Today's 30-year mortgage rate in Arkansas is 5.96%, lower than the national average of 6.46%. Arkansas homebuyers can access programs like the ADFA Move-Up Loan and the ADFA Mortgage Credit Certificate to reduce mortgage costs.
Mortgage
Today's Mortgage Rates in Arkansas (September 2024)
Updated: September 12, 2024
Advertising & Editorial Disclosure
MoneyGeek uses publicly available data from Zillow for the rates on this page. Mortgage rates shift daily, and we take a snapshot of rates to analyze rate information for Arkansas. We update the data frequently to ensure you have access to the most recent rates, but the values may differ slightly between reporting sources.
Unless specifically noted otherwise, rates featured in the content are annual percentage rates (APRs).
This data was last updated on September 2024.
Current Mortgage Rates in Arkansas
The current mortgage rate in Arkansas for a 30-year fixed-rate mortgage is 5.96% as of September 2024, down from August's 6.14%. On a $250,000 loan with a 20% down payment, this rate means you could save around $9,187 over the life of the loan, excluding property taxes or HOA fees.
Rates change daily, impacted by economic events and Federal Reserve actions. The line chart below shows mortgage rate trends over recent months.
Even small changes in mortgage rates can significantly impact your finances. Stay updated on Arkansas' current rates to calculate your potential monthly payments and budget effectively.
Who Needs to Know Current Mortgage Rates in Arkansas?
Understanding today's mortgage rates in Arkansas benefits both first-time buyers and seasoned investors in the housing market.
First-time homebuyers
Knowing the current mortgage rates gives first-time homebuyers in Arkansas insight into what to expect from lenders and whether the rates are competitive.
Homeowners with mortgages
Homeowners in Arkansas can leverage knowledge of current rates to consider a mortgage refinance when rates drop below what they currently pay.
Purchase and refinance rates can differ. In Arkansas, the average APR for a 30-year fixed-rate mortgage is 5.96%, while the average refinance rate for the same loan type is 6.27%. Staying updated on current rates helps you understand the cost of financing or refinancing your home.
Current Mortgage Rates in Arkansas by Loan Type
A 30-year fixed-rate mortgage in Arkansas usually has a higher interest rate than a 15-year fixed-rate mortgage. Lenders take on more risk with a longer timespan, which can lead to rate fluctuations and a higher chance of default within those 30 years compared to just 15 years. The mortgage type you choose influences the rate you might pay.
As you explore your home loan needs, consider researching mortgage types in Arkansas to understand the variety available. A mortgage calculator can help you understand how rates affect your monthly payments and overall loan cost.
Data filtered by:Results filtered by:
Loan Type:
Loan Type:10-Year Fixed
INTEREST RATE VS. APR: WHAT'S THE DIFFERENCE?
The interest rate on a mortgage reflects the yearly cost of borrowing money. Arkansas's average interest rate for a 30-year fixed-rate mortgage is currently 5.89%.
The APR (annual percentage rate) includes other fees and mortgage points in its calculation in addition to the interest rate. Arkansas' average APR for a 30-year fixed mortgage is 5.96%, giving a broader picture of a home loan's yearly cost.
Current Mortgage Rates in Arkansas by Credit Score
In Arkansas, with a credit score of 740 or higher and a down payment of 5% to 20%, the average APR for a 30-year fixed mortgage is 6.51%. If your credit score is below 680, the average APR increases to 7.26%.
Your credit score affects the mortgage rates you qualify for. Use the interactive table below to explore rates based on your credit score and down payment.
Data filtered by:Results filtered by:
Credit Score Range:
Credit Score Range:680 - 740
Down Payment:
Down Payment:20% or higher
| 10-year Fixed | APR5.35% |
| 15-year Fixed | APR5.37% |
| 20-year Fixed | APR6.07% |
| 30-year Fixed | APR6.37% |
| 5-year ARM | APR7.60% |
| 7-year ARM | APR7.48% |
Mortgage Types in Arkansas
In September 2024, 30-year fixed-rate VA loans have the lowest average APR in Arkansas at 5.79%. Choosing the lowest APR can lead to lower monthly payments and long-term savings. Below is a table listing various mortgage loan types available in Arkansas.
