Arkansas Mortgage Rates

In Arkansas, homes fetch an average of $53,000 to $357,000 as of August 2017. This could explain why the state enjoys a high homeownership rate of 67.6% as of last year, surpassing the national average rate of 63.7% in the second quarter of 2017 per the U.S. Census Bureau.

Affordable homes, historically-low mortgage rates, and rising home values across the nation create a perfect setting for homebuying or refinancing in Arkansas.

Shopping for Mortgages

Financing your first home or refinancing your existing mortgage is a challenging but fulfilling task if you have covered all bases and landed a great mortgage deal. But how do you find the right deal?

Choose your loan type. Look into conventional loan programs, backed by the government, and others offered by private or local community banks. If you need help with your down payment, you can check with your state for available down payment and/or closing cost assistance.

Lock your term. Going for the traditional 30-year fixed-rate mortgage means you’ll have stable monthly payments while an adjustable-rate loan means getting a lower rate that changes periodically thereafter. A hybrid ARM plan has a rate that is fixed for a certain period and adjusts after the fixed-rate period expires.

Improve your credit score. Your loan type, loan term, down payment, even your home’s location all play a role in your mortgage rate but the major deciding factor is your credit score. Having a good credit score makes a difference in getting the best rates and terms.

Shop and Compare Mortgage Rates

Finding the best mortgage rates in Arkansas begins with asking lenders around. Nationwide rates can differ state-to-state or county-to-county. By entering your zip code, you can find and check rates in your local area at mortgagesum.com.