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With historic interest rates, Denver vets race to refinance their homes

Low interest rates and a tight housing market in Denver are driving a boom in VA home loans this year.
Credit: DBJ

DENVER — Denver-area veterans took advantage of U.S. Department of Veterans Affairs home loans in 2020 at more than double the volume in 2019, fueled by low interest rates and recent legislation that lifted some restrictions.

The trend is mirrored in major metropolitan areas across the country. But for Denver, where the area is seeing record home sales and the average price of a home recently passed $600,000 despite the pandemic, historically low interest rates for veterans and servicemembers can make a big difference for new homebuyers or homeowners looking to refinance.

VA loans in Denver County are up 103% through the end of the VA’s fiscal year 2020, which ended on Sept. 30, compared to 2019. For the seven-county metro area, VA loans were used more than 18,000 times this year – an increase of 115% from last year.

Driving most of the increase is a huge bump in refinance loans, as retired veterans and active service members look to take advantage of low interest rates at around 2.25% on average, compared to the 3.12% average rate for conventional 30-year-fixed refinance loans. Denver County saw about 1,100 refinance VA loans in 2020, four times more than 2019.

>Read more at the Denver Business Journal.

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