Refinance rates in KansasYou have many options for refinancing your mortgage, each with different features and interest rates.
Current 30-year fixed mortgage refinance rates are averaging: 7.71%
The current average rate for a 15-year fixed mortgage refinance is: 7.12%
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.
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:
Read more about our picks for the best mortgage lenders.
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.
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
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
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
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
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+ 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
→ 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.
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