Today's 30-year mortgage rate in Kansas averages 7.01%, closely aligning with the national average rate of 6.9%. Homebuyers can use programs like First Time Homebuyer and Kansas Down Payment Assistance to save on mortgage costs.
Mortgage
Today's Mortgage Rates in Kansas
Updated: July 17, 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 Kansas. 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 July 2, 2024.
Current Mortgage Rates in Kansas
As of July 2024, the mortgage rate for a 30-year fixed mortgage in Kansas is 7.01%, slightly higher by 28 basis points than the previous month's 6.73%. For a loan of $250,000 with a 20% down payment, the recent rate hike could mean an additional $13,467 in total interest, excluding property taxes and HOA fees.
Rates change daily due to economic events and Federal Reserve actions. The line chart below shows the recent month-to-month changes in mortgage rates.
Even small changes in mortgage rates can significantly impact your finances. Stay updated on Kansas' current rates to calculate your potential monthly payments and budget effectively.
Who Needs to Know Current Mortgage Rates in Kansas?
Knowing today's mortgage interest rates in Kansas can benefit first-time buyers and existing homeowners, especially in the evolving housing market.
First-time homebuyers
Staying updated on current mortgage rates helps first-time Kansas homebuyers understand the rates they can expect from lenders and whether they're competitive.
Homeowners with mortgages
Kansas homeowners can check current mortgage rates to consider a mortgage refinance if they're lower than their existing one.
In Kansas, the current mortgage rate for a 30-year fixed loan is 7.01% for purchases, but refinancing averages 8.15%. These rate differences impact both monthly payments and total loan costs.
Current Mortgage Rates in Kansas by Loan Type
A 30-year fixed-rate mortgage usually has a higher interest rate than a 15-year one. The longer loan term presents more uncertainty and risk for lenders, including potential default and fluctuating interest rates.
Explore mortgage loan types in Kansas to find one that fits your finances. A mortgage calculator can help you understand how different rates affect your monthly payments.
Data filtered by:Results filtered by:
Loan Type:
Loan Type:10-Year Fixed
| 6.12% | APR6.32% |
INTEREST RATE VS. APR: WHAT'S THE DIFFERENCE?
An interest rate is the percentage charged on the total loan amount. If you're looking at a mortgage in Kansas, the average interest rate for a 30-year fixed loan is 6.94%.
An APR (annual percentage rate) reflects the interest rate, mortgage points and other fees. In Kansas, the average APR for a 30-year fixed mortgage is 7.01%, giving a broader view of the annual costs tied to your mortgage.
Current Mortgage Rates in Kansas by Credit Score
If your credit score is 740 or above and you're putting down 5% to 20%, the average APR for a 30-year fixed mortgage in Kansas is 7.55%. With a credit score below 680, that figure rises to 7.71%.
Your credit score and down payment influence your mortgage rate. To see what rates you might qualify for, check out the table below:
Data filtered by:Results filtered by:
Credit Score Range:
Credit Score Range:680 - 740
Down Payment:
Down Payment:20% or higher
| 10-year Fixed | APR6.27% |
| 15-year Fixed | APR6.24% |
| 20-year Fixed | APR6.91% |
| 30-year Fixed | APR7.16% |
| 5-year ARM | APR7.81% |
| 7-year ARM | APR7.65% |
Mortgage Types in Kansas
In July 2024, 30-year fixed-rate VA loans have the lowest average APR for 30-year fixed-rate mortgages in Kansas at 6.23%. Knowing the mortgage rates helps you find a deal that meets your financial goals. Check out the following table for mortgage types in Kansas:
Mortgage Type | Definition | Impact on Rates | 30-Year Rates in Kansas |
|---|---|---|---|
Conventional Loans | A conventional loan is not insured or guaranteed by the federal government and is a popular choice among borrowers. | Credit scores and down payments significantly influence the rates on conventional loans, often translating to higher rates for lower scores. | 7.01% |
FHA Loans | FHA loans are insured by the Federal Housing Administration and are designed to help lower-income borrowers. | FHA loans often have lower rates for borrowers with lower credit scores than conventional loans. | 7.09% |
VA Loans | VA loans are guaranteed by the Department of Veterans Affairs to serve military members, veterans and eligible surviving spouses. | VA loans offer competitive rates because they're backed by the Department of Veterans Affairs. | 6.23% |
USDA Loans | USDA loans support rural development by offering zero down payment mortgages to eligible rural and suburban homebuyers. | USDA loans offer favorable rates due to government backing and are designed to encourage homeownership in rural areas. | currently unavailable |
Jumbo Loans | Jumbo loans exceed the limits set by the Federal Housing Finance Agency, making them ideal for buying high-priced or luxury homes. | Jumbo loans carry higher rates due to greater risk to the lender without government guarantees. | 7.08% |
MORTGAGE RATE STRUCTURES IN KANSAS
Mortgage rates in Kansas come in two types: fixed and adjustable.
- Fixed mortgages lock in your interest rate so your monthly payments stay the same over time, offering stability.
- Adjustable-rate mortgages (ARM) start with lower rates that can adjust periodically, possibly lowering your initial payments.
As of July 2024, Kansas' average APR for a 30-year fixed-rate loan is 7.01%. For a 7-year ARM, it's 7.39%.
Mortgage Lenders in Kansas
New American, Rocket Mortgage and Truist are solid options in Kansas. These Better Business Bureau-accredited lenders offer homeowner assistance programs. Remember, other lenders in Kansas might also fit your needs.
Mortgage rates in Kansas vary by lender. Compare offerings from multiple lenders to get the best rate.
