertise enables us to anticipate and quickly resolve any issues that might arise and close on time, every time.
Personalized Services
Personalized Services
Buying a home is one of the biggest purchases you’ll make in your entire life. That’s why our brokers are available via phone 24/7 to address any concerns or answer any questions you might have about the mortgage process.
Competitive Rates
Competitive Rates
Blue Water is locally owned, so we aren’t beholden to banks. That means we’re able to offer a more diverse portfolio of mortgage products tailored to your specific needs, as well as more competitive rates and lower closing costs.
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The Mortgage Process

Blue Water’s mortgage loan process timeline involves a series of five steps, some of which require sitting down with one of our experts to analyze all aspects of your financial health. Here’s what you can expect:
Getting to Know You & Getting On Track
In our first meeting, we’ll answer your questions and talk about the programs we offer that would best fit your situation.
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Getting Pre-Qualified
The next step in the mortgage loan process is applying for pre-qualification, which enables us to confidentially verify your credit, income, assets, and liabilities.
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Assessing Loan Programs & Rates
At this point, we’ll start to sort through and evaluate which mortgage best fits your needs.
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Obtaining Loan Approval
Once you’ve submitted your loan application, we’ll work with our lenders to help find you the best rate and most favorable terms possible.
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Closing the Loan
After your loan is approved, we’ll review the details once more to make sure you feel confident about the financial commitment you are about to make. Once all of your questions are answered, we will schedule a closing.
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Please be advised that your actual rate, payment, and cost could be higher. Get an official Loan Estimate before choosing a loan. This estimate is provided for informational purposes ONLY, to assist you in determining an estimate of cash that may be required to close and an estimate of your proposed monthly mortgage payment. Actual charges may be more or less, and your transaction may not involve a fee for every item listed.

Rate and APR based on the following assumptions: Purchase Price of $250,000, loan amount of $200,000, 75% loan to value, 780 credit score, single family property, primary residence, escrowing taxes and insurance, debt ratio within program guidelines.

Rates posted are effective as of 4/17/2024.