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Connecticut Mortgage and Refinance Rates

On Tuesday, June 25, 2024, the national average 30-year fixed mortgage APR is 7.04%. The national average 30-year fixed refinance APR is 7.00%, according ... to Bankrate's latest survey of the nation's largest mortgage lenders.

Current mortgage rates in Connecticut

As of Tuesday, June 25, 2024, current interest rates in Connecticut are 6.88% for a 30-year fixed mortgage and 6.40% for a 15-year fixed mortgage.

Residential real estate is expensive in The Constitution State: The median home sales price is $360,000 as of February 2024, above the national median of $344,157, according to ATTOM. That figure represents a 12.5% increase year-over-year, and the fact that down payments have climbed 40% in the same period suggests that affordability is becoming a challenge for Connecticut residents, as it is for aspiring homeowners around the country.

Refinance rates in Connecticut 

While mortgage refinance rates have more than doubled since the pandemic, many Connecticut homeowners have much more tappable equity now: the average mortgage-holder has gained $45,000 since 2023, according to CoreLogic. With a cash-out mortgage refinance, you could take advantage of this asset to help further your financial goals.

Connecticut mortgage rate trends

Mortgage rates in Connecticut have trended upward over much of the last two years, mirroring national trends. While mortgage rates are difficult to predict, the current consensus is for them to remain well above historical lows for the foreseeable future, including in Connecticut.

National mortgage rates by loan type

Product Interest Rate APR
30-Year Fixed Rate 7.00% 7.04%
15-Year Fixed Rate 6.46% 6.53%
5-1 ARM 6.66% 7.93%
30-Year Fixed Rate FHA 6.90% 6.94%
30-Year Fixed Rate VA 7.08% 7.12%
30-Year Fixed Rate Jumbo 7.16% 7.21%

Rates as of Tuesday, June 25, 2024 at 6:30 AM



Mortgage statistics for Connecticut

  • Most popular cities:Stamford, Bridgeport, Waterbury, Norwalk, Danbury
  • Most affordable counties (based on median home value): Hartford, Tolland, New Haven
  • Median home sales price, Feb. 2024: $360,000
  • Median home value, Feb. 2024: $381,500
  • Median down payment, Feb. 2024: $55,000
  • Homeownership rate, Q4 2023: 68.2%

Sources: ATTOM, U.S. Census Bureau

Mortgage options in Connecticut

There’s a variety of mortgage options available to homebuyers in Connecticut, including:

  • Connecticut conventional mortgages: To qualify for a conventional mortgage, you’ll need a minimum credit score of 620 and a debt-to-income (DTI) ratio no more than 45 percent. If you make a down payment of less than 20 percent, you’ll need to pay private mortgage insurance (PMI) premiums, as well.
  • Connecticut FHA loans: If your credit history disqualifies you from a conventional mortgage, you might be able to obtain a loan insured by the Federal Housing Administration (FHA). If you have a down payment of at least 3.5 percent, you could qualify for this type of loan with a credit score as low as 580.
  • Connecticut VA loans: If you’re a veteran or active-duty member of the military, you might qualify for a mortgage guaranteed by the Department of Veterans Affairs (VA). A VA loan doesn’t require a down payment or mortgage insurance, but you do need to pay a funding fee, which ranges from 1.25 percent to 2.15 percent.

First-time homebuyer programs in Connecticut

The Connecticut Housing Finance Authority (CHFA) offers several programs designed to assist first-time homebuyers in making a purchase more affordable. Here’s a rundown:

  • HFA Advantage and HFA Preferred loans: HFA Advantage and HFA Preferred loans are two 3 percent-down conventional loans offered through housing finance agencies, including the CHFA.
  • Conventional Area Median Income Loan Program: 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).
  • Down Payment Assistance Program Loan: The CHFA offers a Down Payment Assistance Program (DAP) loan up to $15,000.

The CHFA also has specialized home buying programs for certain types of borrowers, including members of the military and the police, teachers, people with a disability and public housing residents.

How to find the best mortgage rate in Connecticut for you

  • Step 1: Strengthen your credit score - Long before you start looking for a mortgage lender or applying for a loan, give your finances a checkup, and improve your credit score if needed.
  • Step 2: Determine your budget - To find the right mortgage, you’ll need a good handle on how much house you can afford.
  • Step 3: Know your mortgage options - There are a few different types of mortgages.
  • Step 4: Compare rates and terms from several lenders - Rate-shop with at least three different banks or mortgage companies.
  • Step 5: Get preapproved for a mortgage - Getting a mortgage preapproval is the only way to get accurate loan pricing for your specific situation.

Lender compare

Compare mortgage lenders side by side

Mortgage rates and fees can vary widely across lenders. To help you find the right one for your needs, use this tool to compare lenders based on a variety of factors. Bankrate has reviewed and partners with these lenders, and the two lenders shown first have the highest combined Bankrate Score and customer ratings. You can use the drop downs to explore beyond these lenders and find the best option for you.

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Garden State Home Loans

NMLS: 473163

State License: MB-473163


Rating: 3.6 stars out of 5
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Recent Customer Reviews

Rating: 4.98 stars out of 5



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NMLS: 2289

State License: 4965


Rating: 4.5 stars out of 5
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Recent Customer Reviews

Rating: 4.94 stars out of 5



Additional Connecticut mortgage resources


Meet our Bankrate experts

Written by: Jeff Ostrowski, Principal Reporter, Mortgages

I cover mortgages and the housing market. Before joining Bankrate in 2020, I spent more than 20 years writing about real estate and the economy for the Palm Beach Post and the South Florida Business Journal. I’ve had a front-row seat for two housing booms and a housing bust. I’ve twice won gold awards from the National Association of Real Estate Editors, and since 2017 I’ve served on the nonprofit’s board of directors.

Read more from Jeff Ostrowski

Edited by: Troy Segal, Senior Editor, Home Lending

I’ve been writing and editing stories in the personal finance sphere for two decades, for publications like Business Week and Investopedia, covering everything from entrepreneurs to taxes. Since coming to Bankrate, I’ve concentrated on real estate, mortgages, renovations and other financial aspects of homeownership — helping people understand how a home isn’t just a place to live, but an investment that’s important to building and bequeathing wealth. 

Read more from Troy Segal