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Home Mortgage Rates in Connecticut

Connecticut Mortgage Rates and Real Estate Information

Black Rock Harbor Lighthouse in Bridgeport, Connecticut.

Connecticut is a popular place to live among the New England region of the US. With its high per capita income, close proximity to well paying jobs in New York City, and low taxes compared to the other states in the region, Connecticut has made a name for itself as a great place to call home. Known as the “Constitution State” or “Nutmeg State,” Connecticut’s residents are most densely populated along the southwest corner of the state, so as to easily live, work, and commute within the Tri-state area.

Connecticut Real Estate Prices Compared to National Average

There is a broad range of real estate prices throughout the state of Connecticut with prices lowering as you go further to the central and eastern parts of the state. With Bridgeport’s median prices around $374,000, Hartford’s of $226,000, and the Norwich-New London area around $209,000, there are many different real estate options throughout Connecticut to meet a buyers needs. On the whole, the median price for a home in Connecticut of $238,900 is much higher than the national average of $172,000. This is due to the many hedge funds based out of Greenwich and the upper income Connecticut commuters who work in NYC. Their presence has helped Connecticut to have the second highest number of million dollar homes after California and skewed median home prices to much higher levels.

Metropolitan Areas

CT Rank US Rank Metropolitan Area 2016 Pop 2010 Pop Change % △
1 47 Hartford-West Hartford-East Hartford 1,206,836 1,212,381 -5,545 -0.46%
2 57 Bridgeport-Stamford-Norwalk 944,177 916,829 27,348 2.98%
3 58 Worcester, MA-CT Metro Area 935,781 916,980 18,801 2.05%
4 65 New Haven-Milford 856,875 862,477 -5,602 -0.65%
5 177 Norwich-New London 269,801 274,055 -4,254 -1.55%
6 231 Torrington 182,571 189,927 -7,356 -3.87%

Popular Cities in Connecticut

Hartford Skyline at Night.

  • Bridgeport (138,000): As the most populated city in Connecticut, Bridgeport is known as the “Park City,” and is located along the Long Island Sound. It boasts itself as the birthplace of the Frisbee and one-time home of P.T. Barnum, the world famous circus promoter.
  • Hartford (124,512): Known as the “Insurance Capital of the World,” Hartford is also the state capital of Connecticut and its second largest city. Recently, Hartford has seen a resurgence of development around its downtown area and along the riverfront.
  • New Haven (124,000): Third in population, though nearly identical to Hartford, New Haven is home to Yale University, one of the largest employers in the state. In addition, New Haven has one of the highest per capita incomes in the nation.

Aerial View of New Haven.

Fastest Growing Cities in Connecticut

Stamford, Norwalk, and Danbury have shown themselves to be a few of the fastest growing Connecticut cities due to their low cost of living in relation to the surrounding Connecticut areas that are within commuting distance to New York City. Each is part of Fairfield County, which has one of highest per capita income levels of any county in the US.

Stamford, Connecticut.

Connecticut Census Data

As of July 1, 2016 the state of Connecticut has an estimated population of 3,576,452 across 4842.36 mi² yielding a population density of 738.58 people per mi² across the state.

The following table highlights the July 1, 2016 populations of cities, towns & Census Designated Places (CDP) with over 2,500 residents based on United States Census Bureau estimates. For Census Designated Places (CDP) where there was no population estimate available for 2016 the 2011-2015 American Community Survey 5-Year Estimates data was used.

All table columns are sortable. Click on the column headers to sort by that column. Click again to sort low to high. Cities with higher levels of population growth typically see the increased demand drive faster real estate price appreciation.

