Current Mortgage Refinance Rates in Connecticut Today
CONNECTICUT MORTGAGE REFINANCE RATES TODAY
Current mortgage refinance rates in
Connecticut.
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Compare mortgage refinance rates in Connecticut.
Key Points
• Mortgage refinance rates are influenced by many factors, including your credit history — as well as Federal Reserve policy, inflation, and the bond market.
• Connecticut refinance rates have seen their share of ups and downs, ranging from 3.15% in 2021 to 6.89% in 2025, similar to rates nationwide.
• A 1% drop in your mortgage interest rate can lead to significant monthly savings, and may be worth considering.
• Consider the benefits of a 15-year mortgage, which can save you a substantial amount in interest over the life of the loan, despite the higher monthly payments.
• VA refinances, supported by the U.S. Department of Veterans Affairs, offer some of the most competitive mortgage refinance rates in Connecticut, but they come with specific eligibility criteria.
• When considering a refi, remember to account for closing costs: typically between 2% and 5% of the loan amount.
Introduction to Mortgage Refinance Rates
Refinancing your mortgage is almost like getting a clean slate. You take out a new loan to replace your current one, with new terms and a new interest rate.
Whether you want to reduce your monthly payment, pay off your loan faster, or withdraw some of your home equity as cash (called a cash-out refinance), the type of refinancing you choose will play a big role in the rate you get.
This guide will help you understand how refinance rates are set in general — and how you can get the lowest rate possible for a refi in Connecticut. This can help you decide if a refinance is right for you, and start the application process.
💡 Quick Tip: Some lenders offer a so-called no-closing-cost refinance. However, that usually means either rolling the closing costs into the new mortgage principal or exchanging them for a higher interest rate.
Where Do Mortgage Refi Interest Rates Come From?
Current mortgae ratesare the result of a complex interplay of economic factors and your personal financial situation. Key economic factors include:
• Federal Reserve policy
• Inflation
• The bond market
• Housing inventory levels
In general, higher inflation and more aggressive rate hikes lead to higher mortgage rates. Conversely, periods of low inflation and bond market rallies can lead to lower rates. Homeowners should keep an eye on these factors to get a sense of where rates are headed.
Understanding how these factors may influence Connecticut refinance rates can help you make smarter choices about your own refinancing choices, and decide when the time is right for you to refinance your home loan.
How Interest Rates Affect Home Affordability
As you know, interest rates play a big role in making your refinance payment affordable. Your monthly payment is a product of your loan amount, the time you have to repay it, and the interest rate, in addition to mortgage refinancing costs.
For instance, with a $300,000 loan, a 6.00% interest rate, and a 30-year term, you’re looking at a $1,799 monthly payment. But bump that interest rate to 7.00%, and suddenly you’re paying $1,996 — about $200 more per month.
Over the life of the loan, having a lower interest rate could save you close to $70,000. So keep an eye on Connecticut refinance rates to make sure you’re getting the best deal.
| Interest Rate | Loan Term | Monthly Payment | Total Interest |
|---|---|---|---|
| 6.00% | 30-year | $1,799 | $347,515 |
| 6.00% | 15-year | $2,532 | $155,683 |
| 7.00% | 30-year | $1,996 | $418,527 |
| 7.00% | 15-year | $2,697 | $185,367 |
Why Refi?
A mortgage refinance can be a strategic move that can support a range of financial needs and goals.
Picture this: If the current interest rates are playing in your favor, you could be looking at lower monthly payments and long-term savings. It’s a smart move to have at least 20% equity in your home before you take the leap, especially if you’re eyeing the opportunity to cash out some equity.
You may want to consider how soon can you refinance a mortgage, because you want enough of a difference between your current rate and the new rate to make it worthwhile.
Another factor: If you’re tired of the unpredictability of an adjustable-rate loan, switching to a fixed-rate one could provide just the stability you’re after. You just want to be sure to compare different Connecticut refinance rates to land the best deal.
