Today's 30-year mortgage rate in Kentucky is at 6.48%, lower than the national average of 6.83%. Homebuyers in Kentucky can use mortgage programs like the Mortgage Revenue Bond and the Conventional Preferred Plus 80 to reduce costs.
Mortgage
Today's Mortgage Rates in Kentucky (December 2024)
Updated: December 13, 2024
Advertising & Editorial Disclosure
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 December 2024.
Current Mortgage Rates in Kentucky
In December 2024, the average APR for a 30-year fixed mortgage in Kentucky is 6.48% — down from 6.67% the month prior. For a $250,000 loan with a 20% down payment, this decrease could save about $3,810 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.
Who Needs to Know Current Mortgage Rates in Kentucky?
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 6.48% for purchases and 6.74% for refinancing. This difference indicates potential savings in interest costs when refinancing.
SEE CURRENT MORTGAGE RATES IN NEIGHBORING STATES
Current Mortgage Rates in Kentucky by Loan Type
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.
Data filtered by:Results filtered by:
Select
Loan Type:10-Year Fixed
| 5.66% | 5.90% |
INTEREST RATE VS. APR: WHAT'S THE DIFFERENCE?
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 6.41%.
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 6.48%, giving you a broader picture of your loan's yearly expense.
Current Mortgage Rates in Kentucky by Credit Score
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 6.74%. 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.
Data filtered by:Results filtered by:
Select
Credit Score Range:680 - 740
Select
Down Payment:20% or higher
| 10-year Fixed | 6.09% |
| 15-year Fixed | 5.87% |
| 20-year Fixed | 6.55% |
| 30-year Fixed | 6.64% |
| 5-year ARM | 7.31% |
| 7-year ARM | 7.33% |
Mortgage Types in Kentucky
In December 2024, 30-year fixed-rate VA loans in Kentucky have the lowest average APR of 6.11%. 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 not backed by government entities, offering various terms and rates. | Rates for a conventional loan may vary based on credit score and down payment amount. | 6.48% |
FHA Loans | FHA loans in Kentucky are government-backed and designed to help lower-income borrowers purchase a home. | FHA loans usually offer low rates with less stringent credit requirements but include mortgage insurance. | 8.24% |
VA Loans | VA loans in Kentucky are for military service members, offering favorable terms without a down payment requirement. | VA loans often have competitive rates due to government backing lowering lender risk. | 6.11% |
USDA Loans | USDA loans in Kentucky support rural homebuyers with 100% financing and reduced mortgage insurance premiums. | USDA loans can offer lower rates due to government backing, but may require mortgage insurance. | currently unavailable |
Jumbo Loans | Jumbo loans in Kentucky exceed conventional loan limits, fitting for high-priced real estate markets. | Jumbo loans could have higher rates due to the larger loan amounts and increased lender risk. | 6.76% |
MORTGAGE RATE STRUCTURES IN KENTUCKY
Mortgage rates in Kentucky fall into two categories: fixed and adjustable.
- Fixed-rate mortgages lock in your interest, ensuring your monthly mortgage payments stay the same. Choose this for consistent budgeting.
- Adjustable-rate mortgages (ARM) begin with a lower rate that may adjust over time, potentially lowering your payments during rate dips.
As of December 2024, the average APR in Kentucky for a 30-year fixed mortgage is 6.48% and 7.34% for a seven-year ARM.
Mortgage Lenders in Kentucky
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
- 8Number of Mortgage Options
- YesOnline Application
- A+BBB Rating
- Monday to Friday, 8 am to 7 pm ET Saturday, 8 am to 1 pm ETCustomer Service Hours
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
- Online prequalification available
- Unique loan options including construction
- Homebuyer assistance programs offered
Cons
- Limited branch locations in only seven states
- Mortgage product credit requirements unclear
- FAQ focused mostly on online, mobile management
- U.S. Bank
- 6Number of Mortgage Options
- YesOnline Application
- NRBBB Rating
- Monday to Friday, 7 am to 8 pm CT Saturday, 8 am to 2 pm CTCustomer Service Hours
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
- Online prequalification available
- Offers unique mortgage products
- Transparent amortization schedule and interest/principal breakdown
Cons
- BBB rating not assigned
- Limited branch availability; 27 states only
- Bank of America
- 6Number of Mortgage Options
- YesOnline Application
- ABBB Rating
- Monday to Friday, 8 am to 10 pm ET Saturday 8 am to 6:30 pm ETCustomer Service Hours
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
- Unique mortgage products like affordable and doctor loans
- Client Assistance Program for payment flexibility
- Online calculators for cost and mortgage estimates
Cons
- Must create online profile to prequalify
- No minimum credit score disclosure
- Limited transparency on requirements
Mortgage Programs in Kentucky
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. |
FAQ: Mortgage Rates in Kentucky
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.
What are the current mortgage rates in Kentucky?
Current average APRs in Kentucky as of December 2024 vary depending on loan types such as a seven-year ARM conforming loan at 7.34%, whereas a 30-year fixed conforming loan has an APR of 6.48%. There are also differences in rates for government loans like the FHA 30-year fixed at 8.24%, indicating that other factors also play a role.
How do mortgage rates in Kentucky compare to national rates?
For a 15-year fixed-rate mortgage. Kentucky's average is 5.87%, while the national average is 6.12%. The average APR for a 30-year fixed-rate mortgage is 6.48% in Kentucky, marginally below the national average of 6.83% as of December 2024.
How does my credit score impact the mortgage rates I get in Kentucky?
Your credit score significantly impacts the mortgage rates you receive. A higher credit score can lead to low mortgage rates, as lenders view a strong credit history as a sign of a lower-risk borrower.
Are there any special mortgage programs in Kentucky to help homebuyers?
Yes, there are several mortgage programs in Kentucky, such as the Mortgage Revenue Bond and the Conventional Preferred Plus 80. First-time homebuyers can also benefit from Down Payment Assistance programs.
How can I get the best possible mortgage rate in Kentucky?
To secure the best mortgage rate in Kentucky, consider improving your credit score, shopping around with multiple lenders, and making a larger down payment to lower your loan-to-value ratio.
What are today's mortgage refinance rates in Kentucky?
As of December 2024, today's refinance rates in Kentucky are 5.94% for a 15-year fixed and 6.74% for a 30-year fixed.
How do I calculate my mortgage payments?
Use a mortgage calculator for Kentucky to estimate your monthly mortgage payments, including principal, interest, taxes and insurance.
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.
sources
- Kentucky Housing Corporation. "Conventional Preferred and Conventional Preferred Plus 80." Accessed December 13, 2024.
- Kentucky Housing Corporation. "Down Payment Assistance." Accessed December 13, 2024.
- Kentucky Housing Corporation. "Mortgage Revenue Bond." Accessed December 13, 2024.