Rank Geography County 2016 Pop 2010 Pop Change % △ Land mi² Pop Den mi²
1 Bridgeport Fairfield 145,936 144,229 1,707 1.18% 15.97 9,138.13
2 New Haven New Haven 129,934 129,779 155 0.12% 18.68 6,955.78
3 Stamford Fairfield 129,113 122,643 6,470 5.28% 37.64 3,430.21
4 Hartford Hartford 123,243 124,775 -1,532 -1.23% 17.38 7,091.08
5 Waterbury New Haven 108,272 110,366 -2,094 -1.90% 28.52 3,796.35
6 Norwalk Fairfield 88,438 85,603 2,835 3.31% 22.86 3,868.68
7 Danbury Fairfield 84,992 80,893 4,099 5.07% 41.89 2,028.93
8 New Britain Hartford 72,558 73,206 -648 -0.89% 13.39 5,418.82
9 West Hartford Hartford 62,903 63,268 -365 -0.58% 21.84 2,880.17
10 Greenwich Fairfield 62,359 61,171 1,188 1.94% 47.62 1,309.51
11 Fairfield Fairfield 61,160 59,404 1,756 2.96% 29.9 2,045.48
12 Hamden New Haven 61,125 60,960 165 0.27% 32.65 1,872.13
13 Bristol Hartford 60,147 60,477 -330 -0.55% 26.41 2,277.43
14 Meriden New Haven 59,622 60,868 -1,246 -2.05% 23.79 2,506.18
15 Manchester Hartford 57,873 58,241 -368 -0.63% 27.4 2,112.15
16 West Haven New Haven 54,516 55,564 -1,048 -1.89% 10.75 5,071.26
17 Milford town New Haven 54,054 52,759 1,295 2.45% 22.18 2,437.06
Milford city (balance) New Haven 52,536 51,271 1,265 2.47% 21.9 2,398.90
18 Stratford Fairfield 52,148 51,384 764 1.49% 17.48 2,983.30
19 East Hartford Hartford 50,237 51,252 -1,015 -1.98% 18 2,790.94
20 Middletown Middlesex 46,544 47,648 -1,104 -2.32% 41.02 1,134.67
21 Wallingford New Haven 44,660 45,135 -475 -1.05% 39.04 1,143.95
22 Enfield Hartford 44,368 44,654 -286 -0.64% 33.27 1,333.57
23 Southington Hartford 43,685 43,069 616 1.43% 35.91 1,216.51
24 Shelton Fairfield 41,334 39,559 1,775 4.49% 30.63 1,349.46
25 Norwich New London 39,556 40,493 -937 -2.31% 28.06 1,409.69
26 Groton town New London 39,261 40,115 -854 -2.13% 31.03 1,265.26
27 Trumbull Fairfield 36,237 36,018 219 0.61% 23.32 1,553.90
28 Torrington Litchfield 34,646 36,383 -1,737 -4.77% 39.75 871.60
29 Glastonbury Hartford 34,584 34,427 157 0.46% 51.27 674.55
30 Naugatuck borough New Haven 31,392 31,862 -470 -1.48% 16.31 1,924.71
Manchester CDP Hartford 30,883 30,577 306 1.00% 6.46 4,780.65
31 Newington Hartford 30,423 30,562 -139 -0.45% 13.14 2,315.30
32 Cheshire New Haven 29,282 29,261 21 0.07% 33.07 885.46
33 Vernon Tolland 29,148 29,179 -31 -0.11% 17.7 1,646.78
34 Windsor Hartford 28,875 29,044 -169 -0.58% 29.5 978.81
35 East Haven New Haven 28,807 29,257 -450 -1.54% 12.3 2,342.03
36 Branford New Haven 28,028 28,026 2 0.01% 21.83 1,283.92
37 Newtown Fairfield 27,865 27,560 305 1.11% 57.66 483.26
38 Westport Fairfield 27,840 26,391 1,449 5.49% 19.96 1,394.79
39 New Milford Litchfield 27,151 28,142 -991 -3.52% 61.57 440.98
40 New London New London 26,984 27,620 -636 -2.30% 5.62 4,801.42
41 Wethersfield Hartford 26,195 26,668 -473 -1.77% 12.31 2,127.94
42 Mansfield Tolland 25,969 26,543 -574 -2.16% 44.6 582.26
43 South Windsor Hartford 25,737 25,709 28 0.11% 28.06 917.21
44 Farmington Hartford 25,524 25,340 184 0.73% 28.02 910.92
45 Ridgefield Fairfield 25,063 24,638 425 1.72% 34.52 726.04
46 Windham Windham 24,727 25,268 -541 -2.14% 26.97 916.83
47 Simsbury Hartford 24,407 23,511 896 3.81% 33.92 719.55
48 North Haven New Haven 23,709 24,093 -384 -1.59% 20.84 1,137.67
49 Guilford New Haven 22,277 22,375 -98 -0.44% 47.12 472.77
