Montrose FHA Loan Rates, Closing Costs & Stats
Montrose, CO
FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.
FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.
While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.
For additional requirements as defined by the FHA, click here.
Montrose's 33 lenders originated 157 FHA loans during 2023. The total origination value was $46,635,000, with an average FHA loan value of $297,038.
Montrose FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Montrose
averaged
0.23%
for the week of 2024-11-29, compared to the national average (all FHA variants) of
0% for the same period.
Montrose's average FHA mortgage closing costs are $9,398.
The average rate for the prior week (2024-11-22) was
6.52% and
one month ago for the week of 2024-10-25, the
average rate was 6.5%.
The average rate one year ago was 7.29%.
For refis of the same type during the week of 2024-11-29, the average rate
was 0%.
Montrose FHA Loan Lenders by Rates & Fees
The below table looks at the average fees/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Montrose level.
The top Montrose FHA lender as defined by loan originations is CORNERSTONE HOME LENDING, INC., with
13 FHA loans originated. Their average total fees are
$11,512, which is $5,986
lower than the next largest lender,
S1L, Inc..
The lowest fee Montrose FHA lenders (with over 10 loans originated) are
CORNERSTONE HOME LENDING, INC. ($11,512), S1L, Inc. ($17,497), .
The lowest rate Montrose FHA lenders (with over 10 loans originated) are
S1L, Inc. (6.20%), CORNERSTONE HOME LENDING, INC. (6.55%), .
Montrose FHA Loan Limits
Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
---|---|---|---|---|---|---|
MONTROSE, CO | MONTROSE | 2020 | $425,500 | $544,700 | $658,450 | $818,250 |
MONTROSE, CO | OURAY | 2014 | $425,500 | $544,700 | $658,450 | $818,250 |
MONTROSE, CO | MONTROSE | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
MONTROSE, CO | OURAY | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Montrose (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $423,675 (10.1%) | $639,076 (14.6%) | 0.00 | 308 |
2018-02-01 | $434,475 (14.9%) | $655,773 (17.8%) | 0.00 | 298 |
2018-03-01 | $437,000 (12.2%) | $647,936 (16.0%) | 0.00 | 307 |
2018-04-01 | $424,944 (10.4%) | $613,092 (12.7%) | 0.00 | 342 |
2018-05-01 | $425,125 (9.1%) | $614,730 (11.7%) | 0.00 | 372 |
2018-06-01 | $429,450 (8.1%) | $630,138 (12.7%) | 0.00 | 392 |
2018-07-01 | $423,825 (6.2%) | $618,420 (12.2%) | 0.00 | 418 |
