The Real Deal: Connecticut mortgage rates double over past year but show signs of decreasing

It may take some time before a noticeable change, and that mortgage rates are expected to ring high through 2023.

News 12 Staff

Dec 16, 2022, 11:08 AM

Updated 546 days ago


Mortgage rates in Connecticut have doubled over the past year, but despite that increase, experts say they are showing signs of trending down.
Caleb Silver from Investopedia says it may take some time before a noticeable change, and that mortgage rates are expected to ring high through 2023.
Silver says mortgage rates in the tri-state area have more than doubled in the past year. He says in Connecticut alone, they are up 6.76%.  
For those looking to buy a home, officials say pay off your credit cards if you have any credit card debt before you buy.
Know and understand your credit score and hire a real estate agent that really works for you.  
Getting a pre-approval letter also gives buyers better buying power.

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