Colorado Springs lies under the Rocky Mountains. As Colorado Springs is one of the most peaceful cities in the USA and due to its natural beauty, many people need to settle their lives in Colorado Springs. The affordable housing prices are also a huge reason for the increment of more settlers.

Colorado Housing scheme and the real estate housing projects are providing great support for those who are looking to settle down in Colorado Springs. In the Colorado state including Colorado Springs, the median home value falls just below about $400,000. But anyway during the mid of the covid pandemic this median value was about $350,000 as stated.

This was because mainly there were no enough houses for the sellers to sell. But during this time sellers could have done their sales 100% for the asking price, as normally it happens for about 90% of the asking price during the normal days. Any way the housing prices of Colorado Springs are still rising as there is a good demand for the supply and a good supply for the demand. You can find the right one mortgage broker in Colorado Springs, Just visit on hyperlinked site.

Many programs are ongoing to assist first-time home buyers within the whole Colorado state. These included assistance programs, loans, grants, and some more facilities. The Colorado Housing and Financing Authority (CHFA) offers loans and down payments for qualified first-time home buyers. CHFA's home purchase loans are offering affordable and partnering relationships between lenders. Any way to obtain this the customers should have an income that falls between CHFA guidelines.

The summarized Average Mortgage terms in Colorado Springs are as follows,

Rate: 2.600%
APR: 2.615%
Expected Savings: $18,583
Monthly payments: $960
Total closing cost: $458

Given below is the historical information about the mortgage rates in Colorado Springs according to the Financial report of the US government.

2013 2014 2015 2016 2017 2018 2019 2020
% 30-year fixed mortgage 92.62 90.53 91.05 91.27 92.86 92.24 94.24 93.51
Avg. mortgage rate 4.98% 4.67% 3.90% 4.01% 4,48% 4.16% 3,96% 4.18%
% 15-year fixed mortgage 6.21 7.41 7.18 7.79 6.29 6.51 4.66 5.50
Avg. mortgage rate 4.37% 3.95% 3.20% 3.16% 3.52% 3.29% 3.19% 3.34%
Avg. credit score 760.81 762.63 764.78 758.87 754.34 753.85 751.70 753.60
Avg. LTV (Loan to Value) 74.34% 76.53% 78.72% 79.76% 80.94% 80.89% 80.38% 79.15%
Avg. DTI (Debt to Income) 34.64 34.10 33.58 33.95 35.02 35.44 35.88 36.16
% first time home buyer 30.67 27.91 27.36 30.52 34.61 35.29 35.11 33.80
Avg. mortgage insurance % 3.53 5.63 8.25 9.63 11.32 11.31 10.51 9.67

There are several types of mortgage loans offering within the Colorado state including Colorado Springs. They are,

Conventional fixed-rate mortgages
Adjustable-rate mortgages
FHA mortgages
VA mortgages
Jumbo mortgages

As it's mentioned in the above paragraph also the median home value lies just below $400,000. When the customer qualifies for each mortgage loan types mentioned above, the customer has to care above these,

• If the customer has qualified for a VA mortgages loan, it's higher than the median home price

• If the customer has qualified for an FHA mortgage loan, it's lower than the median home price.

• However, Jumbo mortgages allow the customer offers higher down payments and different financial requirements than a usual mortgage

Anyway, the refinancing within the Colorado State limit requires to fill an application by the customer. It's not a difficult task other than writing an essay during the school days.

Here are the Mortgage interest rates recorded in Colorado State on Tuesday, April 13, 2021.

Loan type Interest rate Change per day Rate last week

30-year fixed mortgage rate 3.17% 0.10% ^ 3.27%
15-year fixed mortgage rate 2.14% 0.10% ^ 2.51%
5/1 ARM mortgage rate 3.09% 0.05% ^ 3.04%
30-year fixed jumbo mortgage rate 3.18% 0.10% ^3.28%
30-year fixed refinance rate 3.25% 0.12% ^ 3.37%

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Any way to obtain this the customers should have an income that falls between CHFA guidelines.