2018-08-01 | $424,925 (6.5%) | $618,892 (9.6%) | 0.00 | 441 |
2018-09-01 | $423,750 (1.1%) | $607,932 (4.5%) | 0.00 | 442 |
2018-10-01 | $400,725 (-5.5%) | $623,369 (6.7%) | 0.00 | 413 |
2018-11-01 | $414,847 (-1.2%) | $627,395 (7.5%) | 0.00 | 394 |
2018-12-01 | $427,500 (3.0%) | $614,538 (0.3%) | 0.00 | 369 |
2019-01-01 | $424,875 (0.3%) | $608,627 (-4.8%) | 0.00 | 342 |
2019-02-01 | $425,375 (-2.1%) | $613,504 (-6.5%) | 0.00 | 328 |
2019-03-01 | $424,071 (-3.0%) | $608,408 (-6.1%) | 0.00 | 340 |
2019-04-01 | $428,821 (0.9%) | $613,981 (0.1%) | 0.00 | 350 |
2019-05-01 | $422,250 (-0.7%) | $617,532 (0.5%) | 0.00 | 374 |
2019-06-01 | $425,000 (-1.0%) | $606,164 (-3.8%) | 0.00 | 404 |
2019-07-01 | $425,000 (0.3%) | $623,148 (0.8%) | 0.00 | 419 |
2019-08-01 | $426,418 (0.4%) | $620,061 (0.2%) | 0.00 | 416 |
2019-09-01 | $428,545 (1.1%) | $620,600 (2.1%) | 0.00 | 408 |
2019-10-01 | $427,364 (6.7%) | $617,298 (-1.0%) | 0.00 | 402 |
2019-11-01 | $441,750 (6.5%) | $637,209 (1.6%) | 0.00 | 364 |
2019-12-01 | $450,000 (5.3%) | $669,220 (8.9%) | 0.00 | 325 |
2020-01-01 | $452,250 (6.4%) | $675,585 (11.0%) | 0.00 | 300 |
2020-02-01 | $450,000 (5.8%) | $673,337 (9.8%) | 0.00 | 275 |
2020-03-01 | $457,450 (7.9%) | $689,053 (13.3%) | 0.00 | 276 |
2020-04-01 | $448,450 (4.6%) | $670,619 (9.2%) | 0.00 | 279 |
2020-05-01 | $449,000 (6.3%) | $642,191 (4.0%) | 0.00 | 301 |
2020-06-01 | $449,250 (5.7%) | $629,646 (3.9%) | 0.00 | 326 |
2020-07-01 | $489,000 (15.1%) | $664,546 (6.6%) | 0.00 | 317 |
2020-08-01 | $524,950 (23.1%) | $725,017 (16.9%) | 0.00 | 284 |
2020-09-01 | $525,000 (22.5%) | $780,688 (25.8%) | 0.00 | 246 |
2020-10-01 | $525,000 (22.9%) | $779,029 (26.2%) | 0.00 | 212 |
2020-11-01 | $499,791 (13.1%) | $786,080 (23.4%) | 0.00 | 183 |
2020-12-01 | $547,000 (21.6%) | $876,620 (31.0%) | 0.00 | 158 |
2021-01-01 | $525,000 (16.1%) | $909,525 (34.6%) | 0.00 | 136 |
2021-02-01 | $523,450 (16.3%) | $900,365 (33.7%) | 0.00 | 131 |
2021-03-01 | $580,000 (26.8%) | $910,339 (32.1%) | 0.00 | 129 |
2021-04-01 | $612,420 (36.6%) | $969,039 (44.5%) | 0.00 | 115 |
2021-05-01 | $620,000 (38.1%) | $973,222 (51.6%) | 0.00 | 115 |
2021-06-01 | $651,750 (45.1%) | $883,429 (40.3%) | 0.00 | 147 |
2021-07-01 | $659,000 (34.8%) | $897,339 (35.0%) | 0.00 | 174 |
2021-08-01 | $659,750 (25.7%) | $903,377 (24.6%) | 0.00 | 188 |
2021-09-01 | $653,725 (24.5%) | $916,885 (17.5%) | 0.00 | 204 |
2021-10-01 | $636,250 (21.2%) | $904,484 (16.1%) | 0.00 | 189 |
