Compare mortgage rates and closing costs for leading lenders in Connecticut. Review free, personalized mortgage rates for Connecticut based on your specifc loan amount, program and other factors. Easily compare APRs, fees and monthly payments to find the lender offering the best mortgage terms.
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October 22, 2019
The current average rate for a 30 year fixed rate mortgage in Connecticut is A.AAA%, the rate for a 15 year fixed rate mortgage is B.BBB% and the rate for a 5/1 adjustable rate mortgage (ARM) is C.CCC%
The median home value for Connecticut is $298,546
The median household income for Connecticut is $77,318
Based on current mortgage rates and a 10% down payment, the income required to buy the median priced home in Connecticut is $55,390
The home price you can afford to buy based on household income in Connecticut is 140% of the median home value which means housing prices are expensive. Connecticut ranks 31 out of 50 states for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the real estate market in Connecticut is expensive
US Census Bureau American Community Survey: https://www.census.gov/programs-surveys/acs
FHFA House Price Index: https://www.fhfa.gov/DataTools/Downloads/Pages/House-Price-Index-Datasets.aspx#qat
Income Growth: https://www.bls.gov
National Average Rates: http://www.freddiemac.com/pmms/
FREEandCLEAR Housing Affordability Index