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Your next home could be under the blue moon of Kentucky, if you play your cards right and review Kentucky mortgage rates before you commit. Look with a critical eye at your finances, and see what your credit score, income, debt-to-income ratio, and down payment options look like from a lender point of view.
You can try to get the best mortgage rate in Kentucky, by doing a few things before you apply with a reputable lender for preapproval. Get copies of your credit report to check for any indiscrepancies, and find all of your recent bank statements and pay stubs so you can support your application.
Here’s a quick look at current Kentucky mortgage rates:
|Loan Program||Mortgage Rate||APR*||1 Day Change|
|Conventional 30 year fixed||5.767%||5.85%||-0.27%|
|Conventional 20 year fixed||5.486%||5.616%||-0.15%|
|Conventional 15 year fixed||4.856%||4.966%||-0.3%|
|Conventional 10 year fixed||4.929%||5.156%||Unchanged|
|Conventional 7 year ARM||5.854%||6.556%||Unchanged|
|Conventional 5 year ARM||5.737%||6.633%||+0.03%|
|FHA 30 year fixed||5.7%||6.475%||-0.03%|
|VA 30 year fixed||5.301%||5.608%||Unchanged|
|VA 15 year fixed||5.208%||5.785%||+0.07%|
|VA 5 year ARM||5.2%||6.347%||+0.01%|
Kentucky is known as the Bluegrass State, and just the thought of the region brings to mind sprawling horse ranches and dueling banjos. The state capital is Frankfort.
Kentucky’s population is just under 4.4 million people, and one in ten live in the state’s top six cities:
Shopping for a home to buy in Kentucky can be an enlightening process. Kentucky ranks 42nd in US homes for sale at average price, and 36th for homes over $1,000,000. Getting preapproved before you attend open houses can help you narrow down the houses on the market to ones you can actually afford.
An eager first-time home buyer can get some help with their purchase from a program administered by the Kentucky Housing Corporation (KHC).
KHC offers down payment assistance on homes within price parameters for the state (variable by county), and gives you a fixed interest rate. There is no minimum borrower contribution, and you can receive a discount on mortgage insurance premiums.
To qualify, you’ll need to:
A low Kentucky mortgage rate can be a terrific reason to finally refinance your home. You can do any of the following:
Wondering about a streamlined refinance? You’ll need to find out if you have the right 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.