Mortgage Type | Definition | Impact on Rates | 30-Year Rates in Arkansas |
|---|---|---|---|
Conventional Loans | A conventional loan is not insured by the federal government but follows guidelines set by Fannie Mae and Freddie Mac. | Rates can vary based on credit score, down payment amount and other financial factors. | 5.96% |
FHA Loans | FHA loans are insured by the Federal Housing Administration and allow lower minimum down payments. | FHA loans often have lower interest rates for borrowers with lower credit scores compared to conventional loans. | 7.05% |
VA Loans | A VA loan is guaranteed by the Department of Veterans Affairs and available to eligible service members and veterans. | VA loans offer competitive interest rates, often without requiring a down payment or private mortgage insurance. | 5.79% |
USDA Loans | USDA loans support rural homebuyers and offer zero down payment. | USDA loans can offer lower interest rates to those who meet eligibility requirements, such as income limits and property location. | currently unavailable |
Jumbo Loans | A jumbo loan exceeds the conforming loan limits set by Fannie Mae and Freddie Mac and typically requires stricter qualifications. | Jumbo loans might carry higher interest rates because they represent a greater risk to the lender. | 6.36% |
MORTGAGE RATE STRUCTURES IN ARKANSAS
Mortgage rates in Arkansas come in fixed and adjustable types.
- Fixed mortgage rates lock in your rate, ensuring your monthly mortgage payments remain the same throughout the loan term.
- Adjustable mortgage rates (ARMs) can fluctuate after the initial fixed period, potentially lowering your payments when rates drop.
As of September 2024, the APR for a 30-year fixed mortgage in Arkansas is 5.96%. For a seven-year ARM, it's 7.39%.
Mortgage Lenders in Arkansas
Better, LoanDepot and Lower are excellent choices for securing a mortgage in Arkansas due to their availability, Better Business Bureau accreditation and homeowner assistance programs. However, other lenders in Arkansas might also meet your needs.
The mortgage rate you receive will vary depending on the lender, as each offers different mortgage options and terms. Comparing lenders can help you find the best rate for your situation.
- Better
- 4Number of Mortgage Options
- YesOnline Application
- B+BBB Rating
- Monday to Friday, 8 am to 9 pm ET Saturday and Sunday, 9 am to 9 pm ETCustomer Service Hours
Better operates fully online, offering fixed-rate and adjustable-rate mortgages. For conventional loans, a credit score of 620 is required. Jumbo loans need a credit score of around 700, while FHA loans require a minimum score of 580. If your FHA credit score is below 580, a down payment of 10% is needed; if it's 580 or higher, the down payment is 3.5%. For non-FHA loans, expect a minimum down payment of 3% to 5%.
Customer service is available via phone or email Monday through Friday, 8 a.m. to 9 p.m. ET, and weekends from 9 a.m. to 9 p.m. ET. Better also offers a real estate discount to help you save on your home purchase.
Pros
- No commission for loan officers
- Sunday customer support available
- Accelerated closing time compared to average
Cons
- No VA or USDA mortgages available
- Operates online only, with no physical branches
- BBB rating at B+ only
- Loan Depot
- 3Number of Mortgage Options
- YesOnline Application
- A+BBB Rating
- Monday to Friday, 10 am to 9 pm ETCustomer Service Hours
LoanDepot offers mortgages online and in person. It provides fixed-rate and adjustable-rate loans to meet various borrower needs. The minimum credit score for FHA loans is 580, with a 3.5% down payment required. Conventional loans generally require a higher credit score and a 5% down payment, but if your score is below 580, the down payment increases to 10%.
LoanDepot also offers support programs and loss mitigation assistance for homeowners. Phone and email customer support is available Monday to Friday, from 10 a.m. to 9 p.m. ET.
