Deep Dive: Mortgage rates spike to 5.25% in Connecticut

Much like all expenses, the cost of a mortgage is rising in Connecticut.
Caleb Silver from Investopedia says Connecticut saw a 15% rise in prices on average in 2021, which is higher than the national average of 13.5%.
Across Connecticut, Silver says New Haven had the highest increase at 17.5%, then Fairfield at 14.9%, Hartford County at 14.5% and Litchfield at 14.3%.
Silver says it's good news for those selling their home, but inventory is very limited for those looking to buy a home or even rent.
Even though mortgage rates are rising, the national average is over 5%, Silver says.
In Connecticut, the average cost of a 30-year fixed mortgage is 5.25%.
"Tight inventories are going to keep prices pretty high for now. It may stabilize, but I don't see them coming down any time soon," Silver says.