Common Reasons to Refinance a Mortgage
Here are common reasons homeowners refinance:
• Rates are more attractive due to the homeowner’s improved credit, or simply owing to market changes.
• Homeowners may wish to either ease monthly payments or pay off their loan faster.
• They plan to cash out home equity for their financial goals.
• There’s a desire to switch from an adjustable-rate mortgage to a fixed rate.
• It’s possible to ditch mortgage insurance once the homeowner has 20% equity.
• They want to roll high-interest debt into a lower-rate mortgage.
How to Get the Best Available Interest Rate
Securing a competitive mortgage refinance rate is crucial, and there are various levers you can pull to ensure the best rate. Here’s how to refinance your mortgage effectively:
• Boost your credit score by making on-time payments and avoiding new debt.
• Keep your debt-to-income ratio under 36%.
• Shop around and compare rates and fees from multiple lenders.
• Think about purchasing mortgage points to reduce your interest rate.
• Choose a shorter loan term, like 10 or 15 years, for potentially lower rates (although your payment will likely be higher; you’ll still pay less over time).
Next step is to keep an eye on Connecticut mortgage interest rate trends. Here’s how.
Trends in Connecticut Mortgage Interest Rates
Connecticut’s mortgage rates have been on a wild ride in recent years, along with most other states. The average 30-year fixed mortgage rate in the U.S. was 3.15% in 2021, but it jumped to nearly 7.80% in 2023. Rates then went back on a rollercoaster for most of 2024, fluctuating between about 7.22% earlier in the year, dipping down to about 6.0% that summer, and ending the year closer to 6.90%.
Fortunately, 2025 shows some moderation. But while experts predicted rates might continue to trend lower, the March 2025 meeting of the Federal Reserve suggests that rates will stay more or less where they are for the year: about 6.68%. That could change if there is a shift in policy or another significant event. So it’s best to keep an eye on current mortgage refinance rates before deciding if and when to refinance.
Historical U.S. Mortgage Interest Rates
Mortgage interest rates in the United States have seen their fair share of ups and downs over the years, as many home buyers and home refinancers know.
As noted, back in 2021 the average 30-year fixed rate was a mere 3.15%, giving homeowners a golden opportunity to lock in some very attractive terms. By late 2022, though, that 30-year average rate had surged — rising close to 7.80% toward the end of 2023.
Thankfully, rates moderated in 2024 — although there was still some volatility — with the average 30-year fixed rate hovering at 6.65%, as of March 27, 2025.
Historical Interest Rates in Connecticut
For the most part, Connecticut refinance rates have followed the same patterns as refinance rates in the rest of the country. When national rates are low, Connecticut rates trend lower. When national rates are high, Connecticut rates also move higher.
As noted, rates have been on a rollercoaster ride in the last few years, but may be leveling off for the rest of 2025 — something to keep in mind, as you weigh your refi.
| Year | Connecticut Rate | National Rate |
|---|---|---|
| 2000 | 7.96 | 8.14 |
| 2001 | 7.06 | 7.03 |
| 2002 | 6.51 | 6.62 |
| 2003 | 5.72 | 5.83 |
| 2004 | 5.67 | 5.95 |
| 2005 | 5.77 | 6.00 |
| 2006 | 6.44 | 6.60 |
| 2007 | 6.42 | 6.44 |
| 2008 | 6.09 | 6.09 |
| 2009 | 4.99 | 5.06 |
| 2010 | 4.92 | 4.84 |
| 2011 | 4.60 | 4.66 |
| 2012 | 3.67 | 3.74 |
| 2013 | 3.84 | 3.92 |
| 2014 | 4.19 | 4.24 |
| 2015 | 3.90 | 3.91 |
| 2016 | 3.69 | 3.72 |
| 2017 | 3.92 | 4.03 |
| 2018 | 4.57 | 4.57 |
Choose the Right Mortgage Refi Type
Here’s another thing to keep in mind: Mortgage refinancing rates vary by the type of refinancing you’re considering. Let’s take a closer look.
