Who has low mortgage rates in Connecticut?
I’m looking for a primary, single-family home in for , and credit score.
Insights
Negotiate everything—rates, fees, and terms are not set in stone.
George Robinson Chief Data ScientistLenders with low rates in CT
It’s hard to find a lender in the good rate range—we’ve analyzed 442 lenders and found some likely to get you a good deal.
| Lender | Lender fees | Customer synopsis | |
|---|---|---|---|
Insights
Negotiate everything—rates, fees, and terms are not set in stone.
George Robinson Chief Data ScientistLenders in CT likely to have high rates
We dont accept advertising, so TrueRate can give the real lender story. We looked at 442 lenders and these lenders are likely to offer you a high rate.
| Lender | Lender fees | Summary | |
|---|---|---|---|
Insights
Whether a lender has high margins or is simply inefficient and passing their costs on to you, the result is the same—you’ll likely end up paying more for your home. Our data shows that if you choose these lenders you will likely regret it.
George Robinson Chief Data ScientistMethodology
We believe in transparency. Here’s how we crunched the numbers.
Based on lender data from 2023 with at least 10 loans similar to yours with 0 points for a 30-year fixed mortgage.
Let’s talk about home buying in Connecticut
Home of the scenic New England vibes and not-so-scenic housing costs, right? Over the past five years, mortgage rates in Connecticut have pretty much followed the same national trends as other states, but with the added ouch factor of higher property taxes and generally more expensive homes.
Back in 2019, things were fairly normal.Rates for a 30-year fixed mortgage were hanging around 4%, which was considered decent.Then, 2020 hit and suddenly, it was like mortgage rate heaven thanks to the pandemic.By mid- 2020, rates had dipped down to around 2.5% to 3%—the lowest they’ve ever been in a long time.People in Connecticut were out here trying to lock in those rates, especially because housing prices tend to be higher than the national average.
But, like all good things, the low- rate era couldn’t last forever.By 2022, inflation was popping off and the Federal Reserve was like, “Nope, we’re raising rates,” and mortgage rates started inching their way back up.Connecticut saw rates climb to around 5 % to 6 %, and 2023 brought even more upward pressure, with rates hovering around 6 % to 7 %.So yeah, anyone trying to buy a house recently has definitely felt the pinch.
Here’s the kicker: Connecticut’s property taxes are notoriously high, and housing prices in places like Fairfield County are not cheap(thanks, proximity to NYC).So even though interest rates might not seem wildly different from Texas or elsewhere, the overall cost of homeownership can feel way heavier.
So, while interest rates in Connecticut are finally moving down, when you factor in higher home prices and taxes, it feels like a double whammy.If you’re eyeing a place there, you really gotta watch those interest rates closely and maybe be ready to pounce.