Current mortgage rates are averaging 6.92% for 30-year fixed loans and 6.28% for 15-year fixed loans. Refinance options include rate-and-term refinances, cash-out refinances, and government-backed options like FHA and VA loans, with varying rates and qualifications. The average 30-year refinance rate is 7.14%, while the 15-year rate is 6.53%. To secure better rates, borrowers should improve their credit scores, lower their debt-to-income ratios, and compare offers from multiple lenders. Various assistance programs are available for first-time homebuyers in Colorado.