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. By adjusting these assumptions you can update the type of loan, property, credit rating, and down payment that you are looking for. 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 creditworthiness of the borrower and other differences between an individual loan and the loan criteria used for the HSH quotes. 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.
In order to help you see how Kentucky 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.
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.
In order to qualify for the best mortgage rates in Kentucky 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.
Kentucky is the twenty sixth most populous US state. According to the US census, as of 2017, there is an estimated population of over 4.4 million residents, which represents 1.4% of the US population.
Besides traditional agriculture production, Kentucky's economy has expanded to include auto manufacturing, energy fuel production, and medical facilities. According to Wikipedia, "Kentucky ranks 4th among U.S. states in the number of automobiles and trucks assembled. The Chevrolet Corvette, Cadillac XLR ), Ford Escape, Ford Super Duty trucks, Ford Expedition, Lincoln Navigator, Toyota Camry,Toyota Avalon, Toyota Solara, Toyota Venza, and Lexus ES 350] are assembled in Kentucky." In addition Kentucky is the major producer of Bourbon Whiskey.
During the 2007 housing crisis and Great recession housing prices in Kentucky were more stable than most parts of the USA. Based on the FHFA all transaction Kentucky HPI, home prices in Kentucky did not drop below their Q1 2005 level. Between Q1 2005 and Q1 2009 home prices in Kentucky peaked at an increase of about 9%. Prices then dropped by only 4% reaching a low point in Q2 2011. However, recovery has been steady and Kentucky home prices were 23% higher in Q2 2017 than Q1 2005.
However, Kentucky did have higher unemployment rates than many parts of the US. This greatly affected homeowners ability to repay their mortgages and increased foreclosure rates. Kentucky did get government aid in the Hardest Hit Fund Program, especially with Based on data from the US Bureau of Labor, Kentucky unemployment in Q1 2009 was over 10% and more than 1.5% than the national average. About 78% of the HHF in Kentucky was allocated to the Kentucky Unemployment Bridge Program.
Based on 2015 HMDA data, Kentucky compared to National loan program distribution, had a higher percentage of home purchase loans, 55% vs 51% nationally.
Here are some outside resources that can help you understand the Kentucky mortgage environment:
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 Kentucky and the US:
Mortgage Rates for Conventional Loans in Kentucky vs USA
Mortgage Fees for Conventional Loans in Kentucky
Purchase Price for Conventional Loans in Kentucky vs USA