Pros
- A+ BBB-accredited
- Interactive mortgage tool online
- Prequalification available online
Cons
- Customer support unavailable on weekends
- Standard mortgage selections only
- Requires phone follow-up from advisor
- Lower.com
- 5Number of Mortgage Options
- YesOnline Application
- A+BBB Rating
- Monday to Friday, 9 am to 5 pm ETCustomer Service Hours
Lower operates exclusively online and offers a range of mortgage options, including conventional and FHA loans. While the minimum credit score to qualify is 580, the minimum down payment is not publicly disclosed. Lower is also recognized as a leading home equity line of credit (HELOC) lender in most states.
Lower offers various loan products and homeowner assistance programs, such as the Buy Before You Sell program, which helps you purchase a new home before selling your current one. Customer service is available by phone or text on weekdays from 9 a.m. to 5 p.m. ET.
Pros
- Online prequalification available
- Offers Buy Before You Sell program
- A+ BBB-accredited company
Cons
- Limited mortgage variety
- No in-person assistance
- Down payment details not disclosed
Mortgage Programs in Arkansas
Owning a home includes hidden costs that can affect your budget. In Arkansas, you can get help through Arkansas Development Finance Authority (ADFA)'s mortgage programs.
Program | Description |
|---|---|
ADFA Move-Up Loan Program | The ADFA Move-Up Loan Program offers a fixed 30-year mortgage with no early payment fees. The program supports conventional, VA, FHA and USDA loans, with a maximum purchase price of $424,100. |
ADFA Mortgage Credit Certificate Program | The ADFA Mortgage Credit Certificate Program (ADFA) offers first-time homebuyers up to $2,000 annually in tax credits based on mortgage interest paid. To qualify, work with approved lenders and meet income requirements. This credit is an addition to your loan, not part of it. |
ADFA Down Payment Assistance Program (DPA) | The ADFA Down Payment Assistance Program (DPA) helps moderate-income homebuyers with $1,000 to $15,000 for down payments. This assistance is repaid alongside your mortgage over 10 years. |
FAQ: Mortgage Rates in Arkansas
Understanding today's mortgage rates in Arkansas may raise several questions for homebuyers. We've answered common inquiries to assist you in securing the right mortgage for your new home.
What are the current mortgage rates in Arkansas?
Current average APRs vary by loan type in Arkansas. For instance, a 30-year fixed conforming loan averages 5.96%, while a seven-year ARM jumbo loan averages 7.21%.
How do mortgage rates in Arkansas compare to national rates?
In September 2024, Arkansas's average 30-year fixed mortgage rate is 5.96%, lower than the national average of 6.46%.
How does my credit score impact the mortgage rates I get in Arkansas?
Your credit score can greatly influence the low mortgage rates you qualify for in Arkansas. Higher credit scores typically result in lower interest rates, as they pose a lower risk to lenders.
Are there any special mortgage programs in Arkansas to help homebuyers?
Arkansas offers several mortgage programs to assist homebuyers, such as the ADFA Move-Up Loan Program, ADFA Mortgage Credit Certificate Program and ADFA Down Payment Assistance Program.
How can I get the best possible mortgage rate in Arkansas?
To secure the best possible mortgage rate in Arkansas, consider putting in a larger down payment, improving your credit score and comparing offers from multiple lenders.
What are today's mortgage refinance rates in Arkansas?
As of September 2024, the refinance rates in Arkansas are 6.27% for a 30-year fixed loan and 5.67% for a 15-year fixed loan.
How do I calculate my mortgage payments?
You can estimate your mortgage payments using a mortgage calculator for Arkansas. This tool helps you calculate monthly payments based on your loan amount, interest rate and term.
About Zachary Romeo, CBCA
Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.
Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.
sources
- Arkansas Development Finance Authority (ADFA). "ADFA Move-Up Loan Program." Accessed September 11, 2024.
- Arkansas Development Finance Authority (ADFA). "ADFA Mortgage Credit Certificate Program." Accessed September 11, 2024.
- Arkansas Development Finance Authority (ADFA). "ADFA Down Payment Assistance Program (DPA)." Accessed September 11, 2024.
- FRED Economic Data. "Homeownership Rate for Arkansas." Accessed September 11, 2024.
- FRED Economic Data. "Homeownership Rate in the United States." Accessed September 11, 2023.
- Zillow. "Arkansas Home Values." Accessed September 11, 2024.