Today's 30-year mortgage rate in Connecticut is 7%, closely aligned with the national average of 6.9%. Connecticut homebuyers can consider options such as the HFA Advantage® and HFA Preferred™ Loan Programs to reduce mortgage expenses.
Mortgage
Today's Mortgage Rates in Connecticut
Updated: July 19, 2024
Advertising & Editorial Disclosure
MoneyGeek uses publicly available data from Zillow for the rates on this page. Mortgage rates shift daily, and we take a snapshot of rates to analyze rate information for Connecticut. We update the data frequently to ensure you have access to the most recent rates, but the values may differ slightly between reporting sources.
Unless specifically noted otherwise, rates featured in the content are annual percentage rates (APRs).
This data was last updated on July 2, 2024.
Current Mortgage Rates in Connecticut
In July 2024, the average APR for a 30-year fixed-rate mortgage in Connecticut is 7%, up 47 basis points from the previous month's 6.53%. For a $250,000 loan with a 20% down payment, this rate hike could add $22,508 over the life of the loan, excluding property taxes or HOA fees.
Rates change daily due to economic events and Federal Reserve policies. The line chart below shows the recent month-to-month changes in mortgage rates.
Even small changes in mortgage rates can significantly impact your monthly payments. Understanding Connecticut's current rates can help you budget effectively.
Who Needs to Know Current Mortgage Rates in Connecticut?
Staying updated with today's mortgage rates in Connecticut benefits these two borrower types:
First-time homebuyers
First-time homebuyers in Connecticut can use current mortgage rates to compare offers and find competitive rates.
Homeowners with mortgages
Connecticut homeowners can consider a mortgage refinance if current rates are lower than what they currently pay.
Refinancing typically results in slightly higher rates than a home purchase. Connecticut's current rate for a 30-year fixed mortgage is 7% when buying a home, while the average APR for refinancing is 7.17%.
Current Mortgage Rates in Connecticut by Loan Type
A 30-year fixed-rate mortgage typically has a higher rate than the 15-year option. Lenders face an increased risk of default and rate fluctuations with longer repayment terms.
You'll see differences in rates when you explore mortgage types in Connecticut. Use a mortgage calculator to see how these rates affect your monthly payments and total loan costs.
Data filtered by:Results filtered by:
Loan Type:
Loan Type:10-Year Fixed
| 5.86% | APR6.07% |
INTEREST RATE VS. APR: WHAT'S THE DIFFERENCE?
The interest rate on your mortgage is the yearly cost of borrowing money. Connecticut's average interest rate for a 30-year fixed-rate mortgage is 7%.
The APR (annual percentage rate) reflects the overall loan cost, including the interest rate, mortgage points and fees. In Connecticut, the average APR for a 30-year fixed mortgage is also 7%, mirroring the interest rate and indicating minimal additional costs.
Current Mortgage Rates in Connecticut by Credit Score
If your credit score is 740 or above and you're putting down 5% to 20%, the average APR for a 30-year fixed mortgage in Connecticut is 7.08%. With a credit score below 680, that figure rises to 8.1%.
