Milford Bank Mortgage Rates and Loan Options Explained

Milford Bank offers a variety of mortgage rates and loan options to suit different needs and budgets. Their rates are competitive, with some options starting as low as 3.5% APR.

For first-time homebuyers, Milford Bank offers a down payment assistance program that can help with the initial costs of homeownership. This program can provide up to 3% of the purchase price in assistance.

Their mortgage rates are also influenced by market conditions, with rates tend to be higher when the economy is strong and lower when it's slower.

Related reading: Will Mortgage Rates Ever Be 3 Again

Milford, CT mortgage rates are currently at 6.830% for a 30-year fixed mortgage. This is according to the latest updates on February 26, 2025.

The 30-year fixed-rate mortgage has an interest rate of 6.757% and an APR of 6.830%. For a 20-year fixed-rate mortgage, the interest rate is 6.528% and the APR is 6.620%.

If you're considering a 15-year fixed-rate mortgage, you can expect an interest rate of 5.800% and an APR of 5.916%. A 10-year fixed-rate mortgage has an interest rate of 5.999% and an APR of 6.182%.

For your interest: 5 Year Interest Only Mortgage Rates

Adjustable-rate mortgages, such as the 7-year ARM, have a higher interest rate of 6.787% and an APR of 7.160%. The 5-year ARM also has a relatively high interest rate of 6.785% and an APR of 7.225%.

The table below shows the interest rates and APRs for different types of mortgages in Milford, CT:

Keep in mind that these rates are subject to change and may vary depending on your credit score, loan amount, and other factors.

A mortgage is a loan from a lender that allows you to borrow money to purchase a home, with the home serving as collateral.

Typically, you'll need to make monthly payments on the loan, which will cover the principal amount borrowed, interest on the loan, and other costs such as property taxes and insurance.

The interest rate on a mortgage can vary depending on the lender and the type of loan you choose, with fixed-rate mortgages offering a stable interest rate for the life of the loan and adjustable-rate mortgages offering a lower initial interest rate that may change over time.

If this caught your attention, see: What Is the Current Interest Rate for Commercial Mortgages

Milford Bank offers competitive mortgage rates, with rates starting at 3.5% for 30-year fixed-rate mortgages.

To qualify for a mortgage, you'll typically need to have a good credit score, a stable income, and a down payment of at least 3.5% of the purchase price.

The amount you can borrow will depend on the value of the home and your income, with lenders typically allowing you to borrow up to 80% of the home's value.

Consider reading: 3 Year Arm Mortgage Rates