Connecticut Mortgage and Refinance Rates

Written by Jeff Ostrowski

As of Friday, May 20, 2022, current rates in Connecticut are 5.29% for a 30-year fixed, 4.55% for a 15-year fixed, and 3.13% for a 5/1 adjustable-rate mortgage (ARM).

Bankrate has offers for Connecticut mortgage and refinances from top partners that are well below the national average. Compare, apply, and start saving today.

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money.

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Connecticut mortgage overview

Depending on where in the state you choose to live, Connecticut can be a relatively more expensive place to call home. Generally, the median list price for a property in the state is steeper than the national median.

Connecticut requires all sellers to provide a Uniform Property Condition Disclosure to buyers as part of the sale process. This is somewhat unique to Connecticut, as it’s not a requirement in every state. If the seller does not provide this legally required document, the buyer must be credited $500 at the mortgage closing.

Top 5 Bankrate mortgage lenders in Connecticut

  • – Best online lender
  • Interfirst Mortgage Company – Best no-fee lender
  • Watermark Home Loans – Best for VA loans
  • AmeriSave Mortgage Corporation – Best non-bank lender
  • Cardinal Financial Company – Best for low-credit score borrowers


Bankrate helps thousands of borrowers find mortgage and refinance lenders every day. To determine the top mortgage lenders, we analyzed proprietary data across more than 150 lenders to assess which on our platform received the most inquiries within a three-month period. We then assigned superlatives based on factors such as fees, products offered, convenience and other criteria. These top lenders are updated regularly. - Best online lender is an online-only lender that offers mortgages in 46 states along with Washington, D.C.

Strengths: offers fast mortgage preapprovals — three minutes — and 21-day closings, on average, as well as the Better Price Guarantee of $100 if it can't match a competitor's offer.

Weaknesses: offers conventional and FHA loans, not government-insured VA or USDA loans, and the Better Price Guarantee is only available via the lender's website.

Read Bankrate's mortgage review

Interfirst Mortgage Company – Best no-fee lender

Interfirst Mortgage Company offers the standard slate of mortgage products, including rate-and-term and cash-out refinancing.

Strengths: Interfirst Mortgage Company doesn’t charge an application fee or other type of lender fee.

Weaknesses: Interfirst Mortgage Company operates in many states, but not all, and doesn’t offer FHA, VA or USDA loans. The lender also requires a relatively higher credit score and isn’t as flexible in underwriting as other lenders might be.

Read Bankrate's Interfirst Mortgage Company review

Watermark Home Loans – Best for VA loans

Watermark Home Loans is a mortgage lender with a range of loan offerings available in more than 35 states.

Strengths: Watermark Home Loans offers no-closing-cost loans and programs specifically for military veterans, including waiving the VA funding fee for certain borrowers.

Weaknesses: Watermark Home Loans doesn’t display mortgage rates or its loan requirements online, and some of the information on its website is inconsistent, which can be problematic for borrowers exploring their options.

Read Bankrate's Watermark Home Loans review

AmeriSave Mortgage Corporation – Best non-bank lender

AmeriSave Mortgage Corporation provides mortgages in nearly all U.S. states (except New York) and Washington, D.C.

Strengths: AmeriSave Mortgage Corporation provides personalized rate quotes in just minutes online, often without pulling your credit report (and affecting your score as a result).

Weaknesses: AmeriSave Mortgage Corporation doesn’t operate from any branch locations or offer a first-time homebuyer program, unlike some other lenders.

Read Bankrate's AmeriSave Mortgage Corporation review

Cardinal Financial Company – Best for low-credit score borrowers

Cardinal Financial Company offers mortgages in all 50 states.

Strengths: Cardinal Financial Company offers a wider range of loans for first-time homebuyers, including FHA, VA and USDA loans, and a quick loan process overall. It also has lower credit requirements for some types of loans compared to those of other lenders.

Weaknesses: Cardinal Financial Company doesn’t advertise mortgage rates or its fees on its website, and doesn’t offer home equity lines of credit (HELOCs) or home equity loans.

Read Bankrate's Cardinal Financial mortgage review

First-time homebuyer programs in Connecticut

The Connecticut Housing Finance Authority (CHFA) offers programs that can help first-time homebuyers of all backgrounds, from the disabled to the military, police and teachers. There is also a down payment assistance loan available to first-time homebuyers.

For any of the below listed programs, go to the CHFA resource map for detailed eligibility requirements.

