Summary: Based on the current median home price of $890,000, along with average mortgage rates for a 30-year fixed conforming loan at 3.84%, the average mortgage payment in Boulder is approximately $3,015 as of May 2021.
Just a year ago, the average payment was $3,015 based on a median price of $789,637 from January 2020.
Having said that, your monthly payments may be affected by a few parameters such as current interest rates, your credit scores, and the down payment or the equity you have in your home if you’re looking to refinance.
For the typical homeowner, mortgage payments in Boulder, Colorado have gradually gone up over the past two years, as a result of home values rising quickly across the region.
As we get into late 2021 & 2022, mortgage rates are expected to rise. The average rate for a 30-year fixed home loan has decreased over the past few months, based on Freddie Mac’s weekly survey. For Boulder area homeowners, this benefits them if they refinance to reduce their monthly mortgage payment.
One can always pay discount points to buy the rate down to a certain point to secure a lower monthly payment.
Another parameter is the fact that some borrowers, such as those who are self-employed, may not qualify if they provide tax returns because they have large deductions. However, their income is still strong according to what is deposited. We can certainly help with that type of low doc loan.
Here’s a break down of the average mortgage payment:
Home loan amount: $801,000.
Loan type: 30-year fixed jumbo mortgage
Interest rate: 3.125%
Repayment period: 30 years
Monthly payment: $3,431
The 2021 conforming loan limit is $654,350 in Boulder so a jumbo rate must be used. Other variables that can have a bearing on monthly mortgage payments, include amount of down payment, property taxes, HOA dues, and more.
Note: In January 2020, the average mortgage interest rate was 3.84% and the monthly payment was $3,328 on a $710,673 jumbo loan. So, in mid-2021 with a higher loan amount and interest rate almost three-quarters percent less, the payment is $103 more than the prior year.
This is not meant to be an exact method of average mortgage payments in Boulder, but simply a rough estimate based on market data at the time of this article.
Home Prices and Rising Interest Rates
Home prices in the Boulder area, and nearby Denver are likely to continue their gradual ascent in 2021 barring any major financial news that impacts housing markets.
Find out What Your Monthly Payments Will Be
If you are looking for a mortgage loan in the Boulder – Denver area, we can provide you with a competitive quote according to your present financial situation and the kind of loan program you need.
If you’re planning to buy a home in Boulder or Denver, I suggest that you get pre-approved for a loan before looking at homes and putting in offers. The market is already highly competitive and getting pre-approved for a mortgage can help improve your chances of obtaining an accepted offer.
Moreover, your offer is more likely to be accepted if you have a pre-approval letter. In a hot real estate market like Boulder & Denver, this is especially important.
Contact our loan experts today to get started.