Current Mortgage Refinance Rates in Connecticut (December 2024)

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Updated: January 10, 2025

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Connecticut's current mortgage refinance rate for a 15-year fixed loan is 5.55%, while the 30-year fixed loan is 6.17%. In comparison, the national average for a 15-year fixed refinance is 5.38%, and for a 30-year fixed refinance, it is 6.45%.

We provide you with comprehensive insights into current mortgage refinance rates in Connecticut, trends and actionable advice on refinancing your mortgage. We cover today's rates by credit score and tips on when and how soon you can refinance. This information ensures you are equipped to make informed decisions.

MoneyGeek used Zillow data for the rates on this page. Because mortgage rates shift daily, we use a snapshot 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 noted otherwise, featured rates are annual percentage rates (APRs).

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This data was last updated in December 2024.

Current Mortgage Refinance Rates in Connecticut

The current 30-year refinance rate in Connecticut is 6.17%. According to Experian, the average mortgage debt in Connecticut was $248,676 as of September 2023. Refinancing your mortgage can be a strategic way to manage this debt by potentially lowering your monthly payments and reducing the total interest paid over the life of the loan.

Refinancing could lead to significant savings for homeowners with mortgage rates higher than 6.17%. Explore the current refinance rates in Connecticut to see if refinancing is right for you.

15-Year Fixed5.43%5.55%
30-Year Fixed6.08%6.17%

Mortgage Refinance Rate Trends in Connecticut

Refinance rate trends in Connecticut for 15-year refinance rates showed an upward movement, increasing from 5.53% in October to 5.80% in November. Similarly, 30-year refinance rates also experienced an upward trend, moving from 6.31% in October to 6.49% in November.

Connecticut Mortgage Refinance Rate Trends 2024

Data from 2024

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WHY DO INTEREST RATES GO UP?

Interest rates often rise due to factors like the US Federal Reserve's monetary policy, inflation and market demand. These elements impact refinance rate trends in Connecticut, shaping borrowing costs and financial strategies. Understanding these influences helps you stay informed about economic shifts.

How to Refinance a Mortgage in Connecticut

Refinancing your mortgage in Connecticut can be a smart move for your financial future. By understanding the steps involved, you can potentially lower your monthly payments or interest rates. Explore the following steps to ensure you make informed decisions:

  1. 1

    Check Your Credit Score

    Credit scores affect the mortgage rates you qualify for; higher scores mean better rates. With Connecticut's average at 726, you can improve your credit score by paying debts or disputing errors. This can enhance your refinancing terms.

  2. 2

    Determine When to Refinance a Mortgage

    Compare your current mortgage terms with Connecticut's rates: 5.80% for 30-year and 5.12% for 15-year loans. If these are lower than your current rate, consider refinancing, especially if you plan to stay in your home long-term.

  3. 3

    Gather Necessary Documents

    Collect documents like pay stubs, tax returns and current mortgage statements. This streamlines the application process and ensures you meet lender requirements promptly.

  4. 4

    Shop Around for Lenders

    Research lenders for favorable terms. Compare interest rates, fees and customer service to ensure you find a lender that effectively meets your refinancing needs.

  5. 5

    Understand the Costs Involved

    Consider closing costs, such as appraisal, title and origination fees. According to the National Association of Realtors, the average closing cost in Connecticut is $5,547.

  6. 6

    Apply for the Loan

    Submit your application with the required documents. Ensure accuracy to avoid delays. Keeping financial records organized can simplify this step and make the process smoother.

  7. 7

    Lock in Your Interest Rate

    Secure your rate to avoid market fluctuations. A mortgage rate lock ensures stability, and timely decisions can protect you from potential rate increases.

  8. 8

    Close on Your New Loan

    Review and sign final documents. Understand terms before closing. Scheduling a closing date when you have ample time ensures a thorough review.

  9. 9

    Start Making Payments on Your New Loan

    Begin payments as scheduled. Set up automatic payments to avoid missed due dates. This helps maintain a good credit standing.

  10. 10

    Reevaluate When to Refinance a Mortgage

    Monitor market rates and your financial situation. Regular evaluations ensure you seize future refinancing opportunities. Staying informed helps you make timely decisions.

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HOW SOON CAN YOU REFINANCE A MORTGAGE?

In Connecticut, how soon you can refinance a mortgage depends on your loan type. Refinancing is possible immediately for conventional loans, though a cash-out refinance typically requires a six-month seasoning period. USDA loans generally mandate a 12-month waiting period before refinancing.

The average refinance rate in Connecticut dropped to 5.80% in October, a good example of when to refinance as rates are lower. However, it's crucial to consider that refinancing comes with additional closing costs that can take years to recover. So, although you could refinance a mortgage within a year, it's often not worth it unless there's a drastic reduction in interest rates.

When to Refinance a Mortgage

Refinancing your mortgage in Connecticut can lower your interest rates, reducing your monthly payments. Yet, watch out for closing costs that might eat into your savings. Knowing when to refinance a mortgage in Connecticut is vital to maximizing benefits. Below are situations where refinancing could be a wise choice.

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    Lower Interest Rates

    Refinancing when interest rates are lower can reduce monthly payments. Visiting local banks for rate discussions can help secure the best deal. This strategy is beneficial for long-term savings.

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    Increased Home Value

    Higher home value boosts home equity, making refinancing attractive. Renovations can increase value, with Connecticut's average home value at $411,971.

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    Improved Credit Score

    A better credit score can lead to lower interest rates. Paying bills on time and reducing debt are practical ways to improve scores.

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    Shorter Loan Term

    Refinancing to a shorter term can save on interest and allow you to pay off your mortgage faster. This strategy can lead to financial freedom sooner.

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    Switch Loan Type

    Switching from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage provides stability. Fixed rates protect against market fluctuations, ensuring predictable payments.

Mortgage Refinancing in Connecticut: Is It Right for You?

Use MoneyGeek's free mortgage refinance calculator to help determine whether refinancing is beneficial for your situation.

Mortgage Refinance Calculator

Make sure refinancing your existing home loan will save you money.

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Today's Mortgage Refinance Rates in Connecticut by Credit Score

Your credit score affects the rates you qualify for in Connecticut. For example, the current average refinance rate in Connecticut for a 30-year fixed-rate loan with a loan-to-value ratio of 80% or lower equates to 6.89% for scores between 680 and 740, compared to 6.17% for scores above 740. Explore the table below for more details.

Data filtered by:Results filtered by:
Select
Loan Type:15-year Fixed
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Credit Score Range:680 - 740
Select
Loan-to-Value Ratio:80% - 95%
5.78%6.08%

Mortgage Refinance Rates in Connecticut by Loan Type

Loan type is another factor that can affect the rates you qualify for in Connecticut. For example, the current average refinance rate in Connecticut for a 30-year fixed-rate loan is 6.17%. The table below shows average APRs for various loan types in Connecticut.

Data filtered by:Results filtered by:
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Loan Type:10-Year Fixed
6.19%6.42%

FAQ: Today's Mortgage Refinance Rates in Connecticut

With a constantly changing home finance landscape, homeowners in the Constitution State have questions about today's refinance rates in Connecticut. We've compiled answers to some of the most frequently asked questions about refinancing in Connecticut, providing clarity and understanding to making informed decisions.

Should you refinance your mortgage?

How to get the best mortgage refinance rate?

What are the pros and cons of a mortgage refinance?

How much does it cost to refinance a mortgage?

What is the mortgage refinance rate in Bridgeport?

About Zachary Romeo, CBCA

Zachary Romeo, CBCA headshot

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.

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