Current Mortgage Refinance Rates in Arkansas (December 2024)

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Updated: January 13, 2025

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The current mortgage refinance rates in Arkansas for a 15-year fixed loan stand at 5.17%, while the 30-year fixed mortgage is at 5.83%. In comparison, the national average rates are slightly higher, with the 15-year fixed at 5.38% and the 30-year fixed at 6.45%.

Our guide empowers you to make informed decisions about refinancing your mortgage in Arkansas. We provide insights into today's rates, trends, and tips, helping you understand when and how to refinance effectively, tailored to your credit score and loan type.

MoneyGeek used Zillow data for the rates on this page. Because mortgage rates shift daily, we use a snapshot 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 noted otherwise, featured rates are annual percentage rates (APRs).

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This data was last updated in December 2024.

Current Mortgage Refinance Rates in Arkansas

The current 30-year refinance rate in Arkansas is 5.83%. According to Experian, the average mortgage debt in Arkansas is $158,193 as of September 2023. Refinancing your mortgage can be a smart way to manage this debt by potentially lowering your monthly payments and reducing the total interest paid over the life of the loan.

For instance, if your current mortgage rate is higher than 5.83%, refinancing could lead to significant savings. Explore the current refinance rates in Arkansas below to see how you might benefit.

15-Year Fixed5.46%5.63%
30-Year Fixed6.17%6.25%

Mortgage Refinance Rate Trends in Arkansas

In December, refinance rate trends in Arkansas showed a downward movement for 15-year refinance rates, falling to 5.63%. Moreover, 30-year refinance rates in Arkansas exhibited a downward trend to 6.25%.

Arkansas Mortgage Refinance Rate Trends 2024
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WHY DO INTEREST RATES GO UP?

Interest rates rise due to factors like US Federal Reserve policies and economic conditions, impacting refinance rate trends in Arkansas. Understanding these influences helps you stay informed.

How to Refinance a Mortgage in Arkansas

Refinancing your mortgage in Arkansas can offer a fresh financial start, potentially lowering your monthly payments or interest rates. Before diving into the process, it's important to understand the steps involved. Let's explore how you can make refinancing work for you, ensuring you make informed decisions every step of the way.

  1. 1

    Check Your Credit Score

    Credit scores influence the mortgage rates you qualify for. If your score is below Arkansas's average of 696, consider paying down debt or disputing errors. These actions can improve your rating and potentially secure better refinancing terms.

  2. 2

    Determine When to Refinance a Mortgage

    Compare your current mortgage terms with market rates. If your rate exceeds Arkansas's 30-year rate of 5.83% or 15-year rate of 5.17%, refinancing may be beneficial. Consider your home tenure plans, as refinancing costs may outweigh benefits if moving soon.

  3. 3

    Gather Necessary Documents

    Organize documents like pay stubs, tax returns, and your original mortgage. This preparation can expedite the refinancing process and ensure a smoother application experience.

  4. 4

    Shop Around for Lenders

    Explore various lenders to find the best terms. Look for competitive rates, flexible terms, and responsive customer service. Comparing options can lead to significant savings over the life of your loan.

  5. 5

    Understand the Costs Involved

    Be aware of closing costs, appraisal fees, and other expenses. In Arkansas, average closing costs are $2,518 according to the National Association of Realtors. Knowing these can help you budget effectively.

  6. 6

    Apply for the Loan

    Submit your application with the chosen lender. Having all your documents ready can streamline this step. Promptly responding to lender queries can also help speed up the approval process.

  7. 7

    Lock in Your Interest Rate

    Secure a favorable rate with a mortgage rate lock. This ensures your rate won't increase before closing. Confirm the lock duration aligns with your closing timeline to avoid surprises.

  8. 8

    Close on Your New Loan

    Review all loan documents carefully before signing. Understanding each term can prevent future misunderstandings. Scheduling your closing on a convenient date can reduce stress and ensure a smoother transition.

