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Mortgage rates in Connecticut

Interest rates on a 30-year $300,000 conventional mortgage start at around 3.125%

If you have a credit score between 700 and 719 and can put 5% down, you’ll generally pay about 3.250% for a 30-year conventional loan with a fixed interest rate on a $350,000 home. But how much interest you pay for your Connecticut home will depend on several factors, including your credit score, loan amount and lender.

Rates were last checked on October 6 and are from the Consumer Financial Protection Bureau (CFPB) website.

Your credit score affects the rate you’ll get

People with higher credit scores generally get lower interest rates because lenders assume they’re less likely to stop paying a mortgage. Here are the most common interest rates in Connecticut by mortgage amount, according to the Consumer Financial Protection Bureau (CFPB).

Credit score $200,000 mortgage $300,000 mortgage $400,000 mortgage $500,000 mortgage
620-639 3.875% 3.875% 3.750% 3.750%
640-659 3.750% 3.750% 3.625% 3.625%
660-679 3.625% 3.625% 3.500% 3.500%
680-699 3.375% 3.375% 3.250% 3.250%
700-719 3.250% 3.250% 3.250% 3.250%
720-739 3.125% 3.125% 3.125% 3.125%
740-759 3.125% 3.125% 3.125% 3.125%
760-779 3.125% 3.125% 3.125% 3.125%
780-799 3.125% 3.125% 3.125% 3.125%
800+ 3.125% 3.125% 3.125% 3.125%

*Based on a 10% down payment for a 30-year fixed-rate conventional mortgage

Interest rates vary by lender

Interest rates are affected by the economy and the federal funds rate, or the rate that banks charge each other for overnight loans. But they’re also affected by individual lenders, which can have differing overhead costs, profit margins and credit score requirements.

Comparing lenders can help you find the best deal. Select See rates to provide the company with basic property and financial details for personalized rates.

Name Product Loan products offered State availability Min. credit score
SoFi
(NMLS #1121636)
SoFi
Conventional, Home equity, Refinance
Not available in: HI, MO, NM, NY, WV
620
No hidden fees, multiple loan terms, and member discounts available.
Rocket Mortgage
(NMLS #3030)
Rocket Mortgage
Conventional, Jumbo, FHA, VA, Refinance
Available in all states
620
Streamline your mortgage from quote to final payment — all from your computer or phone.
Better
(NMLS #330511)
Better
Conventional, Jumbo, FHA, Refinance
Not available in: HI, MA, MN, NV, NH, VT, VA
620
Online preapproval in minutes and no origination fees with this direct lender.
LendingTree
(NMLS #1136)
LendingTree
Conventional, Jumbo, FHA, VA, USDA, Home Equity, HELOC, Reverse, Refinance
Available in all states
620
Connect with vetted home loan lenders quickly through this online marketplace.
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Compare up to 4 providers

Interest rates also vary by loan type

The type of loan you get can also affect how much you pay for your Connecticut home. 15-year mortgages generally offer lower interest rates than 30-year mortgages, and you’ll see different rates for conventional loans than government loans.

Loan type $200,000 mortgage $300,000 mortgage $400,000 mortgage $500,000 mortgage
15-year conventional 2.500% 2.375% 2.375% 2.375%
30-year conventional 3.250% 3.250% 3.250% 3.250%
15-year FHA 2.625% 2.625% Not eligible Not eligible
30-year FHA 3.000% 3.000% Not eligible Not eligible
15-year VA 2.875% 2.625% 2.625% 2.625%
30-year VA 3.250% 3.250% 3.125% 3.125%

*Based on a 10% down payment, fixed interest rate and 710 credit score

Research ahead of time to get the best rates

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.

Home values in Connecticut are forecast to increase

By the end of June 2021, Connecticut home values were up 19.9% compared to last year. This trend is forecast to continue throughout the state, according to Zillow, with the largest increase in home values taking place in New Haven and Stamford.

Berkshire Hathaway’s Connecticut Market Report tells us that both the number of homes sold and average sales price of all homes sold in the Connecticut market have dramatically increased over the past two years.

The total number of single-family homes sold during the second quarter of 2021 was 11,139, up from 9,007 in 2020 and 9,956 in 2019. Similarly impressive, the average sales price of all homes sold in the second quarter of 2021 was $513,113 — up from $394,964 in 2020 and $359,631 in 2019.

Connecticut has been seeing an influx of people migrating out of New York. And with a lag in new listings and buyers who continue to put in bids above asking prices, Connecticut’s real estate market should stay hot throughout the summer.

5 fast facts about the Connecticut housing market

Connecticut homebuyers and sellers alike should consider the following facts as they navigate the real estate market:

  1. The median monthly owner costs of a home in Connecticut is $2,119 — 32.85% above the national average of $1,595.
  2. Connecticut is one of the most expensive states to live in, according to CNBC.
  3. Property taxes are nearly double the national average, with Connecticut being the 4th-highest state.
  4. Median home prices in Connecticut are roughly $335,000 as of June 2021, up from $275,000 in June of 2020.
  5. Connecticut has a homeownership rate of 66.9%, which is slightly higher than the national median of 65.4%.

Bottom line

Mortgage rates in Connecticut vary by loan type, and factors like your credit score and lender affect what rate you get. But factors like your credit score and lender affect what rate you get. Compare mortgage lenders and programs to find one that best fits your homeownership goals.

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