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Kansas Mortgage and Refinance Rates

On Tuesday, June 06, 2023, the national average 30-year fixed mortgage APR is 7.02%. The national average 30-year fixed refinance APR is 7.12%, according to Bankrate's latest survey of the nation's largest mortgage lenders.

Bankrate has offers for Kansas mortgage and refinance loans from top partners that are well below the national average. Compare, apply, and start saving today.

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Current mortgage rates in Kansas

As of Tuesday, June 6, 2023, current mortgage interest rates In Kansas are 6.87% for a 30-year fixed mortgage and 6.27% for a 15-year fixed mortgage. And as of December 2022, the median home value was $215,770, significantly less than the national average.

The Kansas Housing Resources Corporation (KHRC), a nonprofit organization, is the primary administrator of federal housing programs for the state. The organization connects Kansas residents to homeownership counseling, classes about credit, community services, emergency housing and a host of other resources.

Refinance rates in Kansas

Refinance rates have also been trending upward. If you’re considering refinancing, use Bankrate’s mortgage calculator to figure out what the monthly payments would be and determine how much you may save by resetting your mortgage.

How to find the best mortgage rate in Kansas for you

It’s always best to shop around to find the most competitive mortgage loan. Comparing multiple offers from lenders can save thousands of dollars over the course of a mortgage.

Mortgage options in Kansas

Kansas is home to some 2.9 million people, according to the U.S. Census Bureau. The Wichita metro area is the state’s biggest population center, with nearly 650,000 residents. When it comes to mortgages in The Sunflower State, options include:

  • Fixed-rate mortgages: Fixed-rate mortgages maintain the same interest rate over the life of your loan, which means your monthly mortgage payment always stays the same.
  • Adjustable-rate mortgages: Unlike the stability of fixed-rate loans, adjustable-rate mortgages (ARMs) have interest rates that fluctuate with market conditions.
  • FHA loans: Backed by the FHA, these home loans come with competitive interest rates, and help make homeownership possible for borrowers without a large down payment or pristine credit.
  • VA loans: VA loans provide flexible, low-interest mortgages for members of the U.S. military (active duty and veterans) and their families.
  • USDA loans: USDA loans help moderate- to low-income borrowers who meet certain income limits buy homes in rural, USDA-eligible areas.
  • Jumbo loans: Jumbo mortgages are home loan products that fall outside FHFA borrowing limits. Jumbo loans are more common in higher-cost areas where home prices are often on the higher end.

First-time homebuyer programs in Kansas

In Kansas, qualifying individuals may have access to a variety of national programs and locally administered educational opportunities to help them through the buying process.

In addition to nationally available programs, there is one Kansas-specific first-time homebuyer program and some city- or country-specific programs.

  • Kansas Housing’s First Time Homebuyer Program. Kansas Housing’s First Time Homebuyer Program helps homebuyers with the down payment on a home. To be eligible, applicants must be first-time homebuyers or have not owned a home for at least three years. Applicants must also have a median income at or below 80 percent of their area. (For example, in Allen County, the maximum income for a family of four is $49,200.) Each homebuyer must make an upfront investment of 2 percent to 10 percent of their own money. The program allows homebuyers to apply for a zero-percent interest loan for 15 percent or 20 percent of the home’s purchase price. That loan may be forgiven if the buyer remains in the home for at least 10 years. This program does not apply to properties in Topeka, Lawrence, Wichita, Kansas City or Johnson County, because those areas have their own federal HOME funds.
  • City of Leavenworth Home Ownership Program. The Leavenworth Home Ownership Program offers up to $8,000 in grant funding for first-time buyers purchasing within Leavenworth city limits. It is open to families that meet the low- to moderate-income requirements defined by the U.S. Department of Housing and Urban Development. Buyers must pay half of the down payment from their own funds, homes must pass a city quality inspection and the buyer must sign a lien stating that they will live in the home for at least five years. After that time period, no repayment of the grant is owed.
  • Topeka Opportunity To Own (TOTO) Program. The Topeka Opportunity To Own Program, a first-time homebuyer’s assistance program administered by the City of Topeka’s Department of Neighborhood Relations Housing Services Division, helps low-income families purchase their first home within the city limits. The program uses funding from the U.S. Department of Housing and Urban Development and partners with Housing and Credit Counseling Inc. to provide education, financing and home rehabilitation. Applicants must have $500 toward the down payment, purchase a home that does not exceed $75,000 and attend a total of 12 hours of education and maintenance training before closing, among other requirements.

Additional Kansas mortgage resources