Conventional Refi
A conventional refinance, also known as a rate-and-term refi, is like hitting the reset button on your mortgage. You replace your current loan with a new one, ideally scoring a lower interest rate or adjusting the term.
While these refis generally come with higher rates than government-backed loans such as FHA, VA, or USDA loans, they can also offer more flexibility and fewer restrictions. To qualify, a good credit score and at least 20% equity in your home are typically required. Be sure to compare Connecticut refinance rates for conventional loans to snag the best deal.
Two examples of a conventional mortgage refi are a 15-year term refi and an adjustable-rate refi.
15-Year Refi
Opting for a 15-year mortgage refinance could be a game-changer, slashing your total interest payments, even if the monthly installments are a bit steeper.
Let’s say you have a 30-year, $500,000 loan at 6.80% interest, which translates to roughly $3,259 per month and total interest paid of $673,462.
By switching to a 15-year term at 5.80%, your monthly payment would climb to about $4,189, but the total interest would plummet to approximately $249,780, saving you over $400,000.
Adjustable-Rate Refi
Adjustable-rate mortgages (ARMs) often kick off with a lower interest rate than fixed-rate loans, which might be just the ticket if you’re planning to refinance (or sell your home) before the rate adjusts. You just have to understand the terms, when and how often the mortgage rate adjusts, and what you can afford.
For instance, if you currently have a 30-year fixed-rate mortgage, but are considering a move within a handful of years, switching to an ARM could translate to lower monthly payments. However, it’s essential to keep in mind that rates have the potential to rise at any point, which could mean your monthly payments would likewise increase.
Cash-Out Refinancing
With a cash-out refinance, you can leverage your home equity to receive a lump sum, which can help you fund various goals, from home improvements to debt management.
For example, if your home is valued at $500,000 and you owe $300,000 on your current mortgage, that gives you about $200,000 in equity. A lender might offer you up to 80% of your equity, which could mean an additional $100,000 in your pocket after settling your existing mortgage. Depending on the current refinance rates in Connecticut, this could be a good deal.
FHA Loan Refi
FHA refinances, insured by the Federal Housing Administration, often offer lower interest rates, making them an appealing choice for homeowners seeking to trim their monthly payments — as long as you meet the eligibility terms. If you already have an FHA loan, you can choose between an FHA Simple Refinance or an FHA Streamline Refinance.
For those without an existing FHA loan, you have the option of an FHA cash-out refinance or an FHA 203(k) refinance, tailored for home improvements. Both avenues can lead to competitive Connecticut refinance rates and increased financial flexibility.
Refinancing with the VA
VA refinances, fully backed by the U.S. Department of Veterans Affairs, are designed to meet the financial needs of veterans. They offer some of the most competitive interest rates available in the market.
The Interest Rate Reduction Refinance Loan (IRRRL) is specifically for individuals with existing VA loans. This loan can help you secure a lower interest rate or switch from an adjustable to a fixed interest rate. While VA loans have strict eligibility requirements, they offer a unique opportunity for veterans to save money.
How to Compare Mortgage Refi Interest Rates
So now you know all the tricks for getting a lower refi interest rate. When you’re ready to pull the trigger, these are the steps you should take:
• Compare rates and fees from multiple lenders. Think about the trade-off between rate and fees.
• Focus on the APR (annual percentage rate), which includes fees, closing costs, and any discount points. This gives you a more accurate comparison than interest rates alone.
• Take care of your credit score, debt-to-income ratio, and home value to secure the best rates.
• Using a mortgage calculator to estimate your monthly payments.
Online Refinance Calculators
Using the right mortgage calculator can help you get a clearer sense of what your new monthly payment might be, and compare different refinance options.
Using a calculator is smart because it takes into account your current loan balance, the new interest rate, and the term of the loan to show you what your potential savings could be. This can help you make a more informed decision about whether refinancing is right for you.
You can also use a calculator to estimate how much equity is in your home, if you’re considering a home equity loan.
