Connecticut Housing Market

Hello everyone, this is John Vecchitto, a loan officer with North-East Financial. Today, I would like to talk to you about the Connecticut Housing Market.

Overall interest rates on a 30-year fixed mortgage have been fluctuating around 4.5% and the rates on a 15-year fixed has been around 3.5%. There have been rumors that interest rates are on the rise, so if you are looking to purchase a home or refinance now may be the time.

Generally speaking, the median sale price of home prices statewide rose 8.3% from $240,000 to $259,000. This has been the biggest jump since 2005. This is a strong indication that the housing market is emerging for a prolonged downturn. Around the state, Litchfield County had the best overall gain, where home prices rose 15%, however, Tolland County had the lowest gain at 2.3%.

It is my opinion that we will see a lot of activity this spring in terms of home sales. There are plenty of homes in the market and qualifying for a mortgage has never been easier. If you’re a resident here in Connecticut and pay rent, consider putting your money into equity in a home; you may even save money! With the plethora of mortgage programs North-East Financial offers, chances are we have a mortgage product for you. Give me a call today to see if you can qualify for 100% Financing. I can be reached by email, johnv@northeast-mortgage.com, or feel free to call/txt me on my cell, 860-918-0251. I will be happy to go over all your options.