The average mortgage rate in Connecticut is currently 6.91% for the 30-year fixed loan term.
Here are the interest rates offered to Connecticut residents looking to buy or refinance a home as of 03/07/2023:
- 30-year fixed purchase: 6.91%
- 30-year fixed refi: 6.36%
- 15-year fixed purchase: 6.09%
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The average fixed rate on a 30-year mortgage fell slightly for the second consecutive week on the heels of high-profile bank failures that resulted in a more moderate rate hike by the Federal Reserve. Mortgage rates are highly volatile ahead of the busy spring homebuying season.
Mortgage interest rates are twice as high as they were at the beginning of 2022, which continues to have a tangible impact on mortgage affordability and consumer housing sentiment. Mortgage rates are still widely expected to fall throughout the course of 2023 but have stayed stubbornly high in the first quarter of the year. Here are the current mortgage rates, without discount points unless otherwise noted, as of March 23:
- 30-year fixed: 7% (down from 7.04% a week ago).
- 20-year fixed: 6.78% (down from 6.85% a week ago).
- 15-year fixed: 6.2% (down from 6.27% a week ago).
- 10-year fixed: 6.25% (up from 6.2% a week ago).
- 5/1 ARM: 5.71% (down from 5.78% a week ago).
- 7/1 ARM: 5.86% (down from 5.91% a week ago).
- 10/1 ARM: 6.14% (down from 6.16% a week ago).
- 30-year jumbo loans: 7.06% (down from 7.09% a week ago).
- 30-year FHA loans: 6% with 0.06 point (down from 6.15% a week ago).
- VA purchase loans: 6.21% with 0.05 point (down from 6.37% a week ago).
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 is available to cover the down payment. Borrowers must show enough monthly income to pay both loans and are required to to make a minimum investment of $1,000 toward the acquisition costs.
- 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. Borrowers must show enough monthly income to pay both loans and are required to to make a minimum investment of $1,000 toward the acquisition costs.
- 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.
- Benefit: A low-interest second mortgage at 1.0%.
- 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%. Borrowers must make a minimum investment of $1,000 toward the acquisition costs and show enough monthly income to pay both loans.
- 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%. Borrowers must show enough monthly income to pay both loans and are required to to make a minimum investment of $1,000 toward the acquisition costs.
- 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 or 0.25% to minority teachers who meet eligibility requirements.
- 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%. Borrowers must make a minimum investment of $1,000 toward the acquisition costs and show enough monthly income to pay both loans.
- 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%. Borrowers must show enough monthly income to pay both loans and are required to to make a minimum investment of $1,000 toward the acquisition costs.
- 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%. Borrowers must make a minimum investment of $1,000 toward the acquisition costs and show enough monthly income to pay both loans.
- 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%. Borrowers must show enough monthly income to pay both loans and are required to to make a minimum investment of $1,000 toward the acquisition costs.
U.S. News selects the Best Loan Companies by evaluating affordability, borrower eligibility criteria and customer service. Those with the highest overall scores are considered the best lenders.
To calculate each score, we use data about the lender and its loan offerings, giving greater weight to factors that matter most to borrowers. For mortgage lenders, we take into account each company’s customer service ratings, interest rates, loan product availability, minimum down payment, minimum FICO score and online features.
The weight each scoring factor receives is based on a nationwide survey on what borrowers look for in a lender.
To receive a rating, lenders must offer qualifying loans nationwide and have a good reputation within the industry. Read more about our methodology.
To recap, here are the picks:
