Today's Mortgage Rates in Kentucky

Today's 30-year mortgage rate in Kentucky is 6.78%, right below the national average rate of 6.90% for the same mortgage type. In Kentucky, buyers can tap into options like the Mortgage Revenue Bond and Conventional Preferred programs to potentially ease their mortgage expenses.

We'll help you understand the nuances of current Kentucky mortgage rates by breaking down the distinctions between interest rates and APR, as well as how rates differ by loan type and credit score. Gain insights on the variety of mortgage structures, lenders and beneficial programs available to Kentucky homebuyers, empowering you to navigate the financial aspects of home purchasing.

The current mortgage rate in Kentucky for a 30-year fixed-rate mortgage is 6.78% as of July 2024 — up from 6.59% in the previous month. Even a small rise in your mortgage rate impacts the total cost significantly. For example, on a $250,000 loan with a 20% down payment, the increased rate could mean an additional $9,068 out of your pocket over the term of the loan, not counting extras like property taxes or HOA fees.

Understanding the current mortgage rate in Kentucky will help you budget because these rates can vary from one day to the next. Rates are subject to change based on economic indicators and Federal Reserve activities. Our line chart displays the trend of mortgage rates in Kentucky across recent months, providing a glimpse into the pattern of rate adjustments you might face.

Both first-time homebuyers and experienced real estate investors seek today's mortgage interest rates in Kentucky to navigate the housing market:

Purchase rates and refinance rates can differ significantly. In Kentucky, the current mortgage rate for a 30-year fixed mortgage if you're buying a home is 6.78%, while the average APR to refinance that same type of loan is higher at 8.19%. This means if you're looking to refinance your home, you could see a notable difference in interest costs compared with what you would pay if you were purchasing a new home.

A 30-year fixed-rate mortgage in Kentucky usually comes with a higher rate than a 15-year fixed-rate mortgage. The longer timeframe of the 30-year loan means more risk for the lender — they face the potential of interest rate fluctuations and the chance that you might not pay back the loan.

You might prefer to explore mortgage loan types in Kentucky to figure out which fits your budget and plans best. Use a mortgage calculator to see how these rates affect your future payments — this tool helps you understand your monthly expenses and overall loan cost.

In Kentucky, if your credit score is a solid 740 or higher and you're putting down between 5% and 20%, you can expect an average APR of 7.33% for a 30-year fixed mortgage. If your credit score dips below 680, the average APR climbs slightly to 7.53%.

Your credit score impacts the mortgage rates you might qualify for in Kentucky. Check out the interactive table to explore the rates you could get based on your own credit score and down payment amount:

In July 2024, 30-year fixed-rate VA loans have the lowest average APR for 30-year fixed-rate mortgages in Kentucky. Knowing your options and the rates available can guide you in making a sound decision for your home purchase. Review the variety of mortgage loan types offered in Kentucky:

First Midwest Bank, Bank of America and U.S. Bank stand out as solid choices for a mortgage in Kentucky. These lenders reach high standards, including state availability, Better Business Bureau accreditation and homeowner assistance programs. While these are commendable options, there's a wider pool of lenders in Kentucky that might fit your needs.

The mortgage rate you secure in Kentucky can vary depending on the lender you choose — each offering distinct mortgage options and terms. By comparing rates from various Kentucky mortgage lenders, you position yourself to secure the best possible deal.

Owning your own home involves hidden costs outside of your monthly payments. In Kentucky, you can look to the Kentucky Housing Corporation for mortgage programs that may ease your financial journey into homeownership.

Understanding today's mortgage rates in Kentucky is vital for anyone considering purchasing a home in the state. We've addressed commonly asked questions to help you comprehend current rates and make informed decisions.