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If you’re interested in buying a home in the Constitution State, you’re not alone. There are 1.5 million housing units and a homeownership rate of 66% in Connecticut, according to the U.S. Census Bureau’s 2018 American Community Survey.
Connecticut’s median housing value is $277,400, which is well above the national median of $229,700. Home values can vary by region, however, with some counties’ median home prices climbing as high as $422,300.
What Are the Mortgage Rates in Connecticut?
The average interest rate for a 30-year fixed-rate conforming mortgage in Connecticut is 3.57%.
Home interest rates range from 3.00% to 4.75% in Connecticut.
What Are Today’s Mortgage Rates?
Locking in a low mortgage rate today can save you thousands over the life of your loan. Compare your mortgage rate offers with national average trends.
|
Loan Types |
This Week’s Rate |
Last Week’s Rate |
| 30-Year Fixed Rate | 3.52% | 3.57% |
| 15-Year Fixed Rate | 2.92% | 3.03% |
| 30-Year Fixed Jumbo Rate | 3.63% | 3.68% |
| 5/1 ARM Rate | 3.31% | 3.31% |
| 5/1 ARM Jumbo Rate | 3.06% | 3.08% |
Rates as of May 19th, 2020
Methodology: U.S. News conducted an in-depth review of leading direct mortgage lenders. Research was based on program availability, customer satisfaction ratings and qualification requirements. Because each consumer has different needs, the top finishers in several key areas were chosen.
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Bank of America: Best feature: loans for up to 100% of the appraised value of your home.
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Caliber Home Loans: Best feature: first-time homebuyer program.
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Chase: Best feature: up to $3,000 at closing with the Chase Homebuyer grant and completion of a homebuyer education course.
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Guild Mortgage Co.: Best feature: loans for up to $3 million.
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loanDepot: Best lender for fair credit
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PrimeLending: Best feature: closing cost assistance program.
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Quicken Loans: Best feature: loan approval with a debt-to-income ratio of up to 60%.
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Veterans United Home Loans: Best feature: focused service for veterans and service members.
Best feature: loans for up to 100% of the appraised value of your home.
Highlights:
- Mortgage types offered: Conventional, VA, FHA, refinance, home equity
- Minimum FICO score: 620
- Maximum loan-to-value ratio: 100%
- Maximum debt-to-income ratio: 55%
- Loan amounts: Up to $5,000,000
- Total closing costs: Varies
- J.D. Power overall satisfaction rating: Four out of five
Best Features
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Bank of America has a wide variety of mortgage products.
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The lender offers annual percentage rate or closing cost discounts for qualifying Bank of America and Merrill Lynch clients.
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Home equity lines of credit have no annual, balance transfer or cash advance fees or closing costs.
Best feature: first-time homebuyer program.
Highlights
• Mortgage types offered: Conventional, FHA, VA, USDA, ARM, Refinancing (conventional), Refinancing (FHA), Refinancing (VA), First-time homebuyer program
• Minimum FICO score: 580
• Max DTI: 50%
• Origination fee: Not disclosed
• J.D. Power satisfaction rating: Three out of five
Best feature: loans for up to $3 million.
Highlights:
- Mortgage types offered: Conventional, FHA, VA, USDA, ARM, Home equity loans, Refinancing (conventional), Refinancing (FHA), Refinancing (VA), Refinancing (USDA), First-time homebuyer program, Jumbo, renovation, expanded (non-qm)
- Minimum FICO credit score: 620
- Maximum debt-to-income ratio: 50%
- J.D. Power satisfaction rating: Four out of five
Best Features
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Good customer service ratings.
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A broad range of mortgage products.
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Special mortgage programs including ones for first-time homebuyers and buyers of manufactured homes.
Highlights:
- Mortgage types offered: Conventional, FHA, VA, ARM, Refinancing (conventional), Refinancing (FHA), Refinancing (VA), Home equity loans
- Minimum FICO credit score: 500 with conditions
- Maximum debt-to-income ratio: 43% for FHA
- Maximum combined loan-to-value ratio: 90%
- J.D. Power satisfaction rating: Four out of five
Best Features
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LoanDepot mortgages have a lifetime guarantee, which means if you ever decide to refinance an existing loanDepot loan, the company will waive the lender fees and reimburse appraisal fees.
Best feature: closing cost assistance program.
Highlights:
- Loan types: conventional, FHA, VA, USDA, ARM, refinancing
- Minimum FICO Score: 600
- Maximum loan-to-value ratio: not disclosed
- Maximum debt-to-income ratio: 43%
- Total closing costs: 2% to 6% of loan amount
- Equity required: not disclosed
- J.D. Power Satisfaction rating: not rated
Best Features
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Offers a wide variety of mortgage loans.
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Provides mortgage loans nationwide.
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Helps with closing costs.
Best feature: loan approval with a debt-to-income ratio of up to 60%.