2021-11-01 | $594,722 (19.0%) | $990,658 (26.0%) | 0.00 | 162 |
2021-12-01 | $622,450 (13.8%) | $1,020,996 (16.5%) | 0.00 | 146 |
2022-01-01 | $608,350 (15.9%) | $1,012,079 (11.3%) | 0.00 | 108 |
2022-02-01 | $640,450 (22.4%) | $1,038,542 (15.4%) | 0.00 | 99 |
2022-03-01 | $661,500 (14.1%) | $1,022,252 (12.3%) | 0.00 | 109 |
2022-04-01 | $649,000 (6.0%) | $973,950 (0.5%) | 0.00 | 123 |
2022-05-01 | $640,500 (3.3%) | $974,583 (0.1%) | 0.00 | 138 |
2022-06-01 | $654,000 (0.4%) | $1,002,828 (13.5%) | 0.00 | 177 |
2022-07-01 | $679,000 (3.0%) | $993,686 (10.7%) | 0.00 | 238 |
2022-08-01 | $659,000 (-0.1%) | $1,003,964 (11.1%) | 0.00 | 248 |
2022-09-01 | $649,497 (-0.7%) | $1,006,702 (9.8%) | 0.00 | 241 |
2022-10-01 | $649,000 (2.0%) | $1,021,378 (12.9%) | 0.00 | 237 |
2022-11-01 | $641,750 (7.9%) | $910,261 (-8.1%) | 0.00 | 228 |
2022-12-01 | $630,000 (1.2%) | $921,405 (-9.8%) | 0.00 | 187 |
2023-01-01 | $646,500 (6.3%) | $952,673 (-5.9%) | 0.00 | 158 |
2023-02-01 | $656,750 (2.6%) | $956,953 (-7.9%) | 0.00 | 151 |
2023-03-01 | $639,015 (-3.4%) | $941,384 (-7.9%) | 0.00 | 151 |
2023-04-01 | $612,400 (-5.6%) | $895,168 (-8.1%) | 0.00 | 184 |
2023-05-01 | $608,675 (-5.0%) | $868,838 (-10.9%) | 0.00 | 217 |
2023-06-01 | $631,060 (-3.5%) | $936,656 (-6.6%) | 0.00 | 239 |
2023-07-01 | $633,030 (-6.8%) | $954,036 (-4.0%) | 0.00 | 263 |
2023-08-01 | $599,000 (-9.1%) | $912,370 (-9.1%) | 0.00 | 285 |
2023-09-01 | $631,060 (-2.8%) | $936,374 (-7.0%) | 0.00 | 273 |
2023-10-01 | $626,688 (-3.4%) | $901,426 (-11.7%) | 0.00 | 262 |
2023-11-01 | $630,265 (-1.8%) | $904,713 (-0.6%) | 0.00 | 247 |
2023-12-01 | $672,000 (6.7%) | $961,013 (4.3%) | 0.00 | 236 |
2024-01-01 | $672,500 (4.0%) | $994,425 (4.4%) | 0.00 | 217 |
2024-02-01 | $689,900 (5.1%) | $976,107 (2.0%) | 0.00 | 212 |
2024-03-01 | $699,000 (9.4%) | $993,808 (5.6%) | 0.00 | 220 |
2024-04-01 | $699,000 (14.1%) | $983,936 (9.9%) | 0.00 | 243 |
2024-05-01 | $699,500 (14.9%) | $987,842 (13.7%) | 0.00 | 246 |
2024-06-01 | $700,000 (10.9%) | $1,024,287 (9.4%) | 0.00 | 310 |
2024-07-01 | $686,750 (8.5%) | $979,586 (2.7%) | 0.00 | 345 |
2024-08-01 | $649,950 (8.5%) | $941,159 (3.2%) | 0.00 | 345 |
2024-09-01 | $629,700 (-0.2%) | $925,560 (-1.2%) | 0.00 | 343 |
2024-10-01 | $644,300 (2.8%) | $928,722 (3.0%) | 0.00 | 335 |
Montrose's median listing price comes in at 0% of the national average.
Montrose's average listing price for 2024-10-01 was $928,722, a difference of $27,296 (3.0%) versus the prior year and $3,162 versus the prior month.
