Mortgage rates in Arkansas

Rates that closely align with the national average.

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The Natural State originates a full range of mortgage rates. Arkansas mortgage rates are expected to fall below the 4% mark and hover around the same low level into 2020.

How much do Arkansas rates vary by loan?

Average mortgage rates for 30-year mortgages ranged from 4.59% to 4.74% in 2018. Several factors, such as the type of loan product, can affect your mortgage rate. For example, on average, government-insured programs have lower interest rates than conventional loans.

A slight difference in interest rate can mean a big difference in your monthly payment and how much interest you’ll end up paying in the long run. For example, a $135,000 conventional mortgage at the average rate of 4.74% would have an estimated monthly payment of about $703.41, excluding taxes, fees, and other costs specific to your loan.

On the other hand, if you got an FHA loan with a 4.69% rate, your monthly payment could drop to $699.35. Although it’s a difference of only $4.06 a month, it adds up to a savings of $1,461.18 over the lifetime of the loan.
2018 average rates in Arkansas by loan type

Loan Type15-year average rate30-year average rate
Conventional4.42%4.74%
FHA4.21%4.69%
VA4.04%4.59%
USDAN/A4.67%

Source: ffiec.cfpb.gov

Although rates may rise slightly, interest rates are expected to stay around the same low levels, averaging below the 4% mark into 2020, according to Greg McBride, Bankrate chief financial analyst.

Historically, Arkansas’s mortgage rates follow the national average. Mortgage buyer Freddie Mac reported that US 30-year mortgage rates dropped to 3.60%, and nationwide housing agencies expect it to stay around that level, averaging 3.70%. Arkansas rates should also follow suit into 2020.

Compare mortgage rates throughout Arkansas

Mortgage rates in Arkansas vary not only from the national average but also from city to city. On top of that, home values vary depending on geographic area. That means even if interest rates are the same between two regions, borrowers may have different monthly mortgage payments. If you’re considering moving to a new area, be mindful of how your mortgage rate may differ.

We crunched data from the Home Mortgage Disclosure Act to provide a snapshot of what you might pay on the average 30-year fixed-rate mortgage in metropolitan areas of Arkansas. Rates and amounts do not account for taxes, fees, PMI or costs specific to your mortgage.

Metropolitan areaAverage mortgage rateMedian loan amountEstimated monthly cost
Fayetteville-Springdale-Rogers4.65%$175,000$902.36
Fort Smith4.66%$135,000$696.92
Hot Springs4.76%$135,000$705.04
Jonesboro4.66%$145,000$748.54
Little Rock-North Little Rock4.68%$95,000$491.56
Memphis metropolitan area (Crittenden County, AR)4.78%$145,000$759.01
Pine Bluff4.90%$115,000$610.34
Texarkana metropolitan area (Miller County, AR)4.89%$135,000$715.66

How to get the best mortgage rate in Arkansas

Land the best rate on your next mortgage by shopping around and shoring up your credit:

  1. Compare loan products. Learn about loan programs you might qualify for to narrow the best loan terms for your new home.
  2. Amp up your borrowing profile. Lenders offer stronger rates to borrowers with good credit. Before applying for a loan, take time to improve your credit score and pay down existing debts.
  3. Factor in closing costs. On average, Arkansas lenders charge closing costs between 1.21% and 2.43% added to the purchase price of your home. These fees can greatly increase the overall cost of your mortgage.

Historical mortgage interest rates in Arkansas

Compare other mortgage lenders

Name Product Min. credit score State availability Loans offered
Axos Bank
620
Available in all states
Conventional, Refinance, Jumbo, Home Equity, Fixed, Adjustable, FHA, VA, USDA
Explore a full suite of home loan options with this direct online lender.
Figure Refinance
600
AK, AL, AZ, CA, DE, FL, GA, IA, ID, IN, KS, KY, LA, MA, MI, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, OH, PA, SD, TN, WA, WI, WV
Refinance
Apply in minutes for a cash-out refinance quote that won't hurt your credit.
Credible
620
Not available in: AZ, HI, MO, NV, NY, RI, UT, WA, WV
Conventional, Refinance, Jumbo
Prequalify in minutes and then compare home loan options from several top online lenders.
LendingTree
620
Available in all states
Conventional, Refinance, Home Equity, HELOC, Jumbo, Reverse, FHA, VA, USDA
Connect with vetted home loan lenders quickly through this online marketplace.
Rocket Mortgage
620
Available in all states
Conventional, Refinance, Jumbo, FHA, VA, USDA
Streamline your mortgage from quote to final payment — all from your computer or phone.

Compare up to 4 providers

Bottom line

Although mortgage rates in Arkansas historically align with the national average, individual lenders charge their own rates. Arm yourself with the information you need to make an informed decision by comparing mortgages and lenders.

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