Best Connecticut Mortgage Lenders of 2024

What Are Current Mortgage Rates?

Mortgage interest rates increased this week, according to the Mortgage Bankers Association. Mortgage application activity decreased in turn, showing that today’s buyers remain sensitive to minor fluctuations in rates.

Looking forward, mortgage interest rates are still forecasted to decline somewhat throughout 2024, as the Federal Reserve projects rate cuts will begin sometime later this year. Here are the current mortgage rates, as of June 5:

• 30-year fixed: 7.07% with 0.65 points (previous week: 7.05% with 0.63 points).
• 15-year fixed: 6.75% with 0.63 points (previous week: 6.66% with 0.69 points).
• 5/1 ARM: 6.37% with 0.63 points (previous week: 6.64% with 0.77 points).
• 3-year jumbo loans: 7.21% with 0.41 points (previous week: 7.22% with 0.43 points).
• 30-year FHA loans: 6.87% with 0.96 points (previous week: 6.85% with 0.95 points).

• Available to: Low- and moderate-income buyers who are buying their first home, haven’t owned a home in the past three years or are purchasing a home in a targeted area.
• Income limits: Vary by county (see income limits).
• First-time homebuyers only?: No.
• Benefit: Below-market interest rate.
• Down payment and closing cost assistance: A low-interest supplementary second mortgage loan of at least $3,000 is available to cover the down payment. Borrowers must show enough monthly income to pay both loans and are required to to make a minimum investment of $1,000 toward the acquisition costs.

• Available to: First-time homebuyers or buyers who haven’t owned a home in the past three years.
• Income limits: Vary by county (see income limits).
• First-time homebuyers only?: No.
• Benefit: No upfront mortgage insurance costs and lower monthly mortgage insurance costs.
• Down payment and closing cost assistance: Borrowers may automatically qualify for a low-interest supplementary second mortgage of at least $3,000 to cover the down payment. Borrowers must show enough monthly income to pay both loans and are required to to make a minimum investment of $1,000 toward the acquisition costs.

• Available to: Those who qualify for a CHFA mortgage who have the monthly income to make mortgage payments, but not enough money to pay the upfront costs.
• Income limits: Vary by county (see income limits).
• First-time homebuyers only?: No.
• Benefit: A low-interest second mortgage at 1.0%.
• Down payment and closing cost assistance: The DAP loan must be at least $3,000, but no more than the minimum down payment required for the home, usually between 3% and 3.5%. Borrowers must make a minimum investment of $1,000 toward the acquisition costs and show enough monthly income to pay both loans.

• Available to: Veterans and military service members as well as unmarried, surviving spouses or civil union partners of a veteran who died as a result of military service or service-connected disabilities. Borrowers must also be first-time homeowners, have not owned a home in the past three years or purchase in an area of the state targeted for revitalization.
• Income limits: Vary by county (see income limits).
• First-time homebuyers only?: No.
• Benefit: An additional 0.125% off already below-market interest rates for veterans or military service member loans.
• Down payment and closing cost assistance: The DAP loan must be at least $3,000, but no more than the minimum down payment required for your home, usually between 3% and 3.5%. Borrowers must show enough monthly income to pay both loans and are required to to make a minimum investment of $1,000 toward the acquisition costs.

• Available to: Teachers with a valid Connecticut certificate currently employed in the state and who meet employment or other eligibility requirements. Borrowers must also be first-time homeowners, have not owned a home in the past three years or purchase in an area of the state targeted for revitalization.
• Income limits: Vary by county (see income limits).
• First-time homebuyers only?: No.
• Benefit: Teachers get an additional 0.125% off already below-market interest rates or 0.25% to minority teachers who meet eligibility requirements.
• Down payment and closing cost assistance: The DAP loan must be at least $3,000, but no more than the minimum down payment required for your home, usually between 3% and 3.5%. Borrowers must make a minimum investment of $1,000 toward the acquisition costs and show enough monthly income to pay both loans.

• Available to: Municipal police officers buying a home in the participating city or town where they work, or state police officers buying in any participating town. Borrowers must also be first-time homeowners, have not owned a home in the past three years or purchase in an area of the state targeted for revitalization.
• Income limits: Vary by county (see income limits).
• First-time homebuyers only?: No.
• Benefit: Police officers get an additional 0.125% off already below-market interest rates.
• Down payment and closing cost assistance: The DAP loan must be at least $3,000, but no more than the minimum down payment required for your home, usually between 3% and 3.5%. Borrowers must show enough monthly income to pay both loans and are required to to make a minimum investment of $1,000 toward the acquisition costs.

• Available to: Borrowers with disabilities or those who will have someone with a documented disability living in their home. Borrowers must also be first-time homeowners, have not owned a home in the past three years or purchase in an area of the state targeted for revitalization.
• Income limits: Vary by county (see income limits).
• First-time homebuyers only?: No.
• Benefit: Lower interest rate.
• Down payment and closing cost assistance: The DAP loan must be at least $3,000, with interest rates as low as 1%. Borrowers must make a minimum investment of $1,000 toward the acquisition costs and show enough monthly income to pay both loans.

• Available to: Tenants of public housing or those who receive rental assistance. Residents of properties managed or financed by CHFA, subsidized by the U.S. Department of Housing and Urban Development, or managed by a local housing authority also qualify.
• Income limits: Vary by county (see income limits).
• First-time homebuyers only?: No.
• Benefit: Lower interest rate.
• Down payment and closing cost assistance: The DAP loan must be at least $3,000, with interest rates as low as 1%. Borrowers must show enough monthly income to pay both loans and are required to to make a minimum investment of $1,000 toward the acquisition costs.