Current Kansas Mortgage and Refinance Rates

Compare offers to find the best rates for your home loan

How Does LendingTree Get Paid?
LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
Privacy Secured  |  Advertising Disclosures
 

Current 30-year fixed mortgage rates are averaging: 7.11%

Current 15-year fixed mortgage rates are averaging: 6.64%

Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners on the previous day for each combination of loan program, loan term and loan amount. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree’s Terms of Use for more details.

Compare KS mortgage rates today

loading image

Refinance rates in Kansas

You have many options for refinancing your mortgage, each with different features and interest rates.

  • Rate-and-term refinances allow you to alter your mortgage’s loan term or interest rate — or both. By extending the loan term or reducing the interest rate, you’re offered the same benefit: a lower monthly mortgage payment. Interest rates for rate-and-term refinances are usually higher than purchase mortgage rates.
  • Cash-out refinances allow you to borrow more money than you owe on your home and pocket the extra cash. The overflow cash is secured by your home equity. These mortgages typically have higher rates than regular refinances.
  • Conventional refinances are separate from government refinance loan programs and, as such, usually come with higher interest rates.
  • FHA refinances are backed by the Federal Housing Administration (FHA) and typically have less stringent requirements than conventional refinances for approval. Rates are usually less than those on a conventional refinance. In the current mortgage rates environment, they could be more than a percentage point lower than a conventional refinance.
  • VA refinances are backed by the U.S. Department of Veterans Affairs (VA) and available to qualified military borrowers. They often come with very flexible VA loan requirements, along with low interest rates.

Current 30-year fixed mortgage refinance rates are averaging: 7.31%

The current average rate for a 15-year fixed mortgage refinance is: 6.76%

Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners on the previous day for each combination of loan program, loan term and loan amount. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree’s Terms of Use for more details.
See whether refinancing makes sense for you using our mortgage refinance calculator.

What is the current mortgage rates forecast for 2024?

During 2023, average mortgage interest rates inched toward 8% in October, but soon fell back below 7% by December. According to our mortgage rates forecast, rates are expected to remain steady — though it’ll ultimately depend on inflation and possible rate changes from the Federal Reserve.

Currently, average interest rates in Kansas for all loans are currently just above 7%.That being said, our market expert’s 2024 forecast calls for rates near 6%, or even lower, by the end of the year, but it’s too soon to tell for certain.

How do I get the best mortgage rate for my Kansas home loan?

Many factors determine mortgage rates, some out of your control and others within it. Here are the factors you can manipulate to get the best mortgage rate:

  1. Improve your credit score. Mortgage lenders give credit scores a lot of weight when determining interest rates — higher credit scores typically get lower interest rates.
  2. Reduce your debt-to-income (DTI) ratio. Lenders use your DTI ratio to evaluate how much debt you have to ensure that you can afford your new mortgage payment. Some of the ways to lower your DTI include increasing your income, paying off debt and getting a cosigner for the mortgage.
  3. Purchase a single-family, site-built home. Lenders usually offer the lowest rates for a single-family home purchase rather than a manufactured home, multiunit property, investment property or vacation home purchase.
  4. Pay mortgage points. Paying for mortgage points could reduce your mortgage interest rate by up to 0.25 percentage points for each point purchased. This upfront interest payment reduces the amount of interest you’ll pay over the loan term, saving you money.
  5. Shop around to compare mortgage offers. Comparing loan offers from three to five lenders is essential to finding the best mortgage deal. In fact, shopping around could save you thousands or even tens of thousands of dollars over the loan term, according to LendingTree data.

 Read more about our picks for the best mortgage lenders.

loading image

When should I lock in my mortgage rate?

After applying for a mortgage and receiving a loan estimate from the lender, ask the lender for a mortgage rate lock when you’re ready to accept the offer. This ensures that the interest rate won’t increase by the time you make it to the closing table.

