Interest Rate
4.72%
APR*
4.797%
Average home price
$128.101

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 4.72% 4.797% -0.09%
Conventional 20 year fixed 4.406% 4.52% Unchanged
Conventional 15 year fixed 3.916% 4.05% -0.12%
Conventional 10 year fixed 3.625% 3.783% Unchanged
Conventional 7 year ARM 4.562% 4.001% Unchanged
Conventional 5 year ARM 4.342% 4.07% +0.3%
FHA 30 year fixed 3.955% 4.713% -0.16%
VA 30 year fixed 4.464% 4.717% Unchanged

Data source: ©Zillow, Inc. Use is subject to the Terms of Use

Buying a Home in Arkansas

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:

  • Little Rock (state capital)
  • Fort Smith
  • Fayetteville
  • Springdale
  • Jonesboro

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.

First-time Homebuyers

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.

Refinancing in Arkansas

You may want to refinance a home in Arkansas to leverage favorable Arkansas mortgage rates. This can give you several different options

  • Refinance at a lower interest rate
  • Refinance to get a longer loan term
  • Refinance to take advantage of an equity cash-out
  • Refinance to get out of a private mortgage insurance (PMI) requirement

Qualifying for a streamlined refinance is possible if you have a certain type of loan. Ask your lender for more information.

GUIDES

Buying a Home?

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.

1 The First Step in Buying a Home – Preapproval

What Is a Mortgage Preapproval? | How Much Will My Monthly Payment Be? | How Much Will My Down Payment Be? | How Long Does a Mortgage Preapproval Last? | What Is the Difference Between a Standard Preapproval and an Underwritten Preapproval?

Read More

3 How much money do I need?

How Can I Lower My Mortgage Payment? | How Can I Lower My Closing Costs? | When Do I Pay Out-Of-Pocket Costs? | What are Prepaid Items or Escrows? | What Will My Closing Costs Be?

Read More

4 The Basics of Mortgage

What Documents Need to be Updated During the Home Loan Process? | What Contingencies Do I Need? | How Important is the Closing Date? | Steps in the Loan Process | Understanding Common Mortgage Terms

Read More

5 Finding a Real Estate Agent

What Are the Top 6 Questions to Ask a Real Estate Agent? | Should I Use the Seller's Real Estate Agent? | Are Online Discount Realty Services a Good Idea? | How Much Does a Buyer's Real Estate Agent Cost? | Why Do I Need a Real Estate Agent to Buy a Home?

Read More
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