Interest Rate
Average home price

There’s no place like home, and your new one could be in Kansas. It’s a smart move to look at Kansas mortgage rates before you buy. Take a gander at your finances from a lender’s point of view, too: what will they see when they investigate your income, debt-to-income ratio, credit score, and size of down payment?

To get the best mortgage rate in Kansas, be a good credit risk. Check your credit report for errors, get your income and asset documents lined up, and apply for preapproval before you begin searching for a house that will stand up to sudden changes in weather.

Here’s a quick look at current Kansas mortgage rates:

Loan Program Mortgage Rate APR* 1 Day Change
Conventional 30 year fixed 6.606% 6.681% -0.03%
Conventional 15 year fixed 5.806% 5.94% +0.09%
Conventional 5 year ARM 6.51% 7.619% -0.15%
FHA 30 year fixed 5.875% 6.645% Unchanged
VA 30 year fixed 5.966% 6.229% -0.07%
VA 15 year fixed 5.5% 5.96% -0.25%
VA 5 year ARM 6.025% 6.937% +0.03%

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

Buying a Home in Kansas

Kansas is a great place to live, with wonderful schools and plenty of family-friendly communities. The sunflower state can be just as cheerful as it sounds!

Kansas’s population is just under 3 million people, and a little fewer than one in three live in the state’s top five cities:

  • Wichita
  • Overland Park
  • Kansas City
  • Olathe
  • Topeka (state capital)

House hunting in Kansas brings to light the happy surprise that home buying can be affordable across the state. Kansas ranks 48th in US homes for sale at average price, and 44th for homes over $1,000,000. Get preapproved first, and demystify your budget so you can shop with confidence.

First-time Homebuyers

A worried first-time home buyer can get peace of mind with a program administered by the Kansas Housing Resources Corporation (KHRC).

KHRC offers a down payment assistance benefit called the First-Time Homebuyer Program. This can help you cover between 15 percent and 20 percent of the home’s purchase price, depending on your income.

The First-Time Homebuyer Program is in the form of a second loan with no monthly payments, which can be forgiven in full after you live in the home for at least 10 years. Best of all, there is no minimum credit score, although you have to be able to get approved for a conventional loan financing 80%, and will need to contribute 2% of the purchase price with your own funds.

Refinancing in Kansas

You might see lower Kansas mortgage rates and think it is time to refinance your home right away. You can do any of the following:

  • Make your total interest cost over the term of the loan lower
  • Make your monthly payment lower with an extended loan term
  • Become more cash fluid by cashing out equity
  • Eliminate private mortgage insurance (PMI) payments

If you’re hoping for a streamlined refinance, you’ll need to confirm you have the right type of loan. Ask your lender for more information.


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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