Interest Rate
4.793%
APR*
4.872%
Average home price
$255.555

If you’re dreaming of buying a home in Connecticut, you’ll want to think about getting the best mortgage rate possible. What your mortgage rate will be depends in large part on the following: your credit score, the amount of your down payment, your current employment and income, and your debt-to-income ratio.

You can help set yourself up for the best mortgage rate in Connecticut by prepping for preapproval by a reputable mortgage lender. Start by checking your credit, and making sure all of your necessary documentation is in one place and ready for their review.

Here’s a quick look at current Connecticut mortgage rates:

Loan Program Mortgage Rate APR* 1 Day Change
Conventional 30 year fixed 4.793% 4.872% -0.02%
Conventional 15 year fixed 4.138% 4.28% -0.03%
Conventional 5 year ARM 4.575% 4.182% +0.38%
FHA 30 year fixed 3.955% 4.709% -0.14%
VA 30 year fixed 4.062% 4.443% -0.27%
VA 15 year fixed 3.875% 4.319% Unchanged

Data source: ©Zillow, Inc. Use is subject to the Terms of Use

Buying a Home in Connecticut

It can be exciting to think about buying a home in Connecticut. Soon you could be living your best life in your dream home in the Constitution State. Here’s what you need to know:

Where will you plan to settle down? Connecticut is called home by almost 3.6 million people, and one in six live in the city’s top five biggest cities:

  • Bridgeport
  • New Haven
  • Stamford
  • Hartford (state capital)
  • Waterbury

What kind of home can you afford to buy? Connecticut ranks 6th in US homes for sale at average price, and 11th for homes over $1,000,000. Get preapproved first, so you know your budget, then start house hunting.

First-time Homebuyers

If you’re a first-time home buyer, it’s possible you could qualify for assistance through a program administered by the Connecticut Housing Finance Authority (CHFA.)

The CHFA’s Conventional Area Median Income Loan Program (CALP) provides access to loans for first-time homebuyers who can’t qualify for an HFA Advantage or HFA Preferred loan due to their income being higher than 80% of the area median income (AMI).

The CHFA’s Down-payment Assistance Program (DAP) is for qualified first-time homebuyers and offers low-interest loans ranging from $3,000 up to $20,000 as a second mortgage to be put towards your down payment or closing costs. To be eligible, you must qualify for an applicable CHFA first mortgage, and contribute at least $1,000 towards the purchase.

To qualify for these first-time home buyer programs in Connecticut, you’ll need to:

  • Present proof of completion for a homeowners education course
  • Choose a single-family home, condominium, townhome or planned unit development
  • Live in the home as your primary residence
  • Meet certain income and purchase price requirements based on your loan type

Refinancing in Connecticut

If you want to refinance your home in Connecticut and benefit from lower Connecticut mortgage rates, you can do any of the following:

  • Refinance the balance of your home loan at a lower interest rate
  • Refinance the balance on your mortgage for a longer term
  • Refinance and take out some of the equity in your home as cash
  • Refinance to relieve yourself of a private mortgage insurance (PMI) requirement

You might be able to qualify for a streamlined refinance if you are holding a certain type of loan. Ask your lender for more information.

GUIDES

Buying a Home?

Each step-by-step guide is designed to shepherd you through a process from start to finish. Know what to expect and how to proceed, no matter where you are in your home buying journey.

1 The First Step in Buying a Home – Preapproval

What Is a Mortgage Preapproval? | How Much Will My Monthly Payment Be? | How Much Will My Down Payment Be? | How Long Does a Mortgage Preapproval Last? | What Is the Difference Between a Standard Preapproval and an Underwritten Preapproval?

Read More

3 How much money do I need?

How Can I Lower My Mortgage Payment? | How Can I Lower My Closing Costs? | When Do I Pay Out-Of-Pocket Costs? | What are Prepaid Items or Escrows? | What Will My Closing Costs Be?

Read More

4 The Basics of Mortgage

What Documents Need to be Updated During the Home Loan Process? | What Contingencies Do I Need? | How Important is the Closing Date? | Steps in the Loan Process | Understanding Common Mortgage Terms

Read More

5 Finding a Real Estate Agent

What Are the Top 6 Questions to Ask a Real Estate Agent? | Should I Use the Seller's Real Estate Agent? | Are Online Discount Realty Services a Good Idea? | How Much Does a Buyer's Real Estate Agent Cost? | Why Do I Need a Real Estate Agent to Buy a Home?

Read More
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