Connecticut Mortgage and Refinance Rates
As of Saturday, July 24, 2021, current rates in Connecticut are 3.05% for a 30-year fixed, 2.38% for a 15-year fixed, and 2.93% 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.
About our Mortgage Rate Tables: The above mortgage loan information is provided to, or obtained by, Bankrate. Some lenders provide their mortgage loan terms to Bankrate for advertising purposes and Bankrate receives compensation from those advertisers (our "Advertisers"). Other lenders' terms are gathered by Bankrate through its own research of available mortgage loan terms and that information is displayed in our rate table for applicable criteria. In the above table, an Advertiser listing can be identified and distinguished from other listings because it includes a "Next" button that can be used to click-through to the Advertiser's own website or a phone number for the Advertiser.
Availability of Advertised Terms: Each Advertiser is responsible for the accuracy and availability of its own advertised terms. Bankrate cannot guaranty the accuracy or availability of any loan term shown above. However, Bankrate attempts to verify the accuracy and availability of the advertised terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. Click here for rate criteria by loan product.
Loan Terms for Bankrate.com Customers: Advertisers may have different loan terms on their own website from those advertised through Bankrate.com. To receive the Bankrate.com rate, you must identify yourself to the Advertiser as a Bankrate.com customer. This will typically be done by phone so you should look for the Advertisers phone number when you click-through to their website. In addition, credit unions may require membership.
Loans Above $548,250 May Have Different Loan Terms: If you are seeking a loan for more than $548,250, lenders in certain locations may be able to provide terms that are different from those shown in the table above. You should confirm your terms with the lender for your requested loan amount.
Taxes and Insurance Excluded from Loan Terms: The loan terms (APR and Payment examples) shown above do not include amounts for taxes or insurance premiums. Your monthly payment amount will be greater if taxes and insurance premiums are included.
Consumer Satisfaction: If you have used Bankrate.com and have not received the advertised loan terms or otherwise been dissatisfied with your experience with any Advertiser, we want to hear from you. Please click here to provide your comments to Bankrate Quality Control.
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.
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.
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 CHFA.org; 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.