Updated: November 13, 2024
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Today's 30-year mortgage rate in Arkansas is 6.80%, slightly below the national average of 7.15%. Arkansas homebuyers can access programs like the ADFA Move-Up Loan Program and the ADFA Down Payment Assistance Program (DPA) to help manage mortgage costs.
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 November 2024.
The current mortgage rate in Arkansas for a 30-year fixed-rate mortgage is 6.80% as of November 2024, inching up from 6.07% the previous month by 73 basis points. For a $250,000 loan with a 20% down payment, this rate hike could add $37,911 in total interest 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.
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 6.80%, while the average refinance rate for the same loan type is 6.50%. Staying updated on current rates helps you understand the cost of financing or refinancing your home.
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.
| 5.94% | 6.06% |
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 6.72%.
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 6.80%, giving a broader picture of a home loan's yearly cost.
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 7.17%. If your credit score is below 680, the average APR remains at 7.31%.
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.
| 10-year Fixed | 5.64% |
| 15-year Fixed | 6.47% |
| 20-year Fixed | 6.23% |
| 30-year Fixed | 7.17% |
| 5-year ARM | 8.22% |
| 7-year ARM | 8.11% |
In November 2024, 30-year fixed-rate VA loans have the lowest average APR in Arkansas at 6.37%. Choosing the lowest APR can lead to lower monthly payments and long-term savings. Below is a table listing various mortgage loan types in the state.
Mortgage Type | Definition | Impact on Rates | 30-Year Rates in Arkansas |
|---|---|---|---|
Conventional Loans | Conventional loans are not backed by government entities and offer various terms. | Credit score and down payment size primarily influence conventional loan mortgage rates. | 6.80% |
FHA Loans | FHA loans are insured by the Federal Housing Administration, designed to help lower-income borrowers. | FHA loans typically feature lower rates, making them accessible to first-time, lower-income borrowers. | currently unavailable |
VA Loans | VA loans are guaranteed by the Department of Veterans Affairs, available to service members and veterans. | VA loans often come with competitive rates due to government backing reducing lender risk. | 6.37% |
USDA Loans | USDA loans are guaranteed by the U.S. Department of Agriculture for rural home buyers. | USDA loans offer low rates to qualifying rural homebuyers, backed by the USDA. | currently unavailable |
Jumbo Loans | Jumbo loans exceed conventional loan limits and are meant for high-priced real estate markets. | Jumbo loans may carry higher rates due to the larger amount of money being borrowed. | 6.41% |
Mortgage rates in Arkansas come in fixed and adjustable types.
As of November 2024, the APR for a 30-year fixed mortgage in Arkansas is 6.80%. For a seven-year ARM, it's 7.47%.
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 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
Cons
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
Cons
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
Cons
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 |
|---|---|
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. | |
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. | |
Helps moderate-income homebuyers with $1,000 to $15,000 for down payments. This assistance is repaid alongside your mortgage over 10 years. |
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.
Current average APRs for mortgage loans in Arkansas can vary depending on the type of loan. For instance, as of November 2024, a 30-year fixed conforming loan has an average APR of 6.80%, while a seven-year ARM carries a higher APR of 7.47%. Other factors, such as the borrower's credit score and the loan's terms, also influence the rates.
Comparing mortgage rates in Arkansas to national averages shows some differences. For example, a five-year adjustable-rate mortgage has an average APR of 7.54% in Arkansas compared to the national average of 7.97%. Similarly, a 15-year fixed-rate mortgage averages 6.06% APR in Arkansas, while the national rate is 6.28% as of November 2024.
Your credit score can greatly influence the low mortgage rates you qualify for in Arkansas. Higher credit scores typically result in lower interest rates, posing a lower risk to lenders.
Yes, Arkansas offers several mortgage programs to assist homebuyers, such as the ADFA Move-Up Loan Program, the ADFA Mortgage Credit Certificate Program and the ADFA Down Payment Assistance Program (DPA).
To secure the best possible mortgage rate in Arkansas, consider improving your credit score, shopping around and comparing offers from multiple lenders and making a larger down payment, as higher down payments can lead to more favorable rates.
As of November 2024, the average refinance rates in Arkansas for a 15-year fixed-rate mortgage stands at 6.10%, and for a 30-year fixed-rate mortgage, it's at 6.50%.
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.
