If you’ve been considering buying a home in Arkansas, you’ll want to focus on getting the best mortgage rate that you can. What your mortgage rate will be can depend on a wide range of factors, such as your credit score and history, the amount of your down payment, your income level, and your debt-to-income ratio.
You can help yourself qualify for the best mortgage rate in Arkansas by doing your homework before applying for preapproval with a reputable lender: namely, checking your credit for errors, and pulling together all of your documents to prove income, employment, and financial stability.
Here’s a quick look at current Arkansas mortgage rates:
| Loan Program | Mortgage Rate | APR* | 1 Day Change |
|---|---|---|---|
| Conventional 30 year fixed | 6.597% | 6.682% | -0.02% |
| Conventional 15 year fixed | 6.042% | 6.183% | +0.05% |
| Conventional 5 year ARM | 6.773% | 7.478% | -0.17% |
| VA 30 year fixed | 6.055% | 6.458% | +0.12% |
| VA 15 year fixed | 5.653% | 6.28% | -0.11% |
| VA 5 year ARM | 6.216% | 6.673% | +0.03% |
Data source: ©Zillow, Inc. Use is subject to the Terms of Use
Want to take the plunge and buy a home in Arkansas? Imagine living in your dream home in the Natural State! Here’s what you need to know:
Choose the best place for you to live. Arkansas serves as a home to almost 3 million people, and one in ten live in the city’s top five biggest cities:
Choose a home you can afford. Arkansas ranks 45th in US homes for sale at average price, and 37th for homes over $1,000,000. Get preapproved so that you know what your budget is before you head out house hunting.
The Move-Up Program provides 30-year fixed-rate conventional mortgages by providing either 97 percent or 105 percent financing. You’ll need a credit score of at least 640, a maximum debt-to-income ratio of no more than 45%, an annual income that isn’t greater than $137,000, and proof that you’ve completed a home buyer course, in some cases.
The Down Payment Assistance Program (DPA) provides between $1,000 and $10,000 in the form of a 10-year second mortgage to help cover your down payment and closing costs. Alternatively, you can apply for the Arkansas Dream Down Payment Initiative (ADDI) which provides up to $10,000 as a second loan with monthly payment, which is forgivable after five years.
You may want to refinance a home in Arkansas to leverage favorable Arkansas mortgage rates. This can give you several different options
Qualifying for a streamlined refinance is possible if you have a certain type of loan. Ask your lender for more information.
Use our free mortgage calculator tools to estimate your monthly mortgage payments based on your unique loan scenario. See how your monthly payment changes by making updates to your home price, down payment, interest rate, and loan term.
Wondering what your monthly mortgage payment might be? Plug in your data to get an instant mortgage payment estimate.
Military service can mean eligibility for a no-down payment mortgage. Find out if you qualify for a VA home loan.
Designed for first-time and low-income homebuyers, an FHA loan could put you on the path to home ownership fast.
Seeking to refinance? Find out how much you can save in interest over the term of your home loan by refinancing now.
Each step-by-step guide is designed to shepherd you through a process from start to finish. Know what to expect and how to proceed, no matter where you are in your home buying journey.