Your credit score and down payment impact the mortgage rate you qualify for. To see what rates you might get, check out the table below:
Data filtered by:Results filtered by:
Credit Score Range:
Credit Score Range:680 - 740
Down Payment:
Down Payment:20% or higher
| 10-year Fixed | APR6.36% |
| 15-year Fixed | APR6.32% |
| 20-year Fixed | APR6.91% |
| 30-year Fixed | APR7.07% |
| 5-year ARM | APR7.87% |
| 7-year ARM | APR7.62% |
Mortgage Types in Connecticut
In July 2024, 30-year fixed-rate VA loans offer the lowest average APR for 30-year fixed-rate mortgages at 6.23%. Knowing your mortgage options can help you choose one that aligns with your financial goals. Check out the mortgage types in Connecticut:
Mortgage Type | Definition | Impact on Rates | 30-Year Rates in Connecticut |
|---|---|---|---|
Conventional Loans | A conventional loan is not guaranteed by the federal government. | Credit score and down payment affect rates for conventional loans. | 7.00% |
FHA Loans | FHA loans are backed by the Federal Housing Administration. | Lower credit scores can be accepted, with higher rates for FHA loans. | 6.93% |
VA Loans | A VA loan is backed by the Department of Veterans Affairs for eligible service members. | VA loans offer competitive rates to qualified borrowers due to government backing. | 6.23% |
USDA Loans | USDA loans cater to rural homebuyers and are guaranteed by the United States Department of Agriculture. | USDA loans offer low rates to eligible rural and suburban homebuyers. | currently unavailable |
Jumbo Loans | Jumbo loans exceed conforming loan limits set by Fannie Mae and Freddie Mac. | Larger loan amounts lead to higher rates for jumbo loans. | 6.78% |
MORTGAGE RATE STRUCTURES IN CONNECTICUT
Mortgage rates in Connecticut come in two types: fixed and adjustable.
- Fixed mortgages lock in your rate for the entire loan term, ensuring consistent monthly payments for better budgeting.
- Adjustable-rate mortgages (ARM) begin with a lower rate that adjusts over time, potentially lowering your payments when interest rates drop.
As of July 2024, Connecticut's average APR for a 30-year fixed mortgage is 7% and 7.42% for a 7-year ARM.
Mortgage Lenders in Connecticut
Truist, Rocket Mortgage and LoanDepot are solid lenders in Connecticut. They are accredited by the Better Business Bureau and provide homeowner assistance programs. More options exist, and rates vary per lender, so compare options to get the best deal.
- Truist
- 4Number of Mortgage Options
- YesOnline Application
- A+BBB Rating
- Monday to Friday, 8 am to 8 pm ET Saturday, 8 am to 5 pm ETCustomer Service Hours
Truist offers conventional, VA, FHA and jumbo loans with flexible down payment options starting at 3%. Credit score requirements vary by loan type.
Customer service is available via phone, social media and in-person assistance Monday through Friday from 8 a.m. to 8 p.m. ET and Saturday from 8 a.m. to 5 p.m. ET. Truist supports homeowners through programs like Doctor Loan and Construction to Permanent Loans.
Pros
- Unique mortgage options, including Doctor Loan
- Online mortgage calculator with amortization
- Affordable loan options with payment assistance
Cons
- Information requiring professional consultation
- No mortgage payment relief options
- Rocket
- 4Number of Mortgage Options
- YesOnline Application
- A+BBB Rating
- Monday to Friday, 8:30 am to 9:00 pm ET Saturday, 9:00 am to 4:00 pm ETCustomer Service Hours
Rocket Mortgage offers FHA, conventional, VA and jumbo smart loans. Credit score requirements start at 620 for ONE+ and conventional loans, with FHA and VA loans accessible from 580. Jumbo loans require a minimum score of 680. Down payment options include 1% for ONE+ loans, 3.5% for FHA, 3% for conventional and zero for VA loans.
Customer support is available via phone and chat Monday through Friday from 8:30 a.m. to 9:00 p.m. ET and Saturday from 9:00 a.m. to 4:00 p.m. ET. Rocket makes homeownership accessible through programs like ONE+, HomeReady, HomePossible and Freddie Mac BorrowSmart Access.
Pros
- Online prequalification
- Access to homebuyer programs
- Covers part of downpayment with ONE+
Cons
- Absence of physical locations for homebuyers
- No USDA loan
- Loan Depot
- 3Number of Mortgage Options
- YesOnline Application
- A+BBB Rating
- Monday to Friday, 10 am to 9 pm ETCustomer Service Hours
LoanDepot offers various mortgage options, including fixed-rate, adjustable-rate, FHA, VA and USDA Loans. FHA Loans require a minimum credit score of 580, with down payments starting at 3.5% for scores of 580 or higher and 10% for lower scores. VA and USDA loans require no down payment.
