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Initial rates displayed are based on a $200,000 loan for a purchase or refinance transaction of an owner-occupied, single-family residence with 62.5% LTV and 740 credit score and no cash out. The rates were submitted by each individual lender/broker on the date indicated. Rate/APR terms offered by advertisers may differ from those listed above based on the borrower's creditworthiness and other differences between an individual loan and the loan criteria used for the HSH quotes. The annual percentage rate in ARM products may increase after the loan is closed. More Info: These quotes are from banks, thrifts, and brokers who have paid for a link to their website in the listings above, and you can find additional information about their loan programs on their websites.

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Arkansas Mortgage Rates

Comparing Arkansas Mortgage Rates with National Rates

In order to help you see how Arkansas mortgage rates compare with National rates, check out the following rate table from the industry website mortgagenewsdaily.com. These rates represent national averages and are based on specific loan assumptions. 

Shopping for Best Mortgage Rates in Arkansas

It is important to shop around for the best terms. Make sure that you compare rates, lender fees and learn about third party fees. When comparing mortgage offers check out the term (length), interest rate (fixed vs. variable), and if applicable the cost of mortgage insurance. Get more information about mortgage rates and mortgage fees. Also, FHA loans, which always require mortgage insurance, differ from conventional loans, which require Private Mortgage Insurance (PMI) if your loan to value ratio (LTV) is over 80%.  Make sure that you use all of your costs when comparing loans.

Qualifying for a Mortgage in Arkansas

In order to qualify for the best mortgage rates in Arkansas it is important to have an excellent credit score. Also, you want to make sure that your debt to income ratio (DTI) and your downpayment or equity position , your loan to value ratio (LTV) are sufficient to qualify. Read this Bills.com article about qualifying for a mortgage.

 Mortgage Resources for Arkansas

Arkansas is the thirty third most populous US state. According to the US census, as of 2016, there is an estimated population of over 2.9 million residents, which represents 0.9% of the US population.

According to Wikipedia Arkansas is home to a number of Fortune 500 companies including Walmart, Tyson Foods, and J.B. Hunt. Agriculture is still is an important part of the economy, but only 3% of the population are employed in that sector. Tourism is an important component of the economy.

Arkansas is one of the poorest states. According to the Glassman-ACS report for 2015, Arkansas had the fourth highest rate of percent of people below poverty level (19.1% vs 14.7% national) second lowest median household income ($41,995 vs $55,775 nationally), and the seventh highest percent of household with income below $10,000 (9.1% vs 6.9% nationally). 

Based on 2015 HMDA data, Arkansas compared to National loan program distribution, had a higher percentage of purchase loans (60% vs 51% national) and smaller share of refinance loans (37% vs 46% nationally). Conventional loans were a much smaller share (62% vs 69% nationally). Rural loans (FSA/RHS-guaranteed) loans were considerably higher (6% vs 2% nationally).

Here are some outside resources that can help you understand the Arkansas mortgage environment:

  1. FHA loan amounts in Arkansas: (note:set the table to Arkansas). There are 75 counties in the state of Arkansas. None of the single family units meet the Highest loan limit, currently at $636,150. All of the counties are at the Standard loan limit, currently at $275,665. 
  2. FHFA Conventional Loan Amounts: Check the pdf from FHFA for all states and search for Arkansas and your county or check out the FHFA conforming limit map.Since the FHFA has higher base limits than the FHA, currently at $424,100 currently all of the counties are within this limit.
  3. Arkansas Mortgage Programs: The Arkansas Development Finance Authority (ADFA) is "Arkansas's largest source of low-cost financing for low-to-moderate income housing development. The ADFA has a number of mortgage programs including the "ADFA Move-Up Choice" and the ADFA MCC - Mortgage Credit Certificate Program. The down payment assistance programs include a second mortgage loan at 4% repaid over 10 years and for eligible low income families a second mortgage grant that is forgivable over five years. Their site publishes updated Arkansas Mortgage rates. The programs have income, credit and property requirements.
  4. Check out the Hud’s website for more information about homeowner programs and homeowner education programs. 

Mortgage Trends and Statistics for Arkansas

Mortgage rates, loan amounts, LTV, (etc) vary based on areas. The FHFA provides a useful insight into differences in conventional loans. We are providing historical data based on State based information for 2002 - 2015.

Source of Data: FHFA Historical Table  - (TERMS ON CONVENTIONAL HOME MORTGAGES) Table 15 - By State and Table 12 Fixed-Rate Mortgages 

Check out some differences between Arkansas and the US:

  • Mortgage Rates for Conventional Loans in Arkansas
  • Mortgage Fees for Conventional Loans in Arkansas
  • Loan Amount for Conventional Loans in Arkansas

 

Mortgage Rates for Conventional Loans in Arkansas vs USA

 

Mortgage Fees for Conventional Loans in Arkansas

 

Purchase Price for Conventional Loans in Arkansas vs USA

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