Updated: November 13, 2024
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Today's 30-year mortgage rate in Connecticut is 6.65%, below the national average of 7.15%. To reduce mortgage expenses, Connecticut homebuyers can consider options such as the HFA Advantage® and HFA Preferred™ Loan Programs and Government-Insured Mortgage Programs.
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 in November 2024.
As of November 2024, Connecticut's current 30-year fixed-rate mortgage rate is 6.65%, an increase of 76 basis points from the previous month. For a $250,000 loan with a 20% down payment, this rate hike could result in paying an extra $39,179 in total interest costs, excluding additional expenses like property taxes or HOA fees.
Rates change daily due to economic events and Federal Reserve policies. The line chart below illustrates 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.
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 6.65% when buying a home, while the average APR for refinancing is 6.49%.
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.
| 5.97% | 6.16% |
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 6.57%.
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 6.65%, indicating a clear distinction between the interest rate and the cumulative annual expenses.
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 7.13%. With a credit score below 680, that figure rises to 8.00%.
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:
| 10-year Fixed | 6.19% |
| 15-year Fixed | 6.31% |
| 20-year Fixed | 5.79% |
| 30-year Fixed | 7.13% |
| 5-year ARM | 8.09% |
| 7-year ARM | 8.44% |
In November 2024, 30-year fixed-rate VA loans in Connecticut have the lowest average APR for 30-year fixed-rate mortgages at 6.36%. 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 | Conventional loans in Connecticut are not insured by the government. | Conventional loan rates can vary based on your credit score and down payment. | 6.65% |
FHA Loans | FHA loans in Connecticut are insured by the Federal Housing Administration. | FHA loan rates are typically lower but include mortgage insurance premiums. | 6.70% |
VA Loans | VA loans in Connecticut are guaranteed by the Department of Veterans Affairs. | VA loan rates are often lower due to government backing, even with no down payment. | 6.36% |
USDA Loans | USDA loans in Connecticut are backed by the United States Department of Agriculture. | USDA loan rates can be below average, as they are designed to help rural homeowners. | currently unavailable |
Jumbo Loans | Jumbo loans in Connecticut exceed the conforming loan limits set by the FHFA. | Jumbo loan rates might be higher due to the larger amount of money being borrowed. | 6.80% |
Mortgage rates in Connecticut come in two types: fixed and adjustable.
As of November 2024, Connecticut's average APR is 6.65% for a 30-year fixed mortgage and 7.34% for a seven-year ARM.
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 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
Cons
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
Cons
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
Cons
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. |
Understanding today's mortgage rates in Connecticut is crucial for homebuyers. We’ve addressed common questions about these rates.
Current average APRs in Connecticut for a 30-year fixed loan is 6.65% and for a seven-year ARM is 7.34% as of November 2024. These rates can vary significantly based on loan type and other factors.
As of November 2024, the current average APR for a five-year adjustable-rate mortgage in Connecticut is 7.43%, compared to the national average of 7.97%. The average APR for a 30-year fixed-rate mortgage in Connecticut is 6.65%, slightly below the national average of 7.15%.
Your credit score can significantly influence the low mortgage rates you're eligible for in Connecticut. A higher credit score typically results in lower interest rates.
Yes, Connecticut offers several mortgage programs for homebuyers, such as HFA Advantage® and HFA Preferred™ Loan Programs, Government-Insured Mortgage Programs, and the Down Payment Assistance Program (DAP).
To get the best possible mortgage rate in Connecticut, consider making a larger down payment, improving your credit score and comparing loan offers from multiple lenders.
The average refinance rates in Connecticut for a 30-year fixed loan is 6.49% and for a 15-year fixed loan is 5.80% as of November 2024.
You can calculate your mortgage payments using a mortgage calculator for Connecticut, which will take into account your loan amount, interest rate and loan term.
About Zachary Romeo, CBCA
Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.
Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.
