Updated: January 13, 2025
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The current mortgage refinance rates in Kansas for a 15-year fixed mortgage stand at 5.99%, while the 30-year fixed rate is 6.54%. In comparison, the national average for a 15-year fixed refinance is 5.38%, and for a 30-year fixed, it's 6.45%.
We provide clear insights and practical advice on refinancing your mortgage in Kansas. Our sections cover everything from today's rates and trends to tips on refinancing timelines, helping you make informed decisions with ease.
MoneyGeek used Zillow data for the rates on this page. Because mortgage rates shift daily, we use a snapshot to analyze rate information for Florida. 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).
This data was last updated in December 2024.
The current 30-year refinance rate in Kansas is 6.54%. According to Experian, the average mortgage debt in Kansas is $165,638 as of September 2023. Refinancing your mortgage can be a strategic way to manage this debt, potentially lowering your monthly payments and reducing the total interest paid over the life of the loan.
For instance, if your mortgage rate is higher than 5.94%, refinancing could offer significant savings. Check out the current refinance rates in Kansas below to explore your options.
| 15-Year Fixed | 5.88% | 5.99% |
| 30-Year Fixed | 6.47% | 6.54% |
In the latest month, refinance rate trends in Kansas showed a decrease for both 15-year refinance rates and 30-year refinance rates. This suggests a downward trend for longer-term loans, providing potential opportunities for those looking to refinance.
Interest rates often rise due to factors like the US Federal Reserve's monetary policy, economic growth, and inflation. These elements also impact refinance rate trends in Kansas, affecting how consumers approach refinancing decisions. Understanding these influences helps you grasp the broader financial landscape.
Refinancing your mortgage in Kansas can be a savvy move to cut costs and improve your financial situation. By understanding the process and evaluating your options, you can secure better terms and potentially lower your monthly payments. Let's dive into the steps to make this happen.
Credit scores influence the rates you qualify for; higher scores usually mean better rates. If your score is below Kansas's average of 723, consider paying down debts or disputing errors to improve it.
Evaluate your current mortgage terms against Kansas's 15-year fixed rate of 5.99% and 30-year fixed at 6.54%. If these are lower, refinancing might be beneficial, especially if you plan to stay in your home long-term.
Collect documents like tax returns, pay stubs, and bank statements to streamline the refinancing process. Having these ready can ease the transition from your original mortgage to a new one.
Compare lenders for the best rates, fees, and customer service. Consider their reputation, the flexibility of terms, and any special offers they might have to ensure you get the best deal.
Be aware of closing costs like appraisal fees and title insurance. In Kansas, these average $3,260.45 according to the National Association of Realtors.
Submit your application with the chosen lender, ensuring all information is accurate. Being organized with your documents can expedite the process and improve your chances of approval.
Secure your rate through a mortgage rate lock to protect against market fluctuations. Timing your lock carefully can save money if rates are trending upward.
Finalize the refinance by signing the necessary paperwork. Reviewing all documents carefully can prevent misunderstandings and ensure the new terms meet your expectations.
Begin payments on your new mortgage, noting any changes in payment dates or amounts. Setting up automatic payments can help you stay on track and avoid late fees.
Periodically review your mortgage terms and market rates to determine if refinancing again could be beneficial. Staying informed about market trends can help you make timely decisions.
In Kansas, how soon you can refinance a mortgage depends on the type of loan. For conventional loans, you can usually refinance immediately, but a cash-out refinance often requires a six-month seasoning period. USDA loans, however, generally necessitate a 12-month waiting period before refinancing.
The average refinance rate in Kansas was 5.94% in October, which is lower than in previous months. This is a good example of when to consider refinancing, as lower rates can make it more advantageous. However, remember that refinancing comes with additional closing costs, which can take years to recover. So, while you might wonder how soon you can refinance a mortgage, it's often not worth it unless there's a substantial drop in interest rates.
Refinancing your mortgage in Kansas can reduce your monthly payments by lowering interest rates. Watch out for closing costs that might negate these savings. Knowing when to refinance a mortgage in Kansas is vital to maximizing financial benefits. Let's delve into situations where refinancing makes sense.
Refinancing when interest rates are lower can reduce monthly payments and total interest paid. To find the best rates, consult with local lenders and credit unions, who often offer competitive rates to attract new customers.
Higher home value increases home equity, making refinancing attractive. Enhancing curb appeal can boost value. With Kansas's average home value at $232,850, refinancing could unlock better loan terms.
A better credit score can qualify you for lower rates. Paying bills on time and reducing debt can improve your score, making refinancing a smart move.
Refinancing to a shorter term can save on interest and pay off your mortgage faster. This strategy reduces long-term costs and builds equity more quickly.
Switching from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage provides stability. Fixed rates protect against market fluctuations, ensuring predictable payments.
Use MoneyGeek's free mortgage refinance calculator to help determine whether refinancing is beneficial for your situation.
Make sure refinancing your existing home loan will save you money.
Total Savings:
By refinancing, you’ll pay $0
Your credit score influences the rates you qualify for in Kansas. For example, the current average refinance rates in Kansas for a 30-year fixed-rate loan with a loan-to-value ratio of 80% or lower equate to 6.96% for scores between 680 and 740, versus 6.54% for scores above 740. See the table below for more details.
| 6.15% | 6.61% |
The loan type you choose can affect the rates you qualify for in Kansas. For example, the current average refinance rate for a 30-year fixed loan in Kansas is 6.54%. The table below shows average APRs for different loan types in Kansas, helping you compare options.
| 4.84% | 5.00% |
In this section, we've tackled some of the most frequently asked questions about refinance rates in Kansas, providing you with clear and concise answers. Understanding these rates is key to evaluating your refinancing options and deciding what's best for your financial future.
Refinancing your mortgage can be a smart move if it lowers your interest rate, reduces your monthly payment, or helps you build equity faster. Consider your long-term financial goals and the costs involved to determine if it's right for you.
To secure the best mortgage refinance rate, start by improving your credit score. Consider paying down your mortgage to reduce your loan-to-value ratio, and shop around with different lenders to compare offers.
Pros of refinancing include potentially lower interest rates, reduced monthly payments, and the ability to switch loan types. Cons may include closing costs, extended loan terms, and the risk of losing equity if home values fall.
Refinancing costs typically range from 2% to 5% of the loan amount, covering fees such as application, origination, and appraisal. It's important to weigh these costs against potential savings to determine if refinancing is worthwhile.
The current average refinance rates in Kansas are 5.99% for a 15-year fixed loan and 6.54% for a 30-year fixed loan. Rates in Wichita are likely to mirror these state averages, but the rates you qualify for may vary based on factors such as your credit score and loan-to-value ratio.
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.
