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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|
*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.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
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 FHA||2.625%||2.625%||Not eligible||Not eligible|
|30-year FHA||3.000%||3.000%||Not eligible||Not eligible|
*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:
- Research loan programs. Lenders may assign different interest rates to their loan programs. Compare loan types and see which programs you may qualify for.
- Improve your borrowing profile. The most attractive borrowers have good credit scores and low debt-to-income ratios.
- 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:
- The median monthly owner costs of a home in Connecticut is $2,119 — 32.85% above the national average of $1,595.
- Connecticut is one of the most expensive states to live in, according to CNBC.
- Property taxes are nearly double the national average, with Connecticut being the 4th-highest state.
- Median home prices in Connecticut are roughly $335,000 as of June 2021, up from $275,000 in June of 2020.
- Connecticut has a homeownership rate of 66.9%, which is slightly higher than the national median of 65.4%.
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.
- Explore interest rates, Consumer Financial Protection Bureau
- Housing Data, Zillow
- Connecticut Market Report, Berkshire Hathaway HomeServices New England Properties
- These are America’s 10 most expensive states to live in, CNBC, July 15 2021
- The average amount people pay in property taxes in every US state, Business Insider, Jul 1 2021
- Connecticut Housing Market, Redfin
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