Updated: December 9, 2024
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Today's 30-year mortgage rate in Arkansas stands at 6.48%, slightly below the national average rate of 6.83%. Arkansas homebuyers can explore programs like the ADFA Move-Up Loan Program and the ADFA Down Payment Assistance Program (DPA) to help lower their mortgage expenses.
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 December 2024.
The current mortgage rate in Arkansas for a 30-year fixed-rate mortgage is 6.48% as of December 2024, down from 6.80% the previous month. For a $250,000 loan with a 20% down payment, this one basis point uptick means you might pay an additional $474 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.
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 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 6.48%, while the average refinance rate for the same loan type is 6.25%. 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.
| 5.71% | 5.82% |
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 6.41%.
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 6.48%, 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 6.80%. If your credit score is below 680, the average APR increases to 7.06%.
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 | 6.21% |
| 20-year Fixed | 6.23% |
| 30-year Fixed | 6.80% |
| 5-year ARM | 7.73% |
| 7-year ARM | 8.11% |
In December 2024, 30-year fixed-rate VA loans have the lowest average APR in Arkansas at 6.31%. 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 | In Arkansas, conventional loans are not backed by the government and follow GSE guidelines. | Credit score and down payment significantly influence rates received on conventional loans. | 6.48% |
FHA Loans | Arkansas FHA loans are insured by the Federal Housing Administration and allow for lower down payments. | FHA loans have lower qualification requirements, which may result in slightly higher rates. | 7.82% |
VA Loans | Arkansas VA loans are guaranteed by the Veterans Affairs for eligible military members. | Rates for VA loans can be competitive due to the backing by the Veterans Affairs. | 6.31% |
USDA Loans | USDA loans in Arkansas are aimed at rural homebuyers and backed by the U.S. Department of Agriculture. | Rates for USDA loans may be below average as they are targeted to assist rural homebuyers with financing. | currently unavailable |
Jumbo Loans | Jumbo loans in Arkansas exceed conforming loan limits and are not guaranteed by Fannie Mae or Freddie Mac. | Jumbo loans involve higher borrowing amounts and thus may carry higher interest rates. | 6.88% |
Mortgage rates in Arkansas come in fixed and adjustable types.
As of December 2024, the APR for a 30-year fixed mortgage in Arkansas is 6.48%. For a seven-year ARM, it's 7.35%.
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 in Arkansas for December 2024 are influenced by loan types among other factors. A 30-year fixed conforming loan has an average APR of 6.48%, while a seven-year ARM jumbo loan is at an average of 6.91%.
Comparing Arkansas' December 2024 average APRs to national rates, a five-year adjustable-rate mortgage averages 7.30% in Arkansas, slightly below the national average of 7.79%. Meanwhile, a 15-year fixed-rate mortgage averages 5.82% in Arkansas, closely matching the national average of 6.12%.
Your credit score significantly influences the low mortgage rates you can qualify for in Arkansas. A higher credit score can secure lower interest rates, while a lower credit score may result in higher rates.
Yes, there are several mortgage programs in Arkansas, such as the ADFA Move-Up Loan Program, ADFA Mortgage Credit Certificate Program and the ADFA Down Payment Assistance Program (DPA).
To get the best mortgage rate in Arkansas, compare rates from multiple lenders, maintain a high credit score and consider a larger down payment. Additionally, improve your debt-to-income ratio and explore rate-lock options.
For December 2024, today's refinance rates in Arkansas average at 5.63% for a 15-year fixed rate and 6.25% for a 30-year fixed rate.
To calculate your mortgage payments, you can use a mortgage calculator for Arkansas, which includes inputs like the home price, down payment, loan term and interest rate.
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.