- New American
- 8Number of Mortgage Options
- YesOnline Application
- ABBB Rating
- Monday to Friday, 8 am to 9 pm CT Saturday, 10 am to 2 pm CTCustomer Service Hours
New American offers various mortgage options in Kansas, including conventional and FHA loans. An FHA loan requires a minimum credit score of 580, while a Jumbo Loan requires 680. Conventional loans start with a 3% down payment, and FHA loans require 3.5% to 10%, depending on your credit.
Customer service is available by phone or email on weekdays from 8 a.m. to 9 p.m. CT and Saturdays from 10 a.m. to 2 p.m. CT. New American also offers loan assistance programs for homeowners.
Pros
- Wide mortgage option range
- Mobile app for account management
- 14-day close guarantee on purchases
Cons
- Limited FAQ resources
- Can't prequalify online
- No physical branches in 11 states
- Rocket
- 4Number of Mortgage Options
- YesOnline Application
- A+BBB Rating
- Monday to Friday, 8:30 am to 9:00 pm ET Saturday, 9:00 am to 4:00 pm ETCustomer Service Hours
Rocket Mortgage offers various home financing options, including FHA and conventional loans. It makes homeownership more accessible, with a minimum credit score of 580 for FHA loans and 620 for conventional loans. The minimum down payment is 3.5% for FHA loans and starts at 3% for conventional loans, offering flexibility to fit different budgets.
Customer service via phone and chat is available Monday through Friday from 8:30 a.m. to 9 p.m. ET and Saturday from 9 a.m. to 4 p.m. ET. It supports homeownership through programs like HomeReady, HomePossible and Freddie Mac BorrowSmart Access.
Pros
- Online prequalification
- Exclusive downpayment coverage
- Homebuyer programs with top agencies
Cons
- No available in-person branches
- No USDA loans
- Truist
- 4Number of Mortgage Options
- YesOnline Application
- A+BBB Rating
- Monday to Friday, 8 am to 8 pm ET Saturday, 8 am to 5 pm ETCustomer Service Hours
Truist offers conventional, VA, FHA and jumbo loans to suit different needs. Down payments start at 3%. The lender also provides several homeowner assistance programs in Kansas, including a Doctor Loan, Construction to Permanent Loans and Affordable Lending Options.
Customer service is available by phone, social media or in person on weekdays from 8 a.m. to 8 p.m. ET and Saturdays from 8 a.m. to 5 p.m. ET. With a BBB rating of A+, Truist is committed to customer satisfaction and support.
Pros
- Unique mortgage programs like Doctor and Construction-to-Permanent Loans
- Interactive online mortgage calculator with amortization feature
- Affordable options with payment assistance
Cons
- Specific mortgage info requires professional consultation
- No mortgage payment relief options
Mortgage Programs in Kansas
Homeownership involves hidden costs that can affect your budget. The Kansas Housing Resources Corporation provides mortgage programs to support your home-buying process.
Program | Description |
|---|---|
Offered to Kansas homebuyers who haven't owned a home in three or more years and meet income limits. Contribute 1% to 10% of the purchase price to receive a 0% interest loan worth 15% to 20% of the home’s value. The loan is forgiven if you live in the house for 10 years. | |
Helps potential homebuyers who meet credit score and income requirements. It provides a grant alongside a 30-year fixed mortgage, which doesn't need repayment and can be used for down payments or closing costs on various home types. | |
Supports low-income Kansans buying homes under $75,000, with aid available after a $500 down payment. Participants must complete 12 hours of homeowner education, including budget analysis for a financially sustainable purchase, and access additional educational resources. | |
Offers up to $8,000 to eligible applicants buying within Leavenworth's city limits. Funded by a Community Block Grant, it fosters long-term residency, with homeowners required to remain for five years before the financial obligation is forgiven. |
FAQ: Mortgage Rates in Kansas
Understanding today's mortgage rates in Kansas is essential when purchasing a home. We've answered your questions about the current rates so that you can make well-informed mortgage decisions.
What are the current mortgage rates in Kansas?
Current average APRs in Kansas vary due to loan type and other factors. In July 2024, average APRs are 7.01% for a 30-year fixed conforming loan and 7.39% for a 7-year ARM.
How do mortgage rates in Kansas compare to national rates?
In July 2024, Kansas's mortgage rates for some loan types are slightly higher than the national averages. For example, a 5-year ARM has an average APR of 7.93% in Kansas, compared to 7.69% nationally. Kansas' average APR for a 30-year fixed-rate mortgage is 7.01% versus 6.90% nationally.
How does my credit score impact the mortgage rates I get in Kansas?
Your credit score significantly impacts your mortgage rates. Generally, a higher credit score can lead to lower mortgage rates.
Are there any special mortgage programs in Kansas to help homebuyers?
Kansas offers various mortgage programs to assist homebuyers, such as the First Time Homebuyer, Kansas Down Payment Assistance, and Topeka Opportunity to Own Program (TOTO).
How can I get the best possible mortgage rate in Kansas?
To get the best mortgage rate, 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 Kansas?
As of July 20224, the average refinance rate in Kansas for a 30-year fixed-rate loan is 8.15% APR, while a 15-year fixed-rate loan is 7.34% APR.
How do I calculate my mortgage payments?
To determine your mortgage payments, use a mortgage calculator for Kansas, which considers the loan amount, interest rate, down payment and loan term.
Mortgage
About Zachary Romeo
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.
sources
- City of Leavenworth. "Leavenworth Home Ownership Program." Accessed July 16, 2024.
- Kansas Housing Resources Corporation. "First Time Homebuyer." Accessed July 16, 2024.
- Kansas Housing Resources Corporation. "Kansas Down Payment Assistance." Accessed July 16, 2024.
- Topeka Planning and Development. "Topeka Opportunity to Own Program (TOTO)." Accessed July 16, 2024.