Today’s Refinance Rates in Arkansas
Homeowners may refinance their mortgage to shorten their loan term or obtain a lower interest rate. On average, Arkansas has the third cheapest mortgage payment at $984 per month — $175 less than the national average.
Those looking for a mortgage in the Natural State can obtain a 15-year fixed-rate mortgage (FRM) for 4.44%, a 30-year FRM for 5.08% or a 5/1 adjustable-rate mortgage (ARM) for 4.51%, based on data from S&P Global. Continue reading MoneyGeek’s guide to find out more about the most up-to-date refinance rates in Arkansas.
Current Refinance Rates in Arkansas
To help you determine a suitable loan option for your financial situation, MoneyGeek compiled the most up-to-date refinance rates in Arkansas in the table below.
- Type of LoanRateAPR
- Conventional 30 Year Fixed5.259 %5.25 %
- Conventional 20 Year Fixed5.281 %5.25 %
- Conventional 15 Year Fixed4.502 %4.5 %
- Conventional 10 Year ARM6.134 %5.625 %
- Conventional 7 Year ARM6.278 %5.5 %
Mortgage Refinance Rates From Top Lenders
What Is a Good Refinance Rate in Arkansas?
According to economic data from the Federal Reserve Bank of St. Louis, national mortgage rates are 4.45% for a 15-year FRM, 5.30% for a 30-year FRM and 4.19% for a 5/1 ARM. This indicates that the average refinance rates in Arkansas for a 15-year and 30-year FRM are both cheaper than the national rate at 4.44% and 5.08%, respectively. However, the state’s interest rate for a 5/1 ARM is slightly higher at 4.51%.
Remember, a “good” rate is subjective. Each homeowner should consider their loan terms, loan amount, credit score, income and debts to determine whether a rate is good or not. It also helps to compare rate estimates from different lenders to find the best deal for you.
Additionally, mortgage rates fluctuate almost daily, so today’s estimates might be drastically different from next week’s rates.
Estimate Your New Monthly Mortgage Payment
To help estimate your monthly mortgage payment, you can use MoneyGeek’s calculator below. However, it’s important to be aware that this is only an estimate; your actual rate may vary due to fluctuating refinance rates and personal factors like your mortgage term, debt-to-income ratio and credit score.
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Frequently Asked Questions About Refinance Rates in Arkansas
To help you make the best financial decision, MoneyGeek provided answers to some of the most frequently asked questions about refinance rates in Arkansas.
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- Federal Reserve Bank of St. Louis. "Mortgage Rates." Accessed July 11, 2022.