Summary: Based on the current median home price of $789,637, 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 2020. Having said that, your monthly payments may be affected by a few parameters.
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 2020 & 2021, mortgage rates are expected to rise. The average rate for a 30-year fixed home loan has increased a lot over the past few months, based on Freddie Mac’s weekly survey. For Boulder area homeowners, this also impacts them as their monthly mortgage payment will move up.
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 which have large deductions. However, their income is still strong according to what is deposited. We can certainly with help with that type of low doc loan.
Here’s a break down of the average mortgage payment:
Home loan amount: $600,000 (update: As of 2020, conforming loan limit is $644,000 in Boulder)
Loan type: 30-year fixed-rate mortgage
Mortgage rate: 3.84%
Repayment period: 30 years
Monthly payment: $2,809
Other variables that can have a bearing on monthly mortgage payments, include amount of down payment, property taxes, HOA dues, and more.
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 2020 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.