50 Watertown Litchfield 21,790 22,514 -724 -3.22% 29.01 751.12
51 Darien Fairfield 21,744 20,732 1,012 4.88% 12.66 1,717.54
52 Bloomfield Hartford 20,642 20,486 156 0.76% 26.09 791.18
53 Berlin Hartford 20,499 19,866 633 3.19% 26.32 778.84
54 New Canaan Fairfield 20,280 19,738 542 2.75% 22.19 913.93
55 Rocky Hill Hartford 20,119 19,709 410 2.08% 13.45 1,495.84
56 Monroe Fairfield 19,658 19,479 179 0.92% 26.07 754.05
57 Bethel Fairfield 19,627 18,584 1,043 5.61% 16.89 1,162.05
58 Southbury New Haven 19,572 19,904 -332 -1.67% 38.99 501.97
59 Montville New London 19,231 19,571 -340 -1.74% 41.95 458.43
60 Waterford New London 19,101 19,517 -416 -2.13% 32.77 582.88
61 East Lyme New London 18,886 19,159 -273 -1.42% 34 555.47
62 Ansonia New Haven 18,732 19,249 -517 -2.69% 6.02 3,111.63
63 Stonington New London 18,647 18,545 102 0.55% 38.66 482.33
64 Wilton Fairfield 18,560 18,062 498 2.76% 26.8 692.54
65 Avon Hartford 18,364 18,098 266 1.47% 23.15 793.26
66 Madison New Haven 18,151 18,269 -118 -0.65% 36.15 502.10
Wallingford Center CDP New Haven 17,710 18,209 -499 -2.74% 7.26 2,439.39
67 Plainville Hartford 17,677 17,716 -39 -0.22% 9.71 1,820.49
Willimantic CDP Windham 17,411 17,737 -326 -1.84% 4.4 3,957.05
68 Brookfield Fairfield 17,098 16,452 646 3.93% 19.77 864.85
69 Killingly Windham 17,069 17,370 -301 -1.73% 48.31 353.32
70 Wolcott New Haven 16,643 16,680 -37 -0.22% 20.43 814.64
71 Seymour New Haven 16,553 16,540 13 0.08% 14.52 1,140.01
72 Ellington Tolland 16,071 15,602 469 3.01% 34.06 471.84
73 Colchester New London 16,061 16,068 -7 -0.04% 48.98 327.91
Storrs CDP Tolland 15,914 15,344 570 3.71% 5.59 2,846.87
74 Suffield Hartford 15,625 15,735 -110 -0.70% 42.26 369.73
75 Plainfield Windham 15,067 15,405 -338 -2.19% 42.36 355.69
76 Ledyard New London 14,911 15,051 -140 -0.93% 38.22 390.14
77 Tolland Tolland 14,791 15,052 -261 -1.73% 39.63 373.23
78 North Branford New Haven 14,198 14,407 -209 -1.45% 24.76 573.42
79 New Fairfield Fairfield 14,005 13,881 124 0.89% 20.44 685.18
80 Cromwell Middlesex 13,960 14,005 -45 -0.32% 12.45 1,121.29
81 Orange New Haven 13,912 13,956 -44 -0.32% 17.18 809.78
Greenwich CDP Fairfield 13,499 12,942 557 4.30% 4.11 3,284.43
82 Oxford New Haven 12,984 12,683 301 2.37% 32.74 396.58
83 Clinton Middlesex 12,961 13,260 -299 -2.25% 16.21 799.57
84 East Hampton Middlesex 12,869 12,959 -90 -0.69% 35.65 360.98
85 Derby New Haven 12,631 12,902 -271 -2.10% 5.06 2,496.25
86 Windsor Locks Hartford 12,512 12,498 14 0.11% 9.02 1,387.14
87 Coventry Tolland 12,433 12,435 -2 -0.02% 37.57 330.93
88 Stafford Tolland 11,758 12,087 -329 -2.72% 58.04 202.58
89 Plymouth Litchfield 11,749 12,243 -494 -4.03% 21.89 536.73
90 Griswold New London 11,719 11,951 -232 -1.94% 34.71 337.63
91 East Windsor Hartford 11,355 11,162 193 1.73% 26.25 432.57
92 Granby Hartford 11,247 11,282 -35 -0.31% 40.68 276.47
93 Somers  Tolland 11,092 11,444 -352 -3.08% 28.37 390.98
94 Winchester Litchfield 10,754 11,242 -488 -4.34% 32.51 330.79
95 Weston Fairfield 10,302 10,179 123 1.21% 19.8 520.30
96 Canton Hartford 10,287 10,292 -5 -0.05% 24.59 418.34
97 Old Saybrook Middlesex 10,093 10,242 -149 -1.45% 15.04 671.08
Conning Towers Nautilus Park CDP New London 9,814 8,834 980 11.09% 4.98 1,970.68
98 Prospect New Haven 9,755 9,405 350 3.72% 14.23 685.52