For the 2024-10-01 period, Montrose had 335 MLS listings, a difference of -8 listings (-2%) versus the prior month and 73 listings (28%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Montrose (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 0 days | 2,168 sqft |
2018-02-01 | 0 days | 2,212 sqft |
2018-03-01 | 0 days | 2,168 sqft |
2018-04-01 | 0 days | 2,146 sqft |
2018-05-01 | 0 days | 2,146 sqft |
2018-06-01 | 0 days | 2,144 sqft |
2018-07-01 | 0 days | 2,165 sqft |
2018-08-01 | 0 days | 2,167 sqft |
2018-09-01 | 0 days | 2,148 sqft |
2018-10-01 | 0 days | 2,174 sqft |
2018-11-01 | 0 days | 2,191 sqft |
2018-12-01 | 0 days | 2,245 sqft |
2019-01-01 | 0 days | 2,207 sqft |
2019-02-01 | 0 days | 2,221 sqft |
2019-03-01 | 0 days | 2,197 sqft |
2019-04-01 | 0 days | 2,224 sqft |
2019-05-01 | 0 days | 2,238 sqft |
2019-06-01 | 0 days | 2,194 sqft |
2019-07-01 | 0 days | 2,138 sqft |
2019-08-01 | 0 days | 2,122 sqft |
2019-09-01 | 0 days | 2,112 sqft |
2019-10-01 | 0 days | 2,096 sqft |
2019-11-01 | 0 days | 2,080 sqft |
2019-12-01 | 0 days | 2,094 sqft |
2020-01-01 | 0 days | 2,095 sqft |
2020-02-01 | 0 days | 2,042 sqft |
2020-03-01 | 0 days | 2,107 sqft |
2020-04-01 | 0 days | 2,129 sqft |
2020-05-01 | 0 days | 2,107 sqft |
2020-06-01 | 0 days | 2,170 sqft |
2020-07-01 | 0 days | 2,169 sqft |
2020-08-01 | 0 days | 2,336 sqft |
2020-09-01 | 0 days | 2,309 sqft |
2020-10-01 | 0 days | 2,316 sqft |
2020-11-01 | 0 days | 2,333 sqft |
2020-12-01 | 0 days | 2,403 sqft |
2021-01-01 | 0 days | 2,400 sqft |
2021-02-01 | 0 days | 2,392 sqft |
2021-03-01 | 0 days | 2,333 sqft |
2021-04-01 | 0 days | 2,279 sqft |
2021-05-01 | 0 days | 2,324 sqft |
2021-06-01 | 0 days | 2,171 sqft |
2021-07-01 | 0 days | 2,204 sqft |
2021-08-01 | 0 days | 2,192 sqft |
2021-09-01 | 0 days | 2,176 sqft |
2021-10-01 | 0 days | 2,112 sqft |
2021-11-01 | 0 days | 2,094 sqft |
2021-12-01 | 0 days | 2,038 sqft |
2022-01-01 | 0 days | 2,003 sqft |
2022-02-01 | 0 days | 2,061 sqft |
2022-03-01 | 0 days | 2,081 sqft |
2022-04-01 | 0 days | 1,968 sqft |
2022-05-01 | 0 days | 2,000 sqft |
2022-06-01 | 0 days | 1,974 sqft |
2022-07-01 | 0 days | 1,981 sqft |
2022-08-01 | 0 days | 2,040 sqft |
2022-09-01 | 0 days | 2,052 sqft |
2022-10-01 | 0 days | 2,106 sqft |
2022-11-01 | 0 days | 2,145 sqft |
2022-12-01 | 0 days | 2,144 sqft |
2023-01-01 | 0 days | 2,156 sqft |
2023-02-01 | 0 days | 2,112 sqft |
2023-03-01 | 0 days | 1,986 sqft |
2023-04-01 | 0 days | 1,944 sqft |
2023-05-01 | 0 days | 1,985 sqft |
2023-06-01 | 0 days | 2,035 sqft |
2023-07-01 | 0 days | 2,032 sqft |
2023-08-01 | 0 days | 1,992 sqft |
2023-09-01 | 0 days | 2,017 sqft |
2023-10-01 | 0 days | 2,014 sqft |
2023-11-01 | 0 days | 1,997 sqft |
2023-12-01 | 0 days | 1,998 sqft |
2024-01-01 | 0 days | 1,982 sqft |
2024-02-01 | 0 days | 1,988 sqft |
2024-03-01 | 0 days | 2,001 sqft |
2024-04-01 | 0 days | 2,008 sqft |
2024-05-01 | 0 days | 2,053 sqft |
2024-06-01 | 0 days | 2,001 sqft |
2024-07-01 | 0 days | 1,996 sqft |
2024-08-01 | 0 days | 1,990 sqft |
2024-09-01 | 0 days | 1,959 sqft |
2024-10-01 | 0 days | 1,981 sqft |
Montrose's median square footage for active listings during the 2024-10-01 period was 1,981 sqft. One year prior, the average listing was 2,014 sqft.