Updated: December 13, 2024
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Today's 30-year mortgage rate in Connecticut is 6.40%, below the national average of 6.83%. 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 December 2024.
As of December 2024, Connecticut's current 30-year fixed-rate mortgage rate is 6.40%, a drop from 6.65% in the previous month. For a $250,000 loan with a 20% down payment, this drop could save roughly $6,180 in total interest costs over the lifespan of the loan, 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 in Connecticut can use current mortgage rates to compare offers and find competitive rates.
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 6.40% when buying a home, while the average APR for refinancing is 6.17%.
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.
| 5.94% | 6.13% |
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 6.33%.
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 6.40%, 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 6.78%. With a credit score below 680, that figure rises to 7.44%.
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 | 5.99% |
| 20-year Fixed | 5.79% |
| 30-year Fixed | 6.78% |
| 5-year ARM | 7.67% |
| 7-year ARM | 8.44% |
In December 2024, 30-year fixed-rate VA loans in Connecticut have the lowest average APR for 30-year fixed-rate mortgages at 6.26%. 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 or insured by the federal government, popular in Connecticut. | Conventional loans may offer competitive rates based on creditworthiness and market conditions. | 6.40% |
FHA Loans | FHA loans are insured by the Federal Housing Administration and widely used in Connecticut. | FHA loans typically offer lower interest rates for borrowers with less savings or lower credit scores. | 7.70% |
VA Loans | VA loans are backed by the Department of Veterans Affairs, offered to eligible service members in Connecticut. | VA loans often have lower rates due to government backing, benefiting those with military ties. | 6.26% |
USDA Loans | USDA loans are backed by the United States Department of Agriculture, aimed at rural homebuyers in Connecticut. | USDA loans can offer below-average interest rates for those meeting rural and income criteria. | currently unavailable |
Jumbo Loans | Jumbo loans exceed conforming loan limits, used for high-cost properties in Connecticut. | Jumbo loans often carry higher rates due to the larger loan amounts and increased risk. | 6.70% |
Mortgage rates in Connecticut come in two types: fixed and adjustable.
As of December 2024, Connecticut's average APR is 6.40% for a 30-year fixed mortgage and 7.33% 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 for Connecticut vary by loan type; for example, a 30-year fixed conforming loan had an average APR of 6.40% in December 2024. Factors like credit score and loan size also significantly impact rates.
Comparing the current average APRs, a 30-year fixed-rate mortgage in Connecticut is at 6.40% while the national average is at 6.83% as of December 2024. Similarly, a five-year adjustable-rate mortgage averages at 7.22% in Connecticut, lower than the national average of 7.79% in the same period.
Your credit score significantly affects the mortgage rates you'll receive; higher scores typically lead to low mortgage rates because they indicate less lending risk for banks.
Yes, there are several mortgage programs in Connecticut, including HFA Advantage® and HFA Preferred™ Loan Programs, Government-Insured Mortgage Programs and Down Payment Assistance Program (DAP) to aid homebuyers.
To get the best mortgage rates, consider making a larger down payment, boosting your credit score and shopping around to compare offers from multiple lenders.
The average refinance rates in Connecticut for a 30-year fixed loan is 6.17% and for a 15-year fixed loan is 5.55% as of December 2024.
To calculate your mortgage payments, you can use a mortgage calculator for Connecticut, which takes into account your loan amount, interest rate, down payment 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.