Bethel CDP Fairfield 9,731 9,549 182 1.91% 4.09 2,379.22
99 Burlington Hartford 9,614 9,301 313 3.37% 29.74 323.27
100 Woodbury Litchfield 9,591 9,975 -384 -3.85% 36.4 263.49
101 Hebron Tolland 9,529 9,686 -157 -1.62% 36.94 257.96
102 Portland Middlesex 9,349 9,508 -159 -1.67% 23.35 400.39
103 Putnam Windham 9,333 9,584 -251 -2.62% 20.3 459.75
104 Thompson Windham 9,266 9,458 -192 -2.03% 46.9 197.57
Oakville CDP Litchfield 9,246 9,047 199 2.20% 3.25 2,844.92
105 Redding Fairfield 9,216 9,158 58 0.63% 31.5 292.57
106 Groton city New London 9,134 10,389 -1,255 -12.08% 3.08 2,965.58
107 East Haddam Middlesex 9,023 9,126 -103 -1.13% 54.25 166.32
Thompsonville CDP Hartford 8,878 8,577 301 3.51% 2.04 4,351.96
108 Woodbridge New Haven 8,842 8,990 -148 -1.65% 18.81 470.07
Kensington CDP Hartford 8,824 8,459 365 4.31% 5.23 1,687.19
Riverside CDP Fairfield 8,592 8,416 176 2.09% 2.42 3,550.41
109 Haddam Middlesex 8,260 8,346 -86 -1.03% 43.94 187.98
110 Brooklyn Windham 8,205 8,210 -5 -0.06% 29.09 282.06
111 Litchfield Litchfield 8,175 8,466 -291 -3.44% 56.1 145.72
112 Woodstock Windham 7,823 7,964 -141 -1.77% 60.65 128.99
Winsted CDP Litchfield 7,753 7,712 41 0.53% 4.62 1,678.14
Southwood Acres CDP Hartford 7,731 7,657 74 0.97% 4.07 1,899.51
Ridgefield CDP Fairfield 7,725 7,645 80 1.05% 6.4 1,207.03
113 Middlebury New Haven 7,641 7,575 66 0.87% 17.75 430.48
114 Thomaston Litchfield 7,595 7,887 -292 -3.70% 11.97 634.50
115 Easton Fairfield 7,561 7,490 71 0.95% 27.42 275.75
116 Old Lyme New London 7,469 7,603 -134 -1.76% 23.02 324.46
Rockville CDP Tolland 7,459 7,474 -15 -0.20% 1.69 4,413.61
117 Durham Middlesex 7,255 7,388 -133 -1.80% 23.66 306.64
118 Lebanon New London 7,197 7,308 -111 -1.52% 54.1 133.03
Putnam CDP Windham 7,147 7,214 -67 -0.93% 3.22 2,219.57
119 Westbrook Middlesex 6,933 6,938 -5 -0.07% 15.78 439.35
New Milford CDP Litchfield 6,915 6,523 392 6.01% 3.38 2,045.86
Old Greenwich CDP Fairfield 6,764 6,611 153 2.31% 1.98 3,416.16
120 New Hartford Litchfield 6,733 6,970 -237 -3.40% 37.04 181.78
121 Essex Middlesex 6,539 6,683 -144 -2.15% 10.4 628.75
Cos Cob CDP Fairfield 6,433 6,770 -337 -4.98% 2.07 3,107.73
122 Killingworth Middlesex 6,419 6,525 -106 -1.62% 35.33 181.69
123 Marlborough Hartford 6,402 6,404 -2 -0.03% 23.35 274.18
124 Beacon Falls New Haven 6,095 6,049 46 0.76% 9.67 630.30
Branford Center CDP New Haven 6,015 5,819 196 3.37% 1.88 3,199.47
Simsbury Center CDP Hartford 5,926 5,836 90 1.54% 4.56 1,299.56
125 Willington Tolland 5,872 6,041 -169 -2.80% 33.29 176.39
Cheshire Village CDP New Haven 5,730 5,786 -56 -0.97% 3.37 1,700.30
Portland CDP Middlesex 5,619 5,862 -243 -4.15% 5.67 991.01
126 Bethany New Haven 5,488 5,563 -75 -1.35% 21.13 259.73
127 Harwinton Litchfield 5,466 5,642 -176 -3.12% 30.79 177.53
Sherwood Manor CDP Hartford 5,457 5,410 47 0.87% 3.14 1,737.90
128 Columbia Tolland 5,433 5,485 -52 -0.95% 21.37 254.23
129 North Stonington New London 5,271 5,297 -26 -0.49% 54.25 97.16
Pawcatuck CDP New London 5,242 5,624 -382 -6.79% 3.41 1,537.24
Terryville CDP Litchfield 5,180 5,387 -207 -3.84% 2.76 1,876.81
130 East Granby Hartford 5,170 5,148 22 0.43% 17.56 294.42
131 Canterbury Windham 5,065 5,132 -67 -1.31% 39.94 126.82
Stafford Springs CDP Stafford 5,061 4,988 73 1.46% 6.37 794.51