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The Takeaway
Mortgage refinancing is a useful financial tool that can help you reduce your monthly payments, consolidate debt, or tap into your home’s equity — when you can secure the best rate. Whether you’re considering a cash-out refinance, an FHA refinance, a VA refinance, or a 15-year mortgage refinance, be sure to weigh your financial goals against the requirements of each loan type, as well as the cost of refinancing itself.
By boosting your credit score, lowering your debt-to-income ratio, and carefully comparing mortgage rates in Connecticut, you can obtain better loan terms so that a refi makes sense.
SoFi can help you save money when you refinance your mortgage. Plus, we make sure the process is as stress-free and transparent as possible. SoFi offers competitive fixed rates on a traditional mortgage refinance or cash-out refinance.
A mortgage refinance could be a game changer for your finances.
FAQ
When is it a good idea to refinance your home?
The general rule of thumb is to refinance when you can get a significantly lower interest rate. Refinancing to a new, lower rate could help lower your monthly payments, pay off your loan faster, and build equity in your home more quickly. Alternatively, you may want to refinance to switch your ARM for a fixed-rate loan, or to remove a cosigner. Generally, the faster you can recoup your closing costs, the better.
How does refinancing affect your credit score?
Refinancing may cause a temporary dip in your credit score due to the hard inquiry and the new account that will show up on your credit report, assuming you take out the new loan. But the impact is usually minor and can be outweighed by the benefits of the lower mortgage rate. Be sure to consider all angles when researching a refi.
Do you have to pay closing costs when you refinance?
Yes, you’ll have to pay closing costs when you refinance your home. These costs can range from 2% to 5% of the loan amount, which can be a significant expense: from $6,000 to $15,000 on a $300,000 loan.
How much does a 1% lower rate change your payment?
A 1% reduction in your mortgage interest rate can make a big difference in your monthly payment. For example, the current Connecticut refinance rates are 6.88% for a 30-year fixed-rate loan. If you can reduce your interest rate by 1%, you can potentially save hundreds of dollars each month.
Can I lower my interest rate without refinancing?
If you’ve got some money to put down and you’re looking to lower your monthly mortgage payment, you might want to consider a mortgage recast. This is where you make a lump sum payment to your principal balance, and your lender re-amortizes the loan, which can lower your monthly payments. Another option is to request a loan modification directly from your lender. If you have a good credit score and a history of on-time payments, you may be able to get a lower interest rate without having to pay the cost of a full-on refi.
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More refinance resources.
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How Much Does It Cost to Refinance a Mortgage?
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How to Refinance a Home Mortgage Loan
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7 Signs It’s Time for a Mortgage Refinance
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Applying for a debt consolidation loan requires a firm understanding of your credit, the amount of debt you are carrying, and remaining payments.
Three types of debt are commonly consolidated: credit card debt, medical debt, and high-interest personal loan debt. You may reduce the overall cost of repayment by securing better terms and interest. You’ll also have a single payment to keep track of instead of several.
To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.
SoFi personal loans have fixed rates ranging from 8.74% APR to 35.49% APR. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors. The lowest rate reflects the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of and are subject to change without notice.
Obtaining a debt consolidation loan is easier than you might think. There are no fees to get prequalified, and the process can be completed online. Once you’ve chosen a loan, the application is straightforward. Sign the documents, and the funds could be in your account the very same day.
A debt consolidation loan is a type of personal loan that allows you to combine multiple debts into one loan with a single monthly payment. This can help simplify your finances and make it easier to manage your debt. Debt consolidation loans can be used to consolidate various types of debt, including credit card debt, personal loans, and other high-interest debt.
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Debt settlement involves negotiating with creditors to reduce the total amount of debt owed. It is important to be cautious of potential scams and avoid companies that charge upfront fees. Debt settlement companies should be transparent about their fees and responsibilities. Unlike debt consolidation, which combines multiple debts into a single loan, debt settlement can negatively impact your credit score and carries significant risks. Individuals can also attempt to negotiate their own debts without a company. Understanding these differences can help you make an informed decision about your debt relief options.
