Today's Mortgage Rates in Arkansas

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Updated: July 16, 2024

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Today's 30-year mortgage rate in Arkansas is 6.77% for those looking to purchase a home, similar to the current national average of 6.90%. In Arkansas, homebuyers can tap into programs like the ADFA Move-Up Loan Program and the ADFA Down Payment Assistance Program (DPA), designed to help lessen the financial burden of securing a mortgage.

We'll equip you with knowledge about today's 30-year mortgage rate in Arkansas, the types of mortgage available and how these rates may vary depending on your credit score. You'll learn about the difference between interest rates and APR and the structure of mortgage rates, giving you a clearer view of the mortgage landscape. With information on Arkansas's mortgage lenders and programs, you’ll be well-prepared to navigate your home financing options.

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).

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This data was last updated on July 2, 2024.

Current Mortgage Rates in Arkansas

The current mortgage rate in Arkansas for a 30-year fixed-rate mortgage is 6.77% as of July 2024, up from 6.56% the previous month. On a $250,000 loan with a 20% down payment, this rate movement means you could pay an additional $10,012 over the life of the loan, not including property taxes or HOA fees.

Rates change daily, impacted by economic events and Federal Reserve actions. The line chart below displays the trend of mortgage rates over recent months, guiding you as they fluctuate.

Current Mortgage Rates in Arkansas (Jan to May)

Understanding the current mortgage rate in Arkansas can help you budget as you explore options for a mortgage.

Who Needs to Know Current Mortgage Rates in Arkansas?

Staying informed on today's mortgage interest rates in Arkansas benefits both first-time buyers and seasoned investors in the housing market.

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    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.

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    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 rates and refinance rates can differ. For example, the average APR for a 30-year fixed-rate mortgage in Arkansas is 6.77%, while the refinance average for the same type of loan is higher at 8.05%. Keeping up with current mortgage rates helps you gauge 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 directly influences the rate you might pay in Arkansas.

As you explore your home loan needs, consider researching mortgage loan types in Arkansas to understand the variety available to you. A mortgage calculator can help you understand how different rates affect your monthly payments and overall loan cost.

Data filtered by:Results filtered by:
Loan Type:
Loan Type:10-Year Fixed
5.95%APR6.15%
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INTEREST RATE VS. APR: WHAT'S THE DIFFERENCE?

An interest rate on a mortgage reflects the yearly cost of borrowing money. In Arkansas, the average interest rate for a 30-year fixed-rate mortgage is currently 6.72%.

The APR, or annual percentage rate, expands on the mortgage interest rate by including other fees and mortgage points in its calculation. Arkansas's average APR for the same 30-year fixed mortgage is 6.77%, giving you a more inclusive picture of the yearly cost of your home loan.

Current Mortgage Rates in Arkansas by Credit Score

In Arkansas, if you have a credit score of 740 or higher and can make a down payment of 5% to 20%, the average APR for a 30-year fixed mortgage is 7.43%. If your credit score is below 680, you'll face a higher average APR of 7.77% for the same mortgage type.

Your credit score impacts the mortgage rates you may qualify for in Arkansas. The interactive table below will help you explore various rates depending 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 FixedAPR5.86%
15-year FixedAPR6.24%
20-year FixedAPR6.91%
30-year FixedAPR7.11%
5-year ARMAPR7.82%
7-year ARMAPR7.62%

Mortgage Types in Arkansas

In July 2024, 30-year fixed-rate VA loans have the lowest average APR at 6.52% for a 30-year fixed-rate mortgage in Arkansas. Knowing your mortgage options helps you make a smarter choice for your financial future. Below is a table listing the different 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 government agencies.

Rates may vary based on credit score and down payment for conventional loans in Arkansas.

6.77%

FHA Loans

An FHA loan is insured by the Federal Housing Administration.

FHA loans in Arkansas might have lower rates and more lenient credit qualifications.

7.05%

VA Loans

A VA loan is guaranteed by Veterans Affairs and is available for eligible service members in Arkansas.

VA loans in Arkansas often offer competitive rates due to government backing.

6.52%

USDA Loans

A USDA loan is meant for rural homebuyers in Arkansas and is supported by the Department of Agriculture.

Arkansas USDA loans typically provide low rates for those who meet eligibility criteria.

currently unavailable

Jumbo Loans

A jumbo loan exceeds conforming loan limits set by the Federal Housing Finance Agency (FHFA) and is available in Arkansas for more expensive properties.

Due to the larger loan amounts involved, jumbo loans in Arkansas may have higher rates.

6.95%

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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 can fluctuate after the initial fixed period, potentially lowering your payments when rates drop.

As of July 2024, the average annual percentage rate (APR) for a 30-year fixed mortgage in Arkansas is 6.77%. For a 7-year ARM, it's 7.41%.

Mortgage Lenders in Arkansas

Better, Loan Depot and Lower are solid options for securing a mortgage in Arkansas. They have been filtered for availability in Arkansas, Better Business Bureau accreditation and homeowner assistance programs offered. However, there may be other lenders in Arkansas that could fit your mortgage needs.