Annual Estimates of the Resident Population: April 1, 2010 to July 1, 2016
Source: U.S. Census Bureau, Population Division
Release Date: May 2017.

Connecticut Mortgage and Foreclosure Rules

As of 2017 the conforming loan limit across the United States is set to $424,100, with a ceiling of 150% that amount in areas where median home values are higher. The Bridgeport-Stamford-Norwalk area of Fairfield county has higher loan limits than the rest of the state.

County Metropolitan Designation 1 Unit Limit 2 Unit Limit 3 Unit Limit 4 Unit Limit
Fairfield Bridgeport-Stamford-Norwalk $601,450 $769,950 $930,700 $1,156,650
All Others Rest of the State $424,100 $543,000 $656,350 $815,650

Connecticut is a state that uses “lien theory” when it comes to lending and real estate. This means that the property is used for security against the loan, and that the lender has a lien on the title of the property until the loan has been paid off in full. In Connecticut, the type of document used to place the lien on the property is called a mortgage.

Unique to Connecticut is that the mortgage documents create a similar legal setup as a deed of trust, with legal title to the property being held by the lender, and equitable title going to the person receiving the loan, which is also referred to as the equity of redemption. This legal arrangement is more common with “title theory” states that don’t require foreclosures by judicial review. Whereas, Connecticut does require a judicial foreclosure process before the home can be sold or turned over to the lender.

Connecticut Foreclosure Process

There are two different judicial foreclosure processes in Connecticut. They are known as “strict foreclosure” and “foreclosure by sale.” The judge will decide which is used depending on the equity of the home in question. Foreclosure begins when the lender records a lis pendens, which puts a cloud on the title of the property. All parties with an interest in the home must be given 12 days notice of the complaint before a claim is filed with the court and a trial date is set. The judge will determine the type of foreclosure process at the trial.

