Connecticut Ranks Among Best States in Mortgage Rate Increases

A new study has just been released by WalletHub.com that ranks Connecticut sixth best out of all 50 states and DC where mortgage rates have increased the least for the second quarter of 2024.

Homeowners in Connecticut have watched closely as Federal interest rates for 30 year and 15-year fixed mortgage rates have rolled up and slightly down over the past few years. The average rate for most of 2024 has hovered above 6% all year for 30-year fixed mortgages, while the rate has decreased slightly for 15-year fixed loans. Interest rates vary widely by state but count Connecticut as one among six US states where mortgage rates have not increased between Q1 and Q2 2024. 44 out of 50 states with an increase? And Connecticut with a drop?

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In order to determine their rankings, WalletHub.com used their proprietary user data on mortgage interest rates from Q1 2024 to Q2 2024. In all of the US, Colorado had the largest increase in the average mortgage interest rate at 4.9%. Connecticut was found to have an -0.07% decrease in mortgage rates, landing at #45. Which states did better for Q2 2024? Utah, Montana, Rhode Island, Texas, and Idaho all saw slightly bigger decreases.

Connecticut was so close to being the low-interest mortgage rate champion of New England. Rhode Island saw a -0.45 decrease in Q2 2024, while our Northern neighbors endured increased rates. Vermont landed in the top 10 at #9 with a 2.26% increase, while New Hampshire, Massachusetts, and Maine all landed in the middle of the rankings.

We closed on our home in 2021 with a 6.35% 30-year mortgage, and luckily, it hasn't changed.