Connecticut mortgage and refinance rates

Current mortgage rates in Connecticut

As of Wednesday, October 29, 2025, current interest rates in Connecticut are 6.28 percent for a 30-year fixed mortgage and 5.65 percent for a 15-year fixed mortgage.

Mortgage rates in Connecticut — and nationally — trended upward over in 2023 and 2024, despite a series of rate cuts by the Federal Reserve in late 2024. However, thanks to economic uncertainty, rates began to decrease in early 2025, now averaging a bit above 6 percent. While mortgage rates are difficult to predict, many experts expect this trend to continue, with rates decreasing modestly — though remaining above 6 percent — for the rest of 2025 and into 2026.

Refinance rates in Connecticut 

While mortgage refinance rates have decreased since their peak near 8 percent in October 2023, they’re still much higher than they were a few years ago, generally hovering between 6 and 7 percent for both 30-year and 15-year refinance terms. For many who locked in lower mortgage rates around the pandemic, it doesn’t likely make sense to refinance now. 

However, if you took out your mortgage when rates were closer to 8 percent, now may be a good time to refinance. And with home values increasing in Connecticut, you may have tappable equity sooner than you think. In fact, according to ATTOM, a real estate data company, almost 50 percent of homes in the state are “equity rich” as of the fourth quarter of 2025. This means that a home’s mortgage balance is 50 percent or less of its market value. If you have more than 20 percent equity in your home, you could use a cash-out refinance to further your financial goals.

National mortgage rates by loan type

Connecticut housing market statistics and trends

The median sales price for a home in Connecticut is similar to the national median — and it's up year-over-year, though it's declined slightly in recent months. Connecticut's market is challenging, with more than half of homes selling above list price and a relatively short median time on market. An increased number of homes with price drops is a positive sign that the state may be edging friendlier for buyers.

• Median home sales price, August 2025: $461,800
• Median home value, August 2025: $433,500
• Median down payment, August 2025: $91,506
• Median days on market, September 2025: 40
• Percentage of homes sold above list price, September 2025: 55.7%
• Percentage of homes with price drops, September 2025: 22.5%
• Homeownership rate, Q1 2025: 66.5%

Sources: ATTOM, Redfin, U.S. Census Bureau

Mortgage options in Connecticut

There are a variety of mortgage options available to homebuyers in Connecticut, including:

• Connecticut conventional mortgages: To qualify for a conventional mortgage, you’ll need a minimum credit score of 620 and a debt-to-income (DTI) ratio of no more than 45 percent. If you make a down payment of less than 20 percent, you’ll need to pay private mortgage insurance (PMI) premiums as well.
• Connecticut FHA loans: If your credit history disqualifies you from a conventional mortgage, you might be able to obtain a loan insured by the Federal Housing Administration (FHA). If you have a credit score of at least 580, you could qualify for an FHA loan with a down payment of 3.5 percent.
• Connecticut VA loans: If you’re a veteran or active-duty member of the military, you might qualify for a mortgage guaranteed by the Department of Veterans Affairs (VA). A VA loan doesn’t typically require a down payment or mortgage insurance, but you do need to pay a funding fee, which ranges from 1.25 percent to 3.3 percent of the loan amount for home purchases.

First-time homebuyer programs in Connecticut

The Connecticut Housing Finance Authority (CHFA) offers several programs to assist first-time homebuyers. Here’s a rundown:

• HFA Advantage and HFA Preferred loans: HFA Advantage and HFA Preferred loans offer down payment assistance, no upfront mortgage insurance costs and low monthly mortgage insurance payments through housing finance agencies, including the CHFA. Income and sales price restrictions apply.
• Conventional Area Median Income Loan Program: The Conventional Area Median Income Loan Program (CALP) is aimed at first-time buyers who do not qualify for an HFA Advantage or HFA Preferred loan because their income is greater than 80 percent of the area median income (AMI).
• Down Payment Assistance Program Loan: The CHFA offers a Down Payment Assistance Program (DAP) loan of up to $15,000.

The CHFA also has specialized homebuying programs for certain types of borrowers, including members of the military and the police, teachers, people with a disability and public housing residents.

How to find the best mortgage rate in Connecticut for you

Additional Connecticut mortgage resources

• How to buy a house in Connecticut: Learn the ins and outs of Connecticut's real estate scene.
• Connecticut loan limits by county: Learn the conforming loan limit for a city or town.
• Connecticut mortgage lenders: Explore the offerings of financial institutions available in the state.
• Closing costs in Connecticut: A guide to who pays what — and how much.
• Best homeowners insurance in Connecticut: Compare policies from a variety of providers.