Customer service is available via phone and email from 10 a.m. to 9 p.m. ET on weekdays, with additional support through homeowner assistance programs like Loss Mitigation Assistance.
Pros
- Provides hardship assistance
- A+ BBB accreditation
- Interactive online mortgage calculator
Cons
- Limited mortgage product variety
- Weekend customer support unavailable
- Must finish application with a call
Mortgage Programs in Connecticut
Homeownership brings hidden costs that can impact your budget. The Connecticut Housing Finance Authority (CHFA) provides multiple mortgage programs to assist you.
Program | Description |
|---|---|
Offer competitive rates, lower mortgage insurance costs and down payment assistance for single-family to four-unit homes. Eligibility requires not owning a home in the past three years, with the property purchased as your primary residence meeting price and income criteria. | |
Have below-average rates and help with down payments and closing costs for new homes in targeted areas. Your home must be your primary residence and meet CHFA's income and price guidelines. | |
Grants low-interest loans for initial homeownership expenses. Get up to $20,000 at rates starting from 1% APR (1.10% - 1.50%). Must be approved for a CHFA mortgage, use the property as a primary residence, and be able to make loan payments. | |
Offers 0% interest loans for down payment and closing costs, with forgiveness at 10% annually and full forgiveness after 10 years. Provides up to $50,000 or $25,000 based on location. Eligibility requires three years of Connecticut residency; the home must be in a targeted area. |
FAQ: Mortgage Rates in Connecticut
Understanding today's mortgage rates in Connecticut is crucial for homebuyers. We’ve addressed common questions about these rates.
What are the current mortgage rates in Connecticut?
Current average APRs in Connecticut vary by loan type, credit score and down payment. In July 2024, average APRs are 7.42% for a 7-year ARM and 7% for a 30-year fixed conforming loan.
How do mortgage rates in Connecticut compare to national rates?
Connecticut's average APR for a 15-year fixed-rate mortgage is 6.38%, closely aligning with the national average of 6.27%. For a 5-year ARM, the state and national averages are 7.69%.
How does my credit score impact the mortgage rates I get in Connecticut?
Your credit score significantly impacts the rates you qualify for. Higher scores typically yield lower mortgage rates due to perceived lower risk.
Are there any special mortgage programs in Connecticut to help homebuyers?
Several mortgage programs in Connecticut offer assistance, including the HFA Advantage® and HFA Preferred™ Loan Programs, Government-Insured Mortgage Programs and Down Payment Assistance Program.
How can I get the best possible mortgage rate in Connecticut?
Make a larger down payment, maintain a strong credit score and compare offers from multiple lenders to find the best possible rate.
What are today's mortgage refinance rates in Connecticut?
As of July 2024, today's refinance rates in Connecticut are 5.9% for a 15-year fixed loan and 7.17% for a 30-year fixed one.
How do I calculate my mortgage payments?
Estimate your monthly payments using a mortgage calculator for Connecticut, which considers your loan amount, interest rate, down payment and loan term.
Mortgage
About Zachary Romeo
Zachary Romeo is the Head of Loans and Banking at MoneyGeek, with over 10 years of experience and forthcoming certification as a Commercial Banking and Credit Analyst (CBCA). Previously, he led production teams for some of the largest online informational resources in higher education.
Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt through people-first content.
sources
- Connecticut Housing Finance Authority. "Down Payment Assistance Program (DAP)." Accessed July 16, 2024.
- Connecticut Housing Finance Authority. "Government-Insured Mortgage Programs." Accessed July 16, 2024.
- Connecticut Housing Finance Authority. "HFA Advantage® and HFA Preferred™ Loan Programs." Accessed July 16, 2024.
- Connecticut Housing Finance Authority. "Time To Own - Forgivable Down Payment Assistance." Accessed July 16, 2024.