Your chosen lender will affect the mortgage rate you receive in Arkansas, as they each present diverse mortgage options and terms. By comparing different lenders, you can secure the most advantageous 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, making mortgage options easily accessible. You can choose from fixed-rate or adjustable-rate mortgages. Conventional loans are available with a credit score of 620. For jumbo loans, the lender requires a credit score of around 700. The minimum score for FHA loans is 580. If you want to apply for an FHA loan with a credit score below 580, you need a minimum down payment of 10%. If your credit score is 580 or higher, the down payment drops to 3.5%. For non-FHA loans, expect a minimum down payment of 3% to 5%.

    Better ensures you get the help you need with customer service available from Monday to Friday, 8 a.m. to 9 p.m. ET. Customer service is also available on weekends from 9 a.m. to 9 p.m. ET. You can reach out via phone or email. If you're looking for a deal, Better offers a real estate discount to help homeowners save on their home purchase. Whether you're a first-time buyer or looking to refinance, getting the numbers right can be a smooth process with the right guidance and options at your fingertips.

    Pros

    • No commission for loan officers
    • Sunday customer support available
    • Accelerated closing time compared to average

    Cons

    • No VA or USDA mortgages available
    • Only operates online, with no physical branches
    • BBB rating at B+ only
    Better

  • Loan Depot
    • 3Number of Mortgage Options
    • YesOnline Application
    • A+BBB Rating
    • Monday to Friday, 10 am to 9 pm ETCustomer Service Hours

    Loan Depot offers mortgages in Arkansas both online and in person. It provides various mortgage options, including fixed-rate loans and adjustable-rate loans, catering to different borrower needs. For those looking at FHA loans, the minimum credit score requirement is 580. For conventional loans, you'll generally need a minimum credit score higher than 580, but expect a 5% down payment. For FHA loans, a 3.5% down payment suffices. However, if your credit score dips below 580, that requirement jumps to 10%.

    For Arkansas residents, Loan Depot offers an array of services and support programs designed to help navigate the journey of home financing or ownership support. The lender also offers loss mitigation assistance to homeowners in need. Loan Depot's service is available Monday to Friday from 10 a.m. to 9 p.m. ET through phone and email, ready to assist with questions or application details.

    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
    Loan Depot

  • Lower.com
    • 5Number of Mortgage Options
    • YesOnline Application
    • A+BBB Rating
    • Monday to Friday, 9 am to 5 pm ETCustomer Service Hours

    Lower is available exclusively online. It offers various mortgage options, including conventional and FHA loans. The minimum credit score to qualify for these mortgages is 580, but the minimum down payment is not publicly disclosed. If you're looking to leverage your home's equity, Lower also appears as the top home equity line of credit (HELOC) lender in most states, according to MoneyGeek's analysis.

    Lower presents an assortment of loan products and homeowners assistance programs for those aiming to secure a home in Arkansas. Its Buy Before You Sell program can provide a unique edge if you're trying to purchase a new property before selling your current one. With Lower’s commitment to being accessible online and a strong BBB rating, securing a mortgage could be more understandable and accessible. Customer service hours are from 9 a.m. to 5 p.m. ET on weekdays. You can contact support via phone or text for help with any questions or further guidance on your borrowing needs.

    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
    Lower.com

Mortgage Programs in Arkansas

Owning a home includes hidden costs that can affect your budget. In Arkansas, you can get help through the Arkansas Development Finance Authority (ADFA), which provides mortgage programs.

Program
Content

ADFA Move-Up Loan Program

Consider the ADFA Move-Up Loan Program if you're looking to purchase a home that meets your current financial situation. Arkansas offers various first mortgage loans such as Conventional, VA, FHA and USDA Rural Development. With the program, you can enjoy the security of a fixed 30-year rate with no early payment fees. The maximum purchase price is $424,100, which aligns with state guidelines.

ADFA Mortgage Credit Certificate Program

The ADFA Mortgage Credit Certificate Program (ADFA) assists first-time homebuyers with a tax credit that saves up to $2,000 per year, based on mortgage interest paid. It's key to work with approved lenders and satisfy income requirements. Note that it's an addition to your loan, not a part of it.

ADFA Down Payment Assistance Program (DPA)

Overcome the barrier of high upfront costs with the ADFA Down Payment Assistance Program (DPA). If you're a moderate-income earner in Arkansas, this program can support your first mortgage with $1,000 to $15,000 assistance, which is repaid parallel to your mortgage over a decade.

FAQ: Mortgage Rates in Arkansas

Understanding today's mortgage rates in Arkansas can inspire many questions for homebuyers. We've addressed common inquiries to help you secure the right mortgage for your new home.

What are the current mortgage rates in Arkansas?
How do mortgage rates in Arkansas compare to national rates?
How does my credit score impact the mortgage rates I get in Arkansas?
Are there any special mortgage programs in Arkansas to help homebuyers?
How can I get the best possible mortgage rate in Arkansas?
What are today's mortgage refinance rates in Arkansas?
How do I calculate my mortgage payments?

About Zachary Romeo

Zachary Romeo headshot

Zachary Romeo is the Head of Loans and Banking at MoneyGeek, with over 10 years of experience and forthcoming certification as a Commercial Banking and Credit Analyst (CBCA). Previously, he led production teams for some of the largest online informational resources in higher education.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt through people-first content.

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