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The best solution for consolidating your debt is a personal loan. It’s a versatile option that can help you pay off multiple debts with a lower interest rate than credit cards or other types of loans. This not only saves you money but also simplifies your debt management, making it easier to keep track of your finances.
Here are some of the benefits of using a personal loan to consolidate debt:
• You can secure a lower interest rate than what credit cards or other debts may be charging.
• Simplify your finances with a single monthly payment.
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• You can improve your credit score.
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† To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or other eligible status, be residing in the U.S., and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates reserved for the most creditworthy borrowers. If approved, your actual rate will be within the range of rates at the time of application and will depend on a variety of factors, including term of loan, evaluation of your creditworthiness, income, and other factors. If SoFi is unable to offer you a loan but matches you for a loan with a participating bank, then your rate may be outside the range of rates listed above. Rates and Terms are subject to change at any time without notice. SoFi Personal Loans can be used for any lawful personal, family, or household purposes and may not be used for post-secondary education expenses. Minimum loan amount is $5,000. The average of SoFi Personal Loans funded in 2023 was around $33K. Information current as of 2/21/24. SoFi Personal Loans originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org). See SoFi.com/legal for state-specific license details. See SoFi.com/eligibility for details and state restrictions.
Fixed rates from 8.74% APR to 35.49% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 12/15/25 and are subject to change without notice. The average of SoFi Personal Loans funded in 2023 was around $33K. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors.
Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-7%, which will be deducted from any loan proceeds you receive.
5 Autopay: The SoFi 0.25%autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi.
7 Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction on your Personal Loan (your “Loan”), you must set up Direct Deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A., or enroll in SoFi Plus by paying the SoFi Plus Subscription Fee, all within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled Direct Deposit to an eligible Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion, or during periods in which SoFi successfully receives payment of the SoFi Plus Subscription Fee. This discount will be lost during periods in which SoFi determines you have turned off Direct Deposit to your Checking and Savings account or in which you have not paid the SoFi Plus Subscription Fee. You are not required to enroll in Direct Deposit or to pay the SoFi Plus Subscription Fee to receive a Loan.
§ Awards or rankings are not indicative of future success or results. Neither SoFi Bank, N.A. nor its employees paid a fee in exchange for ratings. Awards and ratings are independently determined and awarded by their respective publications.
‡ Same-Day Personal Loan Funding: Same Day Funding means that most borrowers receive funds the same day when loan is approved and the loan agreement is signed by 5:30 PM ET on a business day. SoFi does not guarantee this, and delays may occur outside of our control, such as if inaccurate information is submitted, the receiving bank declines the transfer. Your bank may have rules on when the funds become available. Does not include personal loans originated with a SoFi partner bank.
^ Direct Pay: Terms and conditions apply. Offer good for personal loan customers with credit cards and personal loans in their name only and subject to lender approval. To receive the offer, you must: (1) register and/or apply through this landing page; (2) complete a loan application with SoFi within 90 days of your application submit date; (3) meet SoFi’s underwriting criteria; (4) apply 50% or more of your loan proceeds directly to your lenders/creditors. Once conditions are met and the loan has been disbursed, the interest rate shown in the Final Disclosure Statement will include an additional 0.25% rate discount. SoFi reserves the right to change or terminate the Direct Pay Rate Discount Program to unenrolled participants at any time with or without notice. It takes about 3 business days for your creditor/lender to receive payment after your loan is signed. You will be responsible for making all required payments to avoid credit card and other loan fees.
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How long do I need to wait to reapply after my Personal Loan application has been declined?
You will need to wait at least 30 days before re-applying for a Personal Loan with the same borrower(s). You are welcome to retry at any time with a co-borrower, if the previous application was as a single borrower. If you initially applied with a co-borrower, you can retry as a single borrower or with a different co-borrower.
