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Norwich

Current Mortgage Rates in Norwich, Connecticut

Compare mortgage rates and fees for leading lenders in Norwich, CT. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lender offering the best mortgage rates in Norwich.

We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Norwich. Plus, shopping lenders is free and there is no obligation.

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Mortgage Rates in Norwich, CT as of August 24, 2019
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Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. Click for more information on rates and product details.

How Do Today's Norwich, CT Mortgage Rates Compare?

August 24, 2019

The current average rate for a 30 year fixed rate mortgage in Norwich 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%

Mortgage Program
Today's
Norwich, CT Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.600%
15 Year Fixed Rate
B.BBB%
3.050%
5/1 Adjustable Rate Mortgage
C.CCC%
3.360%

How Affordable is Housing in Norwich, Connecticut?

The median home value for Norwich, CT (New London County) is $251,609

The median household income for Norwich, CT (New London County) is $71,533

Based on current mortgage rates and a 10% down payment, you need to make $46,681 per year to buy the median priced home in Norwich

The home price you can afford to by based on household income in Norwich is 153% of the median home value which means housing prices are average

Norwich (New London County) ranks 6 out of 8 counties in Connecticut and 2,497 out of 3,142 counties in the United States for housing affordability.

According to the FREEandCLEAR Housing Affordability Index, the housing market in Norwich, CT is average

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Loan Limits for Norwich, Connecticut

Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Norwich (New London County) below.

Conforming loan limits for Norwich, CT

1 unit: $484,350
2 units: $620,200
3 units: $749,650
4 units: $931,600

FHA loan limits for Norwich, CT

1 unit: $314,827
2 units: $403,125
3 units: $487,250
4 units: $605,525

VA loan limits for Norwich, CT

1 unit: $484,350

Additional Mortgage Resources for Norwich, CT Residents

Mortgage Rates for Connecticut Cities

Bridgeport Mortgage Rates

Hartford Mortgage Rates

Litchfield Mortgage Rates

Middletown Mortgage Rates

New Haven Mortgage Rates

Norwich Mortgage Rates

Tolland Mortgage Rates

Windham Mortgage Rates

Sources

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/

Conforming Loan Limits: https://www.fhfa.gov/DataTools/Downloads/Pages/Conforming-Loan-Limits.aspx

FHA Loan Limits: https://entp.hud.gov/idapp/html/hicostlook.cfm

VA Loan Limits: https://www.benefits.va.gov/homeloans/purchaseco_loan_limits.asp

FREEandCLEAR Housing Affordability Index