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Mortgage rates in Kansas

Interest rates on a 30-year $300,000 conventional mortgage start at around 3.125%

If you have a credit score between 700 and 719 and can put 5% down, you’ll generally pay about 3.125% for a 30-year conventional loan with a fixed interest rate on a $350,000 home. But how much interest you pay for your Kansas home will depend on several factors, including your credit score, loan amount and lender.

Rates were last checked on October 6 and are from the Consumer Financial Protection Bureau (CFPB) website.

Your credit score affects the rate you’ll get

People with higher credit scores generally get lower interest rates because lenders assume they’re less likely to stop paying a mortgage. Here are the most common interest rates in Kansas by mortgage amount, according to the Consumer Financial Protection Bureau (CFPB).

Credit score $200,000 mortgage $300,000 mortgage $400,000 mortgage $500,000 mortgage
620-639 3.875% 3.875% 3.875% 3.875%
640-659 3.750% 3.750% 3.625% 3.625%
660-679 3.500% 3.500% 3.500% 3.500%
680-699 3.250% 3.250% 3.250% 3.250%
700-719 3.250% 3.250% 3.125% 3.125%
720-739 3.125% 3.125% 3.125% 3.125%
740-759 3.125% 3.125% 3.000% 3.000%
760-779 3.125% 3.125% 3.000% 3.000%
780-799 3.125% 3.125% 3.000% 3.000%
800+ 3.125% 3.125% 3.000% 3.000%

*Based on a 10% down payment for a 30-year fixed-rate conventional mortgage

Interest rates vary by lender

Interest rates are affected by the economy and the federal funds rate, or the rate that banks charge each other for overnight loans. But they’re also affected by individual lenders, which can have differing overhead costs, profit margins and credit score requirements.

Comparing lenders can help you find the best deal. Select See rates to provide the company with basic property and financial details for personalized rates.

Name Product Loan products offered State availability Min. credit score
SoFi
(NMLS #1121636)
SoFi
Conventional, Home equity, Refinance
Not available in: HI, MO, NM, NY, WV
620
No hidden fees, multiple loan terms, and member discounts available.
Rocket Mortgage
(NMLS #3030)
Rocket Mortgage
Conventional, Jumbo, FHA, VA, Refinance
Available in all states
620
Streamline your mortgage from quote to final payment — all from your computer or phone.
Better
(NMLS #330511)
Better
Conventional, Jumbo, FHA, Refinance
Not available in: HI, MA, MN, NV, NH, VT, VA
620
Online preapproval in minutes and no origination fees with this direct lender.
LendingTree
(NMLS #1136)
LendingTree
Conventional, Jumbo, FHA, VA, USDA, Home Equity, HELOC, Reverse, Refinance
Available in all states
620
Connect with vetted home loan lenders quickly through this online marketplace.
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Compare up to 4 providers

Interest rates also vary by loan type

The type of loan you get can also affect how much you pay for your Kansas home. 15-year mortgages generally offer lower interest rates than 30-year mortgages, and you’ll see different rates for conventional loans than government loans.

Loan type $200,000 mortgage $300,000 mortgage $400,000 mortgage $500,000 mortgage
15-year conventional 2.500% 2.375% 2.375% 2.375%
30-year conventional 3.250% 3.250% 3.125% 3.125%
15-year FHA 2.500% 2.375% Not eligible Not eligible
30-year FHA 3.125% 3.125% Not eligible Not eligible
15-year VA 2.813% 2.625% 2.500% 2.500%
30-year VA 3.125% 3.250% 3.125% 3.125%

*Based on a 10% down payment, fixed interest rate and 710 credit score

Research ahead of time to get the best rates

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.

Home values in Kansas are forecast to rise

Home prices are going up in the Sunflower State, with the price of a typical home increasing by 11.3% in the 12 months prior to June 2021. And this trend is set to continue according to Zillow, with prices projected to rise by anywhere from 3% to 13% by next June, depending on the county.

While homes in Overland Park, Olathe, Lenexa and Kansas City are selling fast, the greatest home price increases are expected to be seen in Lawrence and Fowler, at 13.7% and 13.2%, respectively. Meanwhile, in smaller towns like Pratt and Mulvane, prices are only set to rise by 5.8% and 7.2% by comparison.

5 fast facts about Kansas’s housing market

If you want to a buy a home in Kansas, here are five facts to consider:

  1. According to Zillow, the average price of a home in Kansas is $176,898 as of June 2021, which is 39.7% cheaper than the US average.
  2. According to 2019 data from the US Census Bureau, the monthly average homeownership cost in Kansas was $1,378 with a mortgage — 13.6% less than the typical US household.
  3. Closing costs in Kansas run about 0.96% of the total sales price, ranking it 43rd out of 50 states in total costs paid.
  4. Kansans pay an average of 1.37% in property taxes for assessed value, which is slightly higher than the national average.
  5. Kansas Housing offers a first-time homebuyer program that allows eligible low-income buyers to borrow 15% to 20% of their loan’s value at 0% interest for their down payment. The loan is forgiven if you stay in the home for at least 10 years.

Bottom line

Mortgage rates in Kansas vary by loan type, and factors like your credit score and lender affect what rate you get. But factors like your credit score and lender affect what rate you get. Compare mortgage lenders and programs to find one that best fits your homeownership goals.

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