Highlights:
- Mortgage types offered: ARM, FHA, VA, Refinancing (FHA), USDA, Conventional, Refinancing (conventional)
- Minimum FICO credit score: 580 (FHA), other loans vary
- Maximum debt-to-income ratio: 60%
- J.D. Power satisfaction rating: Five out of five
Best Features
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Complete loan process available online.
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Wide variety of mortgage products.
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Good customer service ratings.
Best feature: focused service for veterans and service members.
Highlights:
- Mortgage types offered: Conventional, ARM, VA, FHA, USDA, refinance
- Minimum FICO credit score: 620
- Maximum debt-to-income ratio: Varies
- J.D. Power satisfaction rating: Not rated
Mortgage Calculator
Is your dream home within reach? U.S. News’ mortgage calculator will show you how much house you can afford.
What Are Some Connecticut Homebuyer Programs?
Connecticut homebuyers can get favorable mortgage interest rates and help with down payments and closing costs from these programs.
- Available to: Low- and moderate-income buyers who are buying their first home, haven’t owned a home in the past three years or are purchasing a home in a targeted area.
- Income limits: Vary by county (see income limits).
- First-time homebuyers only?: No.
- Benefit: Below-market interest rate.
- Down payment and closing cost assistance: A low-interest supplementary second mortgage loan of at least $3,000 to cover the down payment. Borrowers must show enough monthly income to pay both loans, but not enough savings to pay the down payment.
- Available to: First-time homebuyers or buyers who haven’t owned a home in the past three years.
- Income limits: Vary by county (see income limits).
- First-time homebuyers only?: No.
- Benefit: No upfront mortgage insurance costs and lower monthly mortgage insurance costs.
- Down payment and closing cost assistance: Borrowers may automatically qualify for a low-interest supplementary second mortgage of at least $3,000 to cover the down payment.
- Available to: Those who qualify for a CHFA mortgage who have the monthly income to make mortgage payments, but not enough money to pay the upfront costs.
- Income limits: Vary by county (see income limits).
- First-time homebuyers only?: No.
- Down payment and closing cost assistance: The DAP loan must be at least $3,000, but no more than the minimum down payment required for the home, usually between 3% and 3.5%.
- Available to: Veterans and military service members as well as unmarried, surviving spouses or civil union partners of a veteran who died as a result of military service or service-connected disabilities. Borrowers must also be first-time homeowners, have not owned a home in the past three years or purchase in an area of the state targeted for revitalization.
- Income limits: Vary by county (see income limits).
- First-time homebuyers only?: No.
- Benefit: An additional 0.125% off already below-market interest rates for veterans or military service member loans.
- Down payment and closing cost assistance: The DAP loan must be at least $3,000, but no more than the minimum down payment required for your home, usually between 3% and 3.5%.
- Available to: Teachers with a valid Connecticut certificate currently employed in the state and who meet employment or other eligibility requirements. Borrowers must also be first-time homeowners, have not owned a home in the past three years or purchase in an area of the state targeted for revitalization.
- Income limits: Vary by county (see income limits).
- First-time homebuyers only?: No.
- Benefit: Teachers get an additional 0.125% off already below-market interest rates.
- Down payment and closing cost assistance: The DAP loan must be at least $3,000, but no more than the minimum down payment required for your home, usually between 3% and 3.5%.
- Available to: Municipal police officers buying a home in the participating city or town where they work, or state police officers buying in any participating town. Borrowers must also be first-time homeowners, have not owned a home in the past three years or purchase in an area of the state targeted for revitalization.
- Income limits: Vary by county (see income limits).
- First-time homebuyers only?: No.
- Benefit: Police officers get an additional 0.125% off already below-market interest rates.
- Down payment and closing cost assistance: The DAP loan must be at least $3,000, but no more than the minimum down payment required for your home, usually between 3% and 3.5%.
- Available to: Borrowers with disabilities or those who will have someone with a documented disability living in their home. Borrowers must also be first-time homeowners, have not owned a home in the past three years or purchase in an area of the state targeted for revitalization.
- Income limits: Vary by county (see income limits).
- First-time homebuyers only?: No.
- Benefit: Lower interest rate.
- Down payment and closing cost assistance: The DAP loan must be at least $3,000, with interest rates as low as 1%.
- Available to: Tenants of public housing or those who receive rental assistance. Residents of properties managed or financed by CHFA, subsidized by the U.S. Department of Housing and Urban Development, or managed by a local housing authority also qualify.
- Income limits: Vary by county (see income limits).
- First-time homebuyers only?: No.
- Benefit: Lower interest rate.
- Down payment and closing cost assistance: The DAP loan must be at least $3,000, with interest rates as low as 1%.
Find the Best Mortgage Lenders by State
Advertising Disclosure: Some of the loan offers on this site are from companies
who are advertising clients of U.S. News. Advertising considerations may impact
where offers appear on the site but do not affect any editorial decisions,
such as which loan products we write about and how we evaluate them. This site
does not include all loan companies or all loan offers available in the marketplace.
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