Current Arkansas Mortgage and Refinance Rates

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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.
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Current 30-year fixed mortgage rates are averaging: 7.52%

Current 15-year fixed mortgage rates are averaging: 6.83%

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 AR mortgage rates today

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  Refinance rates in Arkansas

If you’re looking to refinance your mortgage in Pennsylvania, your options include:

  • Rate-and-term refinances give you a chance to reduce your monthly mortgage payment by altering your interest rate or loan term. In Arkansas, refinance rates are currently trending higher than purchase mortgage rates.
  • Cash-out refinances allow you to get a new mortgage and, at the same time, convert a portion of your home equity to cash. They come with higher rates than rate-and-term refinances, since you’re borrowing additional cash.
  • Conventional refinances aren’t part of a government loan program. You can expect them to come with higher rates than government-backed refinances.
  • FHA refinances, which are insured by the Federal Housing Administration (FHA), are a more accessible loan type for borrowers with lower credit or more debt. FHA loan rates are significantly lower than conventional refinance rates — in Arkansas, the difference may be about 0.76 percentage points.
  • VA refinances, which are guaranteed by the U.S. Department of Veterans Affairs (VA), can be a great option for qualified military borrowers. The VA doesn’t set a minimum credit score (though lenders typically do), VA loan rates tend to be the lowest rates offered, and borrowers with full VA entitlement don’t have to put any money down.

Current 30-year fixed mortgage refinance rates are averaging: 7.76%

The current average rate for a 15-year fixed mortgage refinance is: 6.99%

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?

The current mortgage rates forecast invites cautious optimism, as rates are expected to remain under 7% and could even drop below 6% by the end of the year.

Although many Americans are concerned about a potential downturn in the housing market, our senior economist Jacob Channel isn’t worried about a housing market crash in 2024. Wage growth is outpacing inflation and there’s a low mortgage delinquency rate, so homeowners in 2024 are better equipped to handle some turbulence in the market than they were in 2008.

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

Many factors determining mortgage rates are out of your control, but here are a few steps you can take to get the best mortgage rate today:

  1. Boost your credit. Repair or boost your credit score if you can — doing so is the key to getting better interest rate offers, since lenders view borrowers with higher scores as safer customers for their business.
  2. Lower your debt-to-income (DTI) ratio. Your DTI ratio is another number lenders lean on heavily when evaluating your finances. Do whatever you can to increase your income or lower your debts — lenders will reward you with lower interest rates.
  3. Buy a single-family, site-built home. The lowest interest rates go to those purchasing traditional, single-unit homes. Borrowers looking to buy a manufactured home, a property with more than one unit, a vacation home or an investment property will pay a premium.
  4. Pay for mortgage points. Borrowers with some extra cash on hand may choose to purchase mortgage points as a way to “buy down” their interest rate. One point typically reduces it by 0.25 percentage points and costs 1% of your loan amount. Locking in that lower interest rate early can save you a lot of money in the future.
  5. Compare offers from multiple lenders. Gathering loan estimates from three to five lenders is one of the simplest ways to save money on a mortgage. Once you have your loan offers in hand, you can choose the best rate. Doing so can save you thousands of dollars, according to LendingTree data.

Read more about our picks for the best mortgage lenders.

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When should I lock in my mortgage rate?

Once you’ve found a home you love and put the property under contract, it’s time to request a mortgage rate lock from your lender. The lock gives you a set amount of time to complete your home purchase and, as long as you close within that time frame, your interest rate won’t increase.

2024 Arkansas home loan programs

ADFA Move-Up loans with down payment assistance

This program from the Arkansas Development Finance Authority (ADFA) gives homebuyers access to conventional, FHA, VA, or USDA mortgages with affordable rates. Eligible borrowers can also receive funds — up to $15,000 — to help cover their down payment and closing costs.

Who qualifies?

Borrowers must:

Purchase a house for no more than $424,100 (if using a conventional loan)
Complete a homebuyer education course

ADFA Mortgage Credit Certificate

Borrowers who purchase a home using an ADFA Move-Up loan can also apply for a mortgage credit certificate worth up to $2,000. Qualified homeowners can claim this credit every year when they file their taxes, as long as they’re still living in the home. And while the program is geared toward first-time homebuyers, repeat buyers purchasing in targeted areas and veterans can also apply.

Who qualifies?

Borrowers must:

Earn within the program’s income limits
Purchase a home for $300,000 or less
Pay an issuance fee of 0.5% of their loan amount
Be one of the following:

Who qualifies as a first-time homebuyer?

People who have never owned a home
People who haven’t owned real estate in the last three years

City of Little Rock Down Payment Assistance Program

First-time homebuyers who want to purchase a home in Little Rock can qualify for up to $10,000 in funds to help cover their down payment. The money doesn’t have to be repaid as long as you remain in the home for five years.

Who qualifies?

Borrowers must:

Earn no more than $83,000 annually
Complete a homebuyer education course
Have a first mortgage loan provided by a lender with a brick-and-mortar presence in Arkansas

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Learn about different types of AR mortgage loans

Arkansas conventional loans. You’re probably most familiar with conventional loans, since they’re a traditional and popular choice among borrowers with good credit. They typically offer a good value, but you’ll have to meet minimum requirements set by Fannie Mae and Freddie Mac to qualify.

Arkansas FHA loans. FHA loans give borrowers who can’t meet conventional loan requirements an alternative option. FHA loan requirements allow you to qualify with a credit score as low as 500, although you’ll need to make a 10% down payment. If your credit is even stronger, you can qualify with only a 3.5% down payment — but only if you have at least a 580 score.

Arkansas VA loans. VA loan requirements are even more accessible and flexible than FHA loan requirements, but you’ll have to be a qualified military borrower to use one.

Arkansas streamline refinances are a quicker option for borrowers who want to refinance from an FHA loan into an FHA loan, or from a VA loan into another VA loan. The “streamline” name refers to the fact that these loans — FHA streamline refinance loans and VA interest rate reduction refinance loans (IRRRLs) — require less paperwork than other common refinance types.

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