  9. 9

    Start Making Payments on Your New Loan

    Begin payments according to your new loan schedule. Setting up automatic payments can help you manage due dates and avoid late fees, ensuring a seamless transition to your new mortgage.

  10. 10

    Reevaluate When to Refinance a Mortgage

    Regularly assess your mortgage terms against market rates. Staying informed can help you decide if refinancing again could save money. Keeping an eye on rate trends can optimize your financial strategy.

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HOW SOON CAN YOU REFINANCE A MORTGAGE?

In Arkansas, how soon you can refinance a mortgage depends on the type of loan you have. For conventional loans, refinancing can typically happen immediately, but a cash-out refinance may require a six-month waiting period. USDA loans, on the other hand, generally necessitate a 12-month wait before refinancing.

The average refinance rate in October was 5.83%, lower than in September, illustrating a good time to refinance when rates drop in Arkansas. However, it's important to consider that refinancing comes with additional closing costs, which can take years to recover. While you could refinance a mortgage within a year, it's typically not worth it unless there's a significant reduction in interest rates.

When to Refinance a Mortgage

Refinancing your mortgage in Arkansas can lower your interest rates, reducing monthly payments. Yet, closing costs might offset these savings. Knowing when to refinance a mortgage in Arkansas is key to ensuring financial gain. Let's dive into scenarios where refinancing could be advantageous.

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    Lower Interest Rates

    Refinancing when interest rates are lower can reduce monthly payments and overall loan costs. To find the best rates, consult local banks and credit unions, as they often offer competitive rates to attract community members.

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    Increased Home Value

    Higher home values can increase home equity, making refinancing attractive. Enhancing curb appeal or renovating kitchens can boost value. In Arkansas, with an average home value of $210,371, this strategy can unlock better loan terms.

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    Improved Credit Score

    A better credit score can qualify you for lower interest rates. Paying bills on time and reducing debt can improve scores, making refinancing more favorable and reducing long-term interest payments.

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    Shorter Loan Term

    Refinancing to a shorter loan term can save on interest and pay off your mortgage faster. This strategy can lead to financial freedom sooner, despite slightly higher monthly payments.

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    Switch Loan Type

    Switching from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage can stabilize payments. This change protects against rate increases, offering predictable monthly expenses and long-term financial planning.

Mortgage Refinancing in Arkansas: Is It Right for You?

Use MoneyGeek's free mortgage refinance calculator to help determine whether refinancing is beneficial for your situation.

Mortgage Refinance Calculator

Make sure refinancing your existing home loan will save you money.

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Today's Mortgage Refinance Rates in Arkansas by Credit Score

Your credit score affects the rates you qualify for in Arkansas. For example, the current average refinance rates in Arkansas for a 30-year fixed rate loan with a loan-to-value ratio of 80% or lower equate to 6.88% for scores between 680 and 740, compared to 6.25% for scores above 740. Explore the table below for more details.

Data filtered by:Results filtered by:
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Loan Type:15-year Fixed
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Credit Score Range:680 - 740
Select
Loan-to-Value Ratio:80% - 95%
5.75%6.29%

Mortgage Refinance Rates in Arkansas by Loan Type

Loan type is another factor that can affect the rates you qualify for in Arkansas. For example, the current average refinance rates in Arkansas for a 30-year conventional fixed rate loan are 6.25%. The table below shows average APRs for various loan types in Arkansas.

Data filtered by:Results filtered by:
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Loan Type:10-Year Fixed
5.75%5.97%

FAQ: Today's Mortgage Refinance Rates in Arkansas

With market conditions constantly changing, it's natural for Arkansas homeowners to question how these rates can impact their mortgages and refinance options. We've gathered and addressed the most common questions about refinance rates in Arkansas, providing you with clear and factual information.

Should you refinance your mortgage?

How to get the best mortgage refinance rate?

What are the pros and cons of a mortgage refinance?

How much does it cost to refinance a mortgage?

What is the mortgage refinance rate in Little Rock?

About Zachary Romeo, CBCA

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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.

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