Getting the Best Mortgage Rates in Arkansas (10-15-30-Year Fixed, 5/1, 7/1 ARM)

According to World Property Journal, the median down payment ($18,850) on a single-family home or condo is currently at its highest since 2014.

With rising down payment costs, finding an affordable and manageable Arkansas mortgage rate is becoming even more important for new homeowners.

For those planning on refinance or buying a home in Fort Smith, Springdale, Conway, Little Rock, Benton, or any other city in Arkansas, finding affordable Arkansas mortgages is key.

It’s no secret that AR mortgages represent long-term commitments, and having access to great Arkansas mortgage rates can do wonders to set a first-time homebuyer in Arkansas up for financial success and stability down the road.

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Which Arkansas City Are You Located in?

When it comes to finding the best Arkansas mortgage rates, there are plenty of factors to consider, especially for a first-time home buyer in Arkansas.

For many Arkansas mortgage lenders in Little Rock, Fort Smith, Fayetteville, Springdale, Conway, and other cities in Arkansas, the location of the home will play a large role in what type of Arkansas mortgage rates are available.

This means that homes across the state could have varying mortgage rates based on the individual city, neighborhood, and the condition of the home itself.

While searching for current mortgage rates in Arkansas, it may be worthwhile to check the rates for neighboring cities to explore other Arkansas mortgage rates that could potentially be more affordable over the long run.

See the table below for a list of some of the largest cities in the state offering a wide range of Arkansas mortgages. 

Top Arkansas CitiesPopulation (2016)
Little Rock198,541
Fort Smith88,133
North Little Rock66,278
Pine Bluff43,841
Hot Springs36,867

Source: Google

Key Requirements for Buying a House in Arkansas

Before you apply for an Arkansas mortgage, you’ll want to complete the below list of requirements.

  • Get your down payment ready (~20% of the loan amount)
  • Maintain good to excellent credit
  • Save some extra funds for your closing cost
  • Maintain a low debt balance
  • Demonstrate sufficient income
  • Gather your financial documents
  • Get a home appraisal on the home

You’ll also need to examine your options for Arkansas mortgages before choosing the best Arkansas mortgage rate for you.

Current Mortgage Rates in Arkansas

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Getting Better Arkansas Mortgage Rates with Larger Down Payments

Although some Arkansas mortgage lenders require a down payment of 3 percent, the best way to secure the best Arkansas mortgage rates is to put down at least 20 percent of the home’s value.

Along with getting more favorable Arkansas mortgage rates, a higher down payment means that you can avoid paying extra for private mortgage insurance (PMI).

Colorado mortgage lenders require the purchase of mortgage insurance for smaller down payments to protect their investments in case borrowers stop making payments.

Typically, borrowers must continue paying until they reach a loan-to-value ratio of 80 percent. While it may not help you cut down costs over the long-term, it certainly does provide short-term affordability for an Arkansas mortgage.

According to Zillow, the average premium for PMI ranges between $30-$70 for every $100,000 borrowed, which could still provide an affordable compromise for a first-time home buyer in Arkansas.

Good, Great, or Excellent Credit Score for Arkansas Home Loans

Most lenders that provide competitive Arkansas mortgage rates use a FICO score to determine if a borrower is creditworthy or not.

FICO scores range anywhere from 300 to 850, with higher numbers seen as the most creditworthy and lower numbers seen as the biggest financial risk.

FICO scores generally fall into these categories:

  • 300 – 629 is considered “Bad”
  • 630 – 689 is considered “Fair”
  • 690 – 719 is considered “Good”
  • 720 – 850 is considered “Excellent”

If you’re curious about the average credit score, see the table below for average FICO scores from 2005-2015. According to CNBC, as of this year, the average score is 700.

Good, Great, or Excellent Credit Score

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Conclusion – Finding a Top Mortgage Loan for a Home in Arkansas

When searching for the best Arkansas mortgage rate for you, there are a few additional pieces of information to keep in mind.

If you have a good, great, or excellent credit history and you are seeking an Arkansas mortgage rate for a loan totaling over $424,100, some lenders may be able to provide different Arkansas home loans than those listed above.

For this reason, it’s important to confirm any Arkansas mortgage rates and terms for specific amounts before making a commitment.

Additionally, it’s also important to keep in mind that APR and payment information does not include state-specific taxes or required insurance premiums.

As such, you should expect that monthly payments on AR mortgages will be greater when taxes and insurance products are added.

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