2024 Kansas home loan programs

Homeownership Possibilities Expanded (HOPE)

The HOPE grant program offers down payment, closing cost and repair assistance to homebuyers who don’t traditionally qualify but still need help. Borrowers can receive between $2,500 and $12,500.

Who qualifies?

Borrowers must:

  Have a household income that doesn’t exceed 150% of the area median income
  Purchase property in Colorado, Kansas, Nebraska or Oklahoma
  Remain in the home for five years before the HOPE grant can be forgiven

TOTO (Topeka Opportunity to Own)

The city of Topeka offers down payment and repairs assistance to Topeka residents looking to purchase a home. Homebuyers could receive a $10,000 maximum for down payment assistance and a maximum of $30,000 for repairs.

Who qualifies?

Borrowers must:

  Not currently own real estate
  Purchase a home within the city limits of Topeka
  Pay a minimum $500 down payment
  Complete six hours of homebuyer education
  Complete two hours of home maintenance education
  Have an income that doesn’t exceed 80% of the area median income

Kansas first-time homebuyer programs in 2024

First-time homebuyer programs typically have specific requirements for who does and doesn’t qualify as a first-time buyer.

Who qualifies as a first-time homebuyer?

  Borrowers who haven’t owned a home within the last three years
  Borrowers who haven’t worked full time for several years (instead caring for home and family), are unemployed/underemployed or have trouble getting a job or upgrading their employment
  Borrowers who are single parents, didn’t receive a home in divorce and care for minor children
  Borrowers who own a manufactured home that isn’t on a permanent foundation

Kansas Housing First-Time Homebuyer (FTHB) Program

The Kansas Housing FTHB program provides down payment and closing costs assistance through a 0% interest loan in the amount of 15% or 20% of the home’s purchase price for a maximum of $40,000. If the homeowner remains in the home for 10 years, the loan is forgiven.

Who qualifies?

Borrowers must:

 Have a gross annual income that doesn’t exceed 80% of the HUD area median income
 Invest at least 1%, but no more than 10%, of the sales price sourced from their own funds
 Follow the program’s spend down requirement if they have nonretirement type assets valued at $10,000 or more

Homeownership Set-aside Program (HSP)

Available through FHLBank Topeka, the Homeowner Set-aside Program provides down payment, closing cost and repair assistance for very-low, low-, and moderate-income first-time homebuyers.

Who qualifies?

Borrowers must:

Have a household income that doesn’t exceed 80% of the area median income
Purchase or construct a home in Colorado, Kansas, Nebraska or Oklahoma
Complete a homebuyer education course

HSP+

HSP+ operates the same as the HSP, but offers additional funding for homebuyers purchasing homes in high-cost areas and nonmetropolitan areas with high land, construction and utility costs relative to the area median income. Qualified applicants can receive up to $25,000 for down payment, closing cost and repair assistance.

Who qualifies?

Borrowers must:

Have a household income that doesn’t exceed 80% of the area median income
Purchase or construct a home in Colorado, Kansas, Nebraska or Oklahoma
Complete a homebuyer education course

loading image

Learn about different types of KS mortgage loans

Kansas conventional loans. Conventional loans aren’t backed by government entities like the FHA or VA. For homebuyers with good credit and sufficient funds for a down payment and closing costs, conventional loans can be a less costly mortgage option. Their stringent minimum requirements are set by Fannie Mae and Freddie Mac.

Kansas FHA loans. FHA loans have more flexible requirements than conventional loans, making them good choices for homebuyers with less-than-great credit and smaller down payment budgets. You can qualify with a 500 credit score and 10% down payment — though if you have at least a 580 credit score, you’d only have to put down 3.5%.

Kansas VA loans. VA loans offer a flexible mortgage option for qualified military members, including no down payment or mortgage insurance requirements.

Kansas streamline refinances. If you’re refinancing an existing mortgage, FHA streamline refinance loans and VA interest rate reduction refinance loans (IRRRL) offer an easier process with less paperwork. However, you can only refinance an FHA or VA loan into another FHA or VA loan through these programs.

Ready to compare top mortgage lenders with LendingTree?