January 2023 Mortgage Rates*

& What To Expect in 2023

30-Year Fixed

15-Year Fixed

10/6 ARM

30-Year Jumbo



*Based on Google Search results for Colorado on January 27th, 2023, 700 credit score, and 20% down payment. Mortgage Interest Rates depend on many factors, including the aforementioned.


Interest rates have come down from their peak in 2022 and are sitting right under 7% for a 30-year fixed interest rate mortgage. This is good news for individuals looking to secure a loan in the immediate future. These interest rates continue to change as the Federal Reserve works to balance economic forces by raising their borrowing rates. The trickle down effect will come to mortgages over the following months. Many economists predict the Federal Reserve will continue to raise interest rates in 2023, so this may be close to the best rates we’ll see for the year. If you’re looking to secure a loan, start the process now.

When approaching a mortgage, it’s important to know what monthly payments look like with down payments. Here’s a quick look at what monthly payments will look like with the current interest rates.


Monthly Payments*


Mortgage Type

10% Down 

20% Down

30% Down

30-Year Fixed




15-Year Fixed




*Based on average home value in Longmont, Colorado of $532,000, 700 credit score, and interest rates described above.


Over the past few years a 10% down payment would satisfy most lenders. As interest rates rise, lenders start requiring higher down payments. This helps reduce monthly payments,  and the overall cost of your home over time. If you are a first time home buyer, there are still programs available to assist with your down payment and get you into your first home. Get in touch with The Wise Team if you are a first time home buyer on your first real estate journey. We’re happy to help navigate the process with you.

How Buyers Should Prepare:

  • Secure your Mortgage Loan now. Don’t wait, because interest rates may go up.
  • Try to increase your down payment to help reduce your monthly mortgage payments.
  • Keep your eye on the market. Look for homes that have been listed for a long time to make an offer on. This gives you negotiating power.
  • Improve your credit score to help reduce your mortgage interest rate.
  • Talk to your local realtor for the best tips on real estate in the area.


How Sellers Should Prepare:

  • Ensure your property is ready to sell (stage, repairs, curb-appeal, etc.).
  • Be ready to have your property sit on the market longer than expected.
  • Prepare for offers with conditions and be ready to negotiate.
  • Speak with your real estate agent for the best tips on selling in your area.