Updated: November 12, 2024
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Today's 30-year mortgage rate in Kentucky is at 6.59%, lower than the national average of 7.15%. Homebuyers in Kentucky can use mortgage programs like the Mortgage Revenue Bond and the Conventional Preferred and Conventional Preferred Plus 80 to reduce 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 Kentucky. 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 in November 2024.
In November 2024, the average APR for a 30-year fixed mortgage in Kentucky is 6.6% — up by 0.5 percentage points from 6.1% the month prior. For a $250,000 loan with a 20% down payment, this increase could add about $26,370 in total interest over the life of the loan, excluding property taxes or HOA fees.
Rates shift frequently due to changing economic conditions and Federal Reserve policies. The line chart below shows the recent month-to-month changes in mortgage rates.
Understanding the current mortgage rate in Kentucky will help you budget because even small rate changes can significantly impact your finances.
Both first-time homebuyers and experienced real estate investors seek today's mortgage rates in Kentucky to navigate the housing market:
First-time homebuyers
Knowing current mortgage rates in Kentucky helps first-time homebuyers gauge rate offers from lenders and assess their competitiveness.
Homeowners with mortgages
Homeowners in Kentucky can assess if they should consider a mortgage refinance when current rates drop below their rates.
The 30-year fixed mortgage rate in Kentucky is 6.59% for purchases and 6.75% for refinancing. This difference indicates potential savings in interest costs when refinancing.
A 30-year fixed-rate mortgage in Kentucky typically has a higher rate than a 15-year fixed-rate mortgage. The longer duration increases lender risk due to interest rate fluctuations and potential borrower default.
To find the best mortgage option for your budget, explore various mortgage types in Kentucky. A mortgage calculator can help you understand how these rates impact your monthly payments and overall loan cost.
| 4.79% | 4.92% |
The interest rate on a mortgage represents the yearly cost of borrowing money. In Kentucky, the average interest rate for a 30-year fixed mortgage is currently 6.51%.
The APR (annual percentage rate) includes the interest rate and any other charges — like mortgage points — influencing the total yearly cost. The average APR for a 30-year fixed-rate mortgage in Kentucky is 6.59%, giving you a broader picture of your loan's yearly expense.
In Kentucky, a credit score of 740 or higher with a 5% to 20% down payment typically results in a 30-year fixed mortgage APR of 7.07%. If your score is below 680, the APR rises to 7.92%.
Your credit score significantly impacts mortgage rates in Kentucky. Use the interactive table to see potential rates based on your score and down payment.
| 10-year Fixed | 6.09% |
| 15-year Fixed | 6.04% |
| 20-year Fixed | 6.86% |
| 30-year Fixed | 6.91% |
| 5-year ARM | 7.60% |
| 7-year ARM | 7.47% |
In November 2024, 30-year fixed-rate VA loans in Kentucky have the lowest average APR of 6.34%. Knowing your options and the rates available can guide you in deciding on your home purchase.
Mortgage Type | Definition | Impact on Rates | 30-Year Rates in Kentucky |
|---|---|---|---|
Conventional Loans | Conventional loans in Kentucky are mortgages not insured by a government agency. | Mortgage rates for conventional loans may vary based on your credit score and down payment. | 6.59% |
FHA Loans | FHA loans in Kentucky are backed by the Federal Housing Administration and designed to help lower-income borrowers. | FHA loans often have lower interest rates, benefiting borrowers with a lower credit score. | 8.00% |
VA Loans | VA loans in Kentucky are mortgages backed by the Department of Veterans Affairs for veterans, service members and their spouses. | VA loans can offer competitive rates due to backing from the VA and no down payment requirement. | 6.34% |
USDA Loans | USDA loans in Kentucky are for rural homebuyers, insured by the U.S. Department of Agriculture. | USDA loans can offer lower rates since they're guaranteed by the government, aiding rural homeowners. | currently unavailable |
Jumbo Loans | Jumbo loans in Kentucky are for amounts exceeding the limits set for conforming loans by the FHFA. | Jumbo loan rates are typically higher due to the greater risk involved with larger loan amounts. | 6.76% |
Mortgage rates in Kentucky fall into two categories: fixed and adjustable.