Down Payment Assistance Program

For many, saving enough for down payment is one of the biggest hurdles to homeownership. For those who have enough money to make monthly mortgage payments, but haven’t been able to save a down payment, Connecticut offers the Down Payment Assistance Program (DAP) loan. Funds from this loan count as a second mortgage on your property, and often, the interest rate on the DAP loan is the same as the interest rate on your CHFA first mortgage. The DAP loan must be a minimum of $3,000, but no more than the minimum down payment required to purchase (typically 3 percent to 3.5 percent). To qualify for the DAP loan, first-time homebuyers must first apply for a CHFA mortgage, and contribute any household savings above $10,000 toward the down payment. (This requirement is waived for police and teacher loan programs through CHFA.) First-time buyers must also attend a buyer education course, either in person or online, to take advantage of this assistance.

HFA Advantage and HFA Preferred Loans

Two Fannie Mae and Freddie Mac loan programs, HFA Advantage and HFA Preferred, are common for first-time homebuyers in Connecticut, as they provide savings on the insurance costs associated with a mortgage, as well as “below-market” interest rates.

In addition to providing no upfront mortgage insurance costs and lower monthly mortgage insurance overall, these programs eliminate mortgage insurance premiums entirely when the borrower reaches 20 percent equity.

To qualify, you must be a first-time buyer or have not owned a home in the previous three years. The home must also be your primary residence, and there are income and purchase price limits within the programs.

Conventional Area Median Income Loan Program

Also offered through the CHFA, the Conventional Area Median Income Loan Program (CALP) is aimed at first-time buyers who do not qualify for an HFA Advantage or HFA Preferred loan because their income is greater than 80 percent of the area median income (AMI). The benefits of this mortgage include a below-market interest rate and savings on insurance costs. As with most programs, the purchase property must be your primary residence, and sales price limits apply.

Military Homeownership Program

Current members of the military and veterans who are first-time homebuyers have a mortgage option available from the CHFA. The Military Homeownership Program features 0.125 percent off a below-market interest rate, and is also available to unmarried, surviving spouses or civil union partners of a veteran who died as a result of military service or service-connected disabilities. Like the HFA Advantage and HFA Preferred programs, the property must be your primary residence, and there are also income and sales price limits, depending on where the home is located.

Police Homeownership Program

If you’re a municipal police officer looking to buy a home in the city or town where you work, or a Connecticut state police offer, the Police Homeownership Program can help make your dream a reality. The program offers mortgages with interest rates that are an additional 0.125 percent off below-market rates, and is available to first-time homebuyers or those who have not owned a home for the prior three years. Funding is available for primary residences only, and there are sales price and income limits, as well.

Teachers Mortgage Assistance Program

The Teachers Mortgage Assistance Program also features 0.125 percent off the below-market interest rates offered by the CHFA. Designed to assist teachers with becoming homeowners in the areas they work, it is available to first-time buyers or those who have not owned a home in the past three years.

Like other CHFA programs, the home must be your primary residence. In addition, borrowers must be employed as a teacher in a “priority” or “transitional” school district, a list of which can be found on; or, employed by the state in a technical high school in one of these districts.

The Teachers Mortgage Assistance Program is also open to those who graduated from a historically black college or university, or a Hispanic-serving institution.

Home of Your Own Program

CHFA also offers mortgages specifically for first-time borrowers with disabilities through the Home of Your Own Mortgage Program. If you or someone in your family who will be living in the home has a documented disability, the program can help make homeownership possible by providing a low interest rate.

To qualify, you must be able to provide proof of the disability, and be a first-time homebuyer or have not owned a home in the past three years. In addition, the home must be your primary residence. As with other CHFA programs, there are also income and sales price limits.

Homeownership for Residents of Public Housing

Yet another option, the CHFA offers a mortgage designed to help residents of public housing transition to homeownership. The Homeownership for Residents of Public Housing loan offers below-market interest rates to qualified tenants of public housing. The mortgage is also available to participants in rental assistance programs and tenants of rental housing supported by the CHFA, the U.S. Department of Housing and Urban Development (HUD) and local housing agencies. All borrowers must meet credit, income and employment requirements.

Mobile Home Mortgage Program

If it’s a mobile home you’d like to purchase, there’s a first-time homebuyer program for that, as well. The CHFA Mobile Home Mortgage Program offers low interest rates and low closing costs. As with other programs, there are income and purchase price limits to participate, and the mobile home must be your primary residence.

Connecticut mortgage refinancing

Refinancing can be a great way to save money when interest rates drop, but you’ll want to be sure that fees and other costs associated with refinancing do not wipe out any potential savings.

When you’re ready to refinance in Connecticut, be sure to shop around and research offers from multiple lenders.

Connecticut mortgage resources