Initial rates displayed are based on a $200,000 loan for a purchase or refinance transaction of an owner occupied, single-family residence with 62.5% LTV and 740 credit score and no cash out. By adjusting these assumptions you can update the type of loan, property, credit rating, and down payment that you are looking for. The rates were submitted by each individual lender/broker on the date indicated. Rate/APR terms offered by advertisers may differ from those listed above based on the creditworthiness of the borrower and other differences between an individual loan and the loan criteria used for the HSH quotes. Annual percentage rate in ARM products may increase after the loan is closed. More Info. These quotes are from banks, thrifts and brokers who have paid for a link to their website in the listings above and you can find additional information about their loan programs on their websites.
In order to help you see how Connecticut mortgage rates compare with National rates, check out the following rate table from the industry website mortgagenewsdaily.com. These rates represent national averages and are based on specific loan assumptions.
It is important to shop around for the best terms. Make sure that you compare rates, lender fees and learn about third party fees. When comparing mortgage offers check out the term (length), interest rate (fixed vs. variable), and if applicable the cost of mortgage insurance. Get more information about mortgage rates and mortgage fees. Also, FHA loans, which always require mortgage insurance, differ from conventional loans, which require Private Mortgage Insurance (PMI) if your loan to value ratio (LTV) is over 80%. Make sure that you use all of your costs when comparing loans.
In order to qualify for the best mortgage rates in Connecticut it is important to have an excellent credit score. Also, you want to make sure that your debt to income ratio (DTI) and your downpayment or equity position , your loan to value ratio (LTV) are sufficient to qualify. Read this Bills.com article about qualifying for a mortgage.
Connecticut is the twenty eighth most populous US state. According to the US census, as of 2017, there is an estimated population of over 3.9 million residents, which represents 1.2% of the US population.
According to Wikipedia, the major industries in Connecticut are finance and insurance, real estate, and manufacturing. Some of the big employers include “The Hartford, Travelers, Cigna, Aetna, Mass Mutual, People's United Financial, Royal Bank of Scotland...Realogy and William Raveis Real Estate...and United Technologies Corporation, and Lockheed Martin subsidiary Sikorsky Aircraft.”
According to the FHFA May 2017 Refinance Report, Connecticut's share of HARP loans was 1.1%. However, about 5.6% of all HARP loans were over 125% LTV. Connecticut’s unemployment rate was about 5% in July 2017 vs. a 4.3% national rate. Connecticut's median household income was $71,346 vs. $55,775 nationally.
Based on 2015 HMDA data, Connecticut compared to National loan program distribution, had a slightly similar percentage of refinance loan (47% vs 46% nationally). Conventional loans were a larger percent of loans in Connecticut, (75% vs 69% nationally) and , and VA loans (5% vs 10% nationally) were considerably lower/p>
Here are some outside resources that can help you understand the Connecticut mortgage environment:
Mortgage rates, loan amounts, LTV, (etc) vary based on areas. The FHFA provides a useful insight into differences in conventional loans. We are providing historical data based on State based information for 2002 - 2015.
Source of Data: FHFA Historical Table - (TERMS ON CONVENTIONAL HOME MORTGAGES) Table 15 - By State and Table 12 Fixed-Rate Mortgages
Check out some differences between Connecticut and the US:
Mortgage Rates for Conventional Loans in Connecticut vs USA
Mortgage Fees for Conventional Loans in Connecticut
Purchase Price for Conventional Loans in Connecticut vs USA