Compare Current Mortgage Rates in Connecticut
If you’re exploring purchase or refinance loan options in Bridgeport, New Haven, Stamford, Hartford, Waterbury, or other Connecticut cities, begin by checking today’s mortgage rates. With a broad selection of loan products, you can find the perfect monthly payment and loan terms to make your dream of homeownership a reality.
Get a quoteThe rates, APRs, monthly payments, and discount points displayed here are current as of today and are subject to change at any time. Calculations are based on a borrower with a FICO® Score of 780 or higher and the designated down payment amount for each program. These examples assume a single-family primary residence and include up to one mortgage discount point purchased to reduce the interest rate. For more details about mortgage points and how they can lower your rate, connect with a knowledgeable Midwest Mortgage loan officer.
Compare Today’s Connecticut Mortgage Rates and Refinance Options with Midwest Mortgage
Purchase rates
Conventional Fixed Rate Loans
Conventional fixed-rate mortgages offer steady monthly payments and a consistent interest rate throughout the entire term — typically available for 15, 20, or 30 years. Borrowers generally contribute a 3%–20% down payment and may be required to carry private mortgage insurance (PMI) if the down payment is less than 20%. Lenders evaluate credit score, closing costs, and property appraisal as part of loan approval.
Conforming Adjustable Rate Mortgage (ARM) Loans
Adjustable-rate mortgages (ARMs) feature interest rates that change over time. The initial rate is usually lower than a comparable fixed-rate loan, making it appealing for borrowers who prefer smaller early payments. However, rates and payments may rise later, so ARMs are best suited for those comfortable with future adjustments.
Federal Housing Administration (FHA) Loans
FHA loans, insured by the Federal Housing Administration, provide an accessible path to homeownership for borrowers with lower credit or smaller savings. With down payments as low as 3.5%, these loans are especially helpful for first-time buyers. Borrowers must also pay mortgage insurance premiums (MIP), which help protect lenders.
Veteran Affairs (VA) Loans
VA loans, guaranteed by the U.S. Department of Veterans Affairs, provide exclusive benefits for qualified veterans, active-duty service members, and eligible spouses. These loans require no down payment, have no private mortgage insurance, and feature competitive rates — making them one of the most affordable financing options available for those who serve.
Jumbo Loans
Jumbo loans are designed for properties that exceed the conforming loan limits. Commonly used in high-cost markets, these loans typically require larger down payments, excellent credit scores, and comprehensive financial documentation. Interest rates are often slightly higher due to their non-conforming status, making them ideal for luxury property buyers.
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Refinance rates
Conventional Fixed rate loans
A conventional fixed-rate refinance allows homeowners to stabilize their monthly payments and lock in a consistent rate. To avoid private mortgage insurance, borrowers should have at least 20% home equity. Key considerations include credit score, current market conditions, closing costs, and property appraisal.
Conforming Adjustable Rate Mortgage (ARM) Loans
A conforming ARM refinance starts with a lower initial rate, helping homeowners reduce short-term payments. However, since rates can rise after the introductory period, it’s best suited for borrowers who plan to sell, refinance again, or relocate before the adjustment takes effect.
Federal Housing Administration (FHA) Loans
FHA refinance loans provide flexible options for homeowners looking to reduce payments, switch from an ARM to a fixed-rate loan, or access home equity. These loans are accessible to borrowers with modest credit and offer lower equity requirements but include mortgage insurance premiums as part of the cost.
Veteran Affairs (VA) Loans
VA refinance programs, including Interest Rate Reduction Refinance Loans (IRRRL), enable eligible veterans and active-duty service members to lower their existing mortgage rate or shorten the loan term. Like VA purchase loans, they feature no PMI, no down payment, and competitive interest rates.
Jumbo Loans
Jumbo refinance loans are ideal for homeowners in high-value properties who wish to lower their rate, extract equity, or adjust loan terms. These loans require excellent credit, higher income, and detailed asset verification due to their larger loan amounts and non-conforming classification.
Frequently asked questions about mortgage rates
1. How do Connecticut mortgage rates compare to national averages?
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2. What determines the mortgage rate I qualify for?
3. Can I lock in my mortgage rate in Connecticut?
4. Are FHA loans a good choice for first-time buyers?
5. When is refinancing my Connecticut mortgage a smart move?
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