  • Judgment of Strict Foreclosure: In strict foreclosure, no sale of the property is held to pay off the loan balance. This process is usually chosen when the property has little to no equity above the loan amount owed. The judge will give what is called a law date, which is the date when the borrower must pay off the loan or lose their interest in the home. This is the only redemption period for the borrower. If they are not able to pay by the law date, the ownership of the property is automatically changed to the lender.
  • Judgment of Foreclosure by Sale: When the property has equity above the amount owed to the lending company, or is in foreclosure due to a federal lien, the judge will make a judgment of foreclosure by sale, which means that a date will be set to sell the home, and the proceeds will be used to pay back the loan. The redemption period for the borrower will be determined by the judge and can be expanded due to hardship. It takes 30 days from the sale of the home for the courts to approve a Confirmation of Sale. This will end the redemption period for the original borrower and transfer title to the new owner.
  • Deficiency Judgments: Connecticut allows recourse by the lenders to sue for money not paid back during the foreclosure process. In a strict foreclosure, the lender can sue for the amount above the appraisal value of the home if it is less than the loan amount owed. If the home is sold in a foreclosure by sale and the proceeds do not cover the total amount owed, then the lender can sue for a deficiency judgment for the remaining money they are due.

Connecticut Interest Rates

When compared to the national average, Connecticut interest rates will appear higher than the norm. This is due to the large number of homes that cost over a million dollars and require jumbo loans to finance. Jumbo loans carry higher interest rates than conventional loans because they can be more difficult to sell on the secondary market and the lenders are taking a bigger risk with the larger loan requirements of expensive homes.

This should not concern buyers that are looking for mortgages below $400,000 in Connecticut because they will be conventional loans and on par to the national average.

Mortgage Loans Available in Connecticut

  • Fixed Rate Mortgages (FRMs): These are the most popular types of mortgages in Connecticut, as they carry low interest rates that will not change over time. The most common time frames are 30 years and 15 years, with 30 years offering a lower monthly payment, but higher overall cost in interest paid on the loan. On the other hand, 15 year FRM’s have a slightly lower interest rate with a higher monthly payment due to the shorter payoff period of the loan. Buyers that can afford 15 year fixed rate mortgages can save substantially on interest payments over the years.
  • Adjustable Rate Mortgages (ARMs): ARMs will usually start off with a slightly lower interest rate than fixed rate mortgages, but the difference can be very small. An adjustable rate mortgage is fixed for a short time period, usually 1, 3, or 5 years, before rates are allowed to raise or lower in conjunction to a benchmark interest rate that it follows.
  • FHA and VA Loans: These are government backed loan programs that offer good rates for those who do not have as much money to use as a down payment and may have difficulty getting a conventional loan. It can be difficult to use these types of loans in the more expensive counties in Connecticut due to them having a loan limit below the average cost of those homes.
  • Jumbo Loans: Though jumbo loans have slightly higher interest rates than conventional loans, they are very popular in Connecticut due to the number of expensive homes that sell above the high cost area loan limits for most other types of loan.

Additional Loans Available in Connecticut

  • Second Mortgages: The interest rate of a second mortgage will always be higher than the primary mortgage on your home, but they can be a great way to avoid the cost of private mortgage insurance (PMI), which is required for down payments less than 20%. In addition, the interest for a second mortgage is tax deductible, unlike the expense of PMI. You will want to discuss the differences with your mortgage broker for your personal situation.
  • Home Equity Lines of Credit (HELOC): For those who have equity in their home and would like to have access to it, a HELOC will allow you to use the equity like a credit card, so that you are prepared for any emergency cash needs.
  • Earthquakes

    Most of the state has a very low eathquake risk, but the southwestern edge of the state near the New York City metro area thas a low earthquake risk. Standard rental and homeowner insurance policies typically do not cover earthquake damage, though they usually cover losses caused by fires which resulted from an earthquake. You can supplement your homeowner's insurance with an earthquake policy.

  • Hail

    Hail damage is not uncommon across the northwestern portion of the state. Damage from hail is typically covered by home insurance policies.