As of November 2024, the average APR in Kentucky for a 30-year fixed mortgage is 6.59% and 7.38% for a seven-year ARM.
First Midwest Bank, Bank of America and U.S. Bank are strong mortgage options in Kentucky, meeting standards like state availability, Better Business Bureau (BBB) accreditation and homeowner assistance programs. However, many other lenders may also suit your needs.
Your mortgage rate can vary by lender, as each offers different options and terms. Compare rates from multiple lenders to find the best deal.
First Midwest Bank offers a variety of mortgage options, available online and in person. Community members like firefighters and teachers can access specialized loans with no down payment or just 1% down for Community Heroes. Land or Lot Loans require a 20% down payment for those seeking land. A minimum credit score of 720 is typically required for specialized programs like Community Experts and Heroes.
Customer service is available Monday to Friday from 8 a.m. to 7 p.m. ET and Saturday from 8 a.m. to 1 p.m. ET. The bank also provides assistance through its Home Manager and Down Payment Assistance Programs.
Pros
Cons
U.S. Bank is the top HELOC lender for bad credit in most states. It provides various mortgage options, including conventional, FHA, VA and jumbo loans. The minimum credit score is 660 for ARMs and jumbo loans, while FHA loans are available for scores as low as 640.
Homeownership is more accessible, with a 3% down payment for conventional loans and 3.5% for FHA loans. Veterans can access VA loans with no down payment.
Customer service is available via video call, phone or in person on weekdays from 7 a.m. to 8 p.m. CT and Saturdays from 8 a.m. to 2 p.m. CT. U.S. Bank also offers assistance programs like forbearance and loan modification for borrowers facing financial challenges.
Pros
Cons
Bank of America provides flexible mortgage options, including fixed-rate, adjustable-rate, jumbo, FHA and VA loans. The Affordable Loan Solution requires only a 3% down payment. VA loans offer no down payment for veterans and service members.
Customer service is available via virtual, phone or in-person channels Monday through Friday from 8 a.m. to 10 p.m. ET and Saturday from 8 a.m. to 6:30 p.m. ET. Programs like America’s Home Grant® and Down Payment Grant assist borrowers with their homeownership journey.
Pros
Cons
Homeownership involves hidden costs outside of the monthly payments. In Kentucky, you can turn to the Kentucky Housing Corporation for mortgage programs that make homeownership accessible and affordable.
Program | Description |
|---|---|
Offers homebuyers a 30-year fixed-rate mortgage at below-market rates. Income and purchase price limits apply, targeting those who will make the new house their primary residence. | |
Offers competitive mortgage rates. With a minimum credit score of 660 and a 3% down payment, you can access two types of mortgage insurance tailored to your needs and eligibility for KHC's Down Payment Assistance. | |
Available for homebuyers using any KHC first mortgage. Offering up to $10,000, this additional loan helps cover upfront costs and is repayable over 10 years at a 3.75% interest rate, with no review of liquid assets or reserve limits. |
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.
Current average APRs in Kentucky are influenced by various elements such as loan type, property location and borrower's creditworthiness. As of November 2024, a 30-year fixed conforming loan has an average APR of 6.59%, while an FHA loan for the same term period is 8.00%.
For a 30-year fixed-rate mortgage, Kentucky's average APR is 6.59%, slightly lower than the national average of 7.15% as of November 2024.
In Kentucky, a higher credit score generally qualifies you for low mortgage rates as it indicates lower risk to lenders.
Yes, there are various mortgage programs in Kentucky, such as Mortgage Revenue Bond, Down Payment Assistance and the Conventional Preferred Plus 80, to assist homebuyers.
To secure the best mortgage rate in Kentucky, consider a larger down payment, improve your credit score and compare offers from multiple lenders.
As of November 2024, today's refinance rates in Kentucky average 6.08% for a 15-year fixed rate and 6.75% for a 30-year fixed rate.
To estimate your monthly payments, use a mortgage calculator for Kentucky, which takes into account your loan amount, interest rate and loan 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.
