Today's Mortgage Rates
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To find the best mortgage rates in Connecticut, you need to shop around. Connecticut mortgage rates can vary significantly from lender to lender, and the rates an individual lender will offer will also vary quite a bit depending on the borrower and the loan being sought.
A table like the one above shows the average Connecticut mortgage rates today for some of the most popular types of home loans but remember those are just averages. That's your starting point when shopping for home loan or refinance rates in Connecticut – the rate you get will likely be a bit higher or lower than that.
Comparing Connecticut mortgage rates
When shopping for any kind of home loans in Connecticut, it's a good idea to check with 3-5 mortgage lenders, perhaps more, and see what rate they'll offer you personally. Don't just look at their advertised rate – you want to know what they'll offer someone with your credit standing and finances for the amount and type of loan you're interested in.
You can do this by calling around and asking to get prequalified for a loan, or you can get personalized quotes from several lenders all at once by using a rate request form such as the one above.
When comparing loan offers, it's helpful to use a mortgage calculator, such as the ones available at the highlighted link, to determine the true cost of various loan offers. A loan with a low rate but high fees can cost more over the life of the loan than one with a higher rate and lower fees.
For borrowers with good or excellent credit, the best mortgage rates in Connecticut are usually offered by conventional mortgages – that is, home loans backed by Fannie Mae or Freddie Mac and offered through most lenders.
Connecticut FHA loans are often a good choice for borrowers with so-so credit or limited funds for a down payment, while VA loans are hard to beat for those with a military background.
Home equity loans
Home equity loan rates in Connecticut typically run a bit higher than rates for home purchase loans or Connecticut refinance rates. That's because home equity loans are second liens, so the risk to the lender is greater.
HELOCs (home equity line of credit) offer adjustable rates that vary over time, so they typically start out lower than standard home equity loan rates in Connecticut, but may later move higher or lower. HELOCs are also interest-only loans during the period you can draw against the line of credit, allowing you to borrow and repay money as you wish during that time.
Whether you prefer the country cottage in the town of Hampton or a custom estate in Bridgeport, Connecticut lenders are ready to listen to your needs and help you find the best rate mortgage available.