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Mortgage rates in Kansas

Rates that recently started coming in higher than the national average.

Updated

Fact checked

Mortgage rates during the coronavirus

As mortgage rates fall to record lows in the wake of COVID-19, our partners are seeing an increase in demand for loans and refinancing. As they work through this influx of applications, you may see rates that are higher than expected — or no rates at all. We recommend comparing offers from multiple lenders to ensure you're getting the best deal possible.

Compare mortgage lenders in Kansas

Rates for a 30-year mortgage averages 4.697% in Kansas — higher than the 4% national average. But rates can vary depending on your house’s location and your financial situation.

How much do Kansas rates vary?

Average 30-year interest rates for Kansas mortgages ranged from 4.568% to 4.738% in 2018. Lenders weigh a few factors when deciding your interest rate. For example, mortgages with a shorter loan term generally have lower interest rates.

2018 average rates in Kansas by loan type

Loan type15-year average rate30-year average rate
Conventional4.416%4.694%
FHA4.319%4.786%
VA4.006%4.568%
USDANot available4.738%

Based on data from ffiec.cfpb.gov.

To illustrate, a $145,000 FHA loan with a 30-year loan term might have a monthly payment of $759 before taxes and loan-specific costs. On the other hand, a 15-year FHA loan might have a monthly payment of $1,095.

Although the 15-year loan may have a higher monthly payment, it could save $76,176 over the course of the loan term.

Mortgage rates in Kansas will probably keep steady right about the 4% levels, but slightly above the national average.

Historically, Kansas mortgage rates used to come in below the rest of the country. But in 2018, the average mortgage rate came in at 4.64%, 0.08% higher than the national average of 4.56%.
Mortgage buyer Freddie Mac predicts national rates for 30-year loans to average about 3.70%, while the Mortgage Bankers Association called for rates around 3.90%.

Compare mortgage rates throughout Kansas

The Sunflower State has several metropolitan areas with a range of mortgage rates and median home prices. That means that borrowers in different metropolitan areas with similar homes, could pay more or less for their mortgage. So, if you’re considering moving, think about how the mortgage rate and home price can change.

We crunched data from the Home Mortgage Disclosure Act to estimate what you might pay on the average 30-year fixed-rate mortgage in different metropolitan areas in Kansas. Rates don’t account for taxes and expenses specific to your loan.

Metropolitan statistical area (MSA)Average mortgage rateMedian loan amountEstimated monthly cost
Kansas City MSA (Johnson, Leavenworth, Linn and Miami Counties, KS)4.653%$215,000$1,110
Lawrence4.658%$185,000$950
Manhattan4.558%$185,000$940
St. Joseph MSA (Doniphan County, KS)4.916%$95,000$500
Topeka4.718%$135,000$700
Wichita4.717%$145,000$750

Based on data from ffiec.cfpb.gov.

How to get the best mortgage rate in Kansas

There are a few methods to help you get a better rate when applying for a mortgage.

  1. Compare loan products. Shop around to see what different lenders offer. Choosing a loan program that best suits your needs can make a big difference.
  2. Strengthen your credit profile. Borrowers with good credit often receive the best rates from lenders. If you have any outstanding debts, try to pay them off before applying for your home loan.
  3. Consider closing costs. Typically lenders charge closing costs that, in Kansas, land somewhere between 0.83% and 1.25% of the purchase price of your home. These fees can significantly raise the cost of your mortgage. So take this into consideration when comparing lenders.

Historical mortgage interest rates in Kansas

Bottom line

Kansas mortgage rates recently have begun trending above the national average, but each lender chooses their own rates. Do your homework by comparing loan products and lenders so you can select the best mortgage for your situation.

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