Mortgage rates in Connecticut

Rates generally match or are just under the national average.

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The federal government has cut rates in the nation's response to COVID-19. Due to rapidly changing information, mortgage rates on this page are not up to date. Speak to a mortgage lender or broker for the most current rates for your state.
30-year mortgages in the Constitution State average 4.600% across conventional and government-backed loans. And interest rates should stay around this range in the upcoming year.

How much do Connecticut rates vary by loan?

Average mortgage rates for a 30-year home loan in Connecticut ranged between 4.513% to 4.627% in 2018. The type of loan and the loan term you choose can affect your mortgage rate. For example, a 15-year mortgage generally has a lower interest rate than a 30-year term.

2018 average rates in Connecticut by loan type

Loan type15-year average rate30-year average rate
Conventional4.147%4.602%
FHA4.150%4.658%
VA3.962%4.513%
USDANot available4.627%

Based on data from ffiec.cfpb.gov

To illustrate, let’s say you have a $205,000 mortgage. A 30-year conventional loan with an interest rate of 4.602% might cost $1,051.17 a month, excluding property tax, home insurance, and other fees specific to your mortgage. On the other hand, if you can afford a higher monthly payment, a 15-year loan might run you $1,531.51. You’ll pay more monthly, but you’ll save $102,748.71 in interest over the course of the loan.

Mortgage rates in Connecticut should hover around 4% into 2020.

Since 1984, mortgage rates in Connecticut have typically matched or come in slightly lower than the national average. According to Bankrate’s chief financial analyst, Greg McBride, CFA, the benchmark 30-year rate hovers around the 4% mark. And nationwide housing agencies expect national rates to average 3.70% in 2020. That means Connecticut should match or even come in slightly under for 2020.

Compare mortgage rates throughout Connecticut

Mortgage rates and home values in Connecticut vary from city to city — affecting what you pay each month.

We used data from the Home Mortgage Disclosure Act to figure out what you might pay on a 30-year fixed-rate mortgage in different metropolitan areas in Connecticut. Rates and amounts do not consider PMI, taxes, fees or costs specific to your mortgage.

Metropolitan statistical area (MSA)Average mortgage rateMedian loan amountEstimated monthly cost
Bridgeport-Stamford-Norwalk4.574%$335,000$1,710
Hartford-East Hartford-Middletown4.584%$205,000$1,050
New Haven-Milford4.685%$205,000$1,060
Norwich-New London4.578%$205,000$1,050
Worcester MSA (Windham County, CT)4.758%$185,000$970

Based on data from ffiec.cfpb.gov

How to get the best mortgage rate in Connecticut

Several factors go into determining your mortgage rate. A few steps you can take to try to get the best rate possible:

  1. Research loan programs. Lenders may assign different interest rates to their loan programs. Compare loan types and see which programs you may qualify for.
  2. Improve your borrowing profile. The most attractive borrowers have good credit scores and low debt-to-income ratios.
  3. Calculate the closing costs. To close on your loan, you’ll need to pay a set of closing costs. Lenders charge fees that typically range between 0.96% to 1.28% of the final home sales price.

Historical mortgage interest rates in Connecticut

Compare other mortgage lenders

Name Product Min. credit score State availability Loans offered
Axos Bank
620
Available in all states
Conventional, Refinance, Jumbo, Home Equity, Fixed, Adjustable, FHA, VA, USDA
Explore a full suite of home loan options with this direct online lender.
Better.com
620
Not available in: HI, ID, MA, MN, MO, NV, NH, NY, OH, UT, VT, VA
Purchase, Refinance, Jumbo, FHA
Online preapproval in minutes and no origination fees with this direct lender.
Credible
620
Not available in: AZ, HI, MO, NV, NY, RI, UT, WA, WV
Conventional, Refinance, Jumbo
Prequalify in minutes and then compare home loan options from several top online lenders.
LoanDepot
620
Available in all states
Conventional, Refinance, Home Equity, Jumbo, Fixed, Adjustable, FHA, VA, USDA
A nontraditional lender offering impartial guidance on a range of loans.
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Bottom line

Connecticut mortgage rates generally come in or below the national average. Compare a few mortgage lenders to check interest rates, loan programs and closing costs so you can get the best terms for your home loan.

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