Current Mortgage Rates In Connecticut

The Nutmeg State is enjoying another round of historically low current mortgage rates. Connecticut, while not immune to the nationwide downturn in property values, has not experienced the dramatic rates of depreciation experienced in large portions of the rest of the country. In comparison to some marketplaces in CA and AZ where property values have been cut in half over the last 24 months, CT has seen values come down about 15%-18% on average. While certainly nothing to sneeze at, these numbers are not as catastrophic as others and reflect the continued strength of the CT marketplace on the whole.

How are current mortgage rates determined?

Current mortgage rates can vary from State to State based on several factors. The formula that lenders use to determine the value of loans from one State over another is so arcane and mysterious that I don’t think anyone can claim to be an expert on the subject. Like the small nuances that determine different credit scores, these rate differences between States are really the statisticians realm with data like likelihood of refinance, population trends, length of time the average mortgage is held, etc. all go into determining what kind of rates are available in a given State. CT typically finds itself in one of the better rate tiers with most lenders and therefore rates in CT tend to be among the best available nationally.

Currently, 30 year fixed Conforming current mortgage rates continue to dance around the 4.99% mark with periodic dips into lower territory while 15 year fixed rates remain below 4.50%. The Conforming rates traditionally apply to loans that will ultimately be bought by Fannie Mae and Freddie Mac. The maximum loan amount for most Conforming loans is $417,000 but in CT there are several Counties that have higher limits based on Fannie/Freddie’s ‘High Balance Conforming’ program that takes into account higher average property values in particular markets and allow for a loan limit in excess of $417k. Hartford, Tolland and New Haven Counties all have loan limits of $440,000 and Fairfield County has a limit of $708,750. While High Balance Conforming rates are slightly higher than regular Conforming rates, they fill an important role in a lending environment where there is a scarcity of viable high loan amount options.

Jumbo Mortgage Loans In Connecticut

In CT, particularly Southeastern CT where several towns are bedroom communities for New York City, property values are significantly higher than the national average. Jumbo mortgage products have always filled a need in CT that Fannie/Freddie mortgage products simply are not meant to address. There are several towns in CT where the average home value is in excess of $1 million. The shift in the mortgage marketplace away from Jumbo products that has taken place over the last 2 years has left fewer and fewer options for this important segment of the CT mortgage market. Luckily for these customers, Total Mortgage Services has access to some of the very best, lowest rate Jumbo mortgage products that remain in the marketplace. From Jumbo ARMs to Jumbo Fixed mortgage loans, TMS has access to market leading rates to suit any need.

As we head deeper into Autumn and the leaves begin to fall, current mortgage rates in Connecticut remain low across the product spectrum. This rate environment will not last forever and for all those people from Greenwich to New London, from New Haven to Hartford, and all those in between, now is a great time to explore CT best rates at TMS. Call one of our mortgage experts today.

If you have any question that you would like to get answered by our expert mortgage brokers, please email us or call us at 1-877-868-2503. See our Current Mortgage Rates.