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Connecticut Mortgage Rates today

Refinancing your mortgage in Connecticut is a smart financial move, and Total Mortgage is here to make the process seamless for you. Our experienced team understands the local market dynamics, allowing us to provide tailored solutions to meet your refinancing needs. When you choose Total Mortgage, you have the opportunity to compare current mortgage refinance rates, ensuring that you secure the best terms for your loan. Take advantage of the current refinance rates in Connecticut to potentially lower your monthly payments and save money over the life of your loan. Trust Total Mortgage for expert guidance and a hassle-free refinancing experience in the Constitution State.

If you have any questions about securing the best mortgage rates in Connecticut, please contact us today. We are here to assist you in finding the mortgage rates that best suit your needs.

Compare today's mortgage rates for Connecticut

The current mortgage rates in Connecticut stand at 7.125% for a 30-year fixed mortgage and 6.625% for a 15-year fixed mortgage as of April 12 2024 4:15pm EST.

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6.375% RATE

7.410% APR

$2,434/mo

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Based on the assumed loan amount of $360,000 and 20% down payment

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7.125% RATE

7.498% APR

$2,425/mo

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Based on the assumed loan amount of $360,000 and 20% down payment

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6.625% RATE

7.217% APR

$3,161/mo

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Based on the assumed loan amount of $360,000 and 20% down payment

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6.125% RATE

6.789% APR

$2,215/mo

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Based on the assumed loan amount of $360,000 and 20% down payment

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7.125% RATE

7.967% APR

$2,425/mo

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Based on the assumed loan amount of $360,000 and 20% down payment

APPLY NOW

Last updated - April 12 2024 4:15pm EST.
The table is updated twice every day with the current mortgage rates

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Connecticut First-time Homebuyer Programs

In Connecticut, first-time homebuyers have access to a range of programs through the Connecticut Housing Finance Authority (CHFA) that are tailored to various individuals, including those with disabilities, military personnel, police officers, and teachers. These programs aim to make the home buying process more affordable, offering down payment assistance and other benefits.

Total Mortgage, with our 25 years of experience and experience as the top Connecticut purchase lender, can guide you every step of the way to help you secure the best mortgage deal for your situation.

For a comprehensive understanding of the eligibility requirements and program details, consider exploring the CHFA resource map designed for each of the programs listed below. When you are ready to take the first step, apply here and start working with one of our experts.

Down Payment Assistance Program Loan

Saving for a down payment can be challenging, but the Down Payment Assistance Program (DAP) loan, in Connecticut can help. This program provides funds that can cover both the down payment and closing costs. With up to $20,000 in home purchase assistance available in the form of a low-interest second mortgage, this program is an excellent option for those who have been struggling to save for a down payment. To qualify for this program, you need to apply, and qualify for a CHFA mortgage.

HFA Advantage and HFA Preferred Loans

Connecticut offers the HFA Advantage and HFA Preferred loan programs which are supported by Fannie Mae and Freddie Mac. These programs are popular among first-time homebuyers as they provide savings on insurance costs and offer "below-market" interest rates. These programs also eliminate mortgage insurance premiums entirely when the borrower achieves 20 percent equity. However, to qualify, you must be a first-time buyer or not have owned a home in the previous three years, and the home must be your primary residence. Additionally, there are income and purchase price limits within the programs.

Conventional Area Median Income Loan Program

For first-time buyers whose income exceeds 80 percent of the area median income, the Conventional Area Median Income Loan Program (CALP) is an excellent option. This mortgage offers benefits such as no upfront mortgage costs and lower monthly mortgage insurance costs. Furthermore, mortgage insurance premiums are completely eliminated when borrowers reach 20 percent equity. Eligible properties include single-family homes, townhomes, and specific Fannie Mae or Freddie Mac-eligible condominiums. Applicants must be first-time homebuyers who have not owned a home in the past three years, and the home being purchased must be your primary residence.

Military Homeownership Program

The Military Homeownership Program is specifically tailored for current members of the military and veterans who are first-time homebuyers. This program offers 0.125 percent off a below-market interest rate and is also available to unmarried, surviving spouses, or civil union partners of a veteran who died as a result of military service or service-connected disabilities. Like other programs, the property must be your primary residence, and there are income and sales price limits, depending on the location of the home. Eligible homes include single-family homes, townhomes, FHA or VA-approved condominiums, or Fannie Mae-eligible properties.

Police Homeownership Program

The Police Homeownership Program is designed to assist municipal and state police officers in purchasing homes. This program offers mortgages with interest rates that are an additional 0.125 percent below-market rates. It is available to first-time homebuyers or those who have not owned a home in the prior three years. Funding is available for primary residences only, and there are sales price and income limits as well.

Teachers Mortgage Assistance Program

Connecticut's Teachers Mortgage Assistance Program aims to assist teachers in becoming homeowners. This program features 0.125 percent off the below-market interest rates offered by the CHFA. It is available to first-time buyers or those who have not owned a home in the past three years. Just like other CHFA programs, the home must be your primary residence. Moreover, borrowers must be employed as teachers in specific school districts or have graduated from historically black colleges or Hispanic-serving institutions.

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Today's Rates

Mortgage rates are volatile and subject to change without notice. All rates shown are for 30-day rate locks with two and a half points for a single family owner-occupied primary residence with 750 or higher FICO and 80 LTV over a 30-year loan term except where otherwise noted and are subject to mortgage approval with full documentation of income. The APR for a 30-year and 15-year conventional fixed-rate mortgage loans are calculated using a loan amount of $360,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, a $10 flood certification fee, and a $82 credit report fee.* 15-year conventional mortgage rates are calculated with a 15-year loan term.* The APR for jumbo mortgage rates is calculated using a loan amount of $500,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, $10 flood certification fee, and a $82 credit report fee.* The APR for FHA mortgage rates is calculated using a loan amount of $360,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, $10 flood certification fee, and a $82 credit report fee. Some rates and fees may vary by state.* The APR for adjustable rate mortgages (ARMs) is calculated using a loan amount of $360,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, $10 flood certification fee and a $82 credit report fee. Some rates and fees may vary by state. Products are subject to availability on a state-by-state basis. By refinancing your existing loan, your total finance charge may be higher over the life of the loan.