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Arkansas Mortgage Rates

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Use SmartAsset's mortgage rate comparison tool to compare mortgage rates from the top lenders and find the one that best suits your needs.

Overview of Arkansas Mortgages

Home to rugged parkland, beautiful trails and presidential exhibits, Arkansas is mid-range in terms of size and population. If you’re in the market for a home in Arkansas, you can expect mortgage rates roughly in line with national trends. Arkansas counties’ conforming loan limits and FHA loan limits are average as well.

Today's Mortgage Rates in Arkansas

Product Today Last Week Change
30 year fixed 3.38% 3.38% 0.00
15 year fixed 3.00% 2.96% +0.04
5/1 ARM 4.56% 4.48% +0.08
30 yr fixed mtg refi 3.43% 3.43% 0.00
15 yr fixed mtg refi 2.88% 2.88% 0.00
7/1 ARM refi 3.63% 3.63% 0.00
15 yr jumbo fixed mtg refi 2.50% 3.00% -0.50

National Mortgage Rates

Source: Freddie Mac Primary Mortgage Market Survey, SmartAsset Research
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Historical Mortgage Rates in Arkansas

Photo Credit: ©iStock.com/BlazenImages

Arkansas Mortgage Rates Quick Facts

  • Median Home Value: $118,500 (U.S. Census Bureau)
  • Loan Funding Rate: 49.65% (CFPB)
  • Average Mortgage Rate: 4.61% (FHFA)
  • Homeownership Rate: 64.7% (St. Louis Fed)
  • Median Monthly Homeownership Costs: $1,071 (U.S. Census Bureau)

Historically, mortgage rates in Arkansas are right in line with nationwide averages.

A financial advisor in Arkansas can help you plan for the homebuying process. Financial advisors can also help with investing and financial plans, including tax, retirement and estate planning, to make sure you are preparing for the future.

Arkansas Historic Mortgage Rates

YearArkansas RateU.S. Rate
198213.8514.73
198312.0812.26
198411.4811.99
198510.2211.17
19869.869.79
19878.888.95
19888.208.98
19899.549.81
19909.759.74
19919.299.07
19927.997.83
19937.006.93
19946.907.31
19957.327.69
19967.357.58
19977.407.52
19986.886.97
19997.297.14
20007.987.86
20016.826.94
20026.556.44
20035.845.67
20046.005.68
20055.945.85
20066.526.54
20076.476.42
20086.156.06
20094.935.05
20104.704.81
20114.574.56
20123.683.65
20133.943.84
20144.124.13
20153.883.88
20163.753.73
20174.084.03
20184.614.56

Arkansas Mortgages Overview

Homes in Arkansas sell for cheaper than average compared to the rest of the country. Arkansas’ median single-family home sold price is $150,400, which is significantly below the nation’s median home sold price of $237,000, according to Zillow data.

Every county in the state has a standard conforming loan limit of $510,400 and the baseline FHA limit of $331,760. That data reflects the general affordability of purchasing a mortgage in Arkansas as compared to the rest of the nation. So whether you’re home shopping in Little Rock or building an oasis in Ozark country, your loan limit will remain the same.

Conforming and FHA Loan Limits by County

CountyConforming LimitFHA Limit
Arkansas$510,400$331,760
Ashley$510,400$331,760
Baxter$510,400$331,760
Benton$510,400$331,760
Boone$510,400$331,760
Bradley$510,400$331,760
Calhoun$510,400$331,760
Carroll$510,400$331,760
Chicot$510,400$331,760
Clark$510,400$331,760
Clay$510,400$331,760
Cleburne$510,400$331,760
Cleveland$510,400$331,760
Columbia$510,400$331,760
Conway$510,400$331,760
Craighead$510,400$331,760
Crawford$510,400$331,760
Crittenden$510,400$331,760
Cross$510,400$331,760
Dallas$510,400$331,760
Desha$510,400$331,760
Drew$510,400$331,760
Faulkner$510,400$331,760
Franklin$510,400$331,760
Fulton$510,400$331,760
Garland$510,400$331,760
Grant$510,400$331,760
Greene$510,400$331,760
Hempstead$510,400$331,760
Hot Spring$510,400$331,760
Howard$510,400$331,760
Independence$510,400$331,760
Izard$510,400$331,760
Jackson$510,400$331,760
Jefferson$510,400$331,760
Johnson$510,400$331,760
Lafayette$510,400$331,760
Lawrence$510,400$331,760
Lee$510,400$331,760
Lincoln$510,400$331,760
Little River$510,400$331,760
Logan$510,400$331,760
Lonoke$510,400$331,760
Madison$510,400$331,760
Marion$510,400$331,760
Miller$510,400$331,760
Mississippi$510,400$331,760
Monroe$510,400$331,760
Montgomery$510,400$331,760
Nevada$510,400$331,760
Newton$510,400$331,760
Ouachita$510,400$331,760
Perry$510,400$331,760
Phillips$510,400$331,760
Pike$510,400$331,760
Poinsett$510,400$331,760
Polk$510,400$331,760
Pope$510,400$331,760
Prairie$510,400$331,760
Pulaski$510,400$331,760
Randolph$510,400$331,760
St. Francis$510,400$331,760
Saline$510,400$331,760
Scott$510,400$331,760
Searcy$510,400$331,760
Sebastian$510,400$331,760
Sevier$510,400$331,760
Sharp$510,400$331,760
Stone$510,400$331,760
Union$510,400$331,760
Van Buren$510,400$331,760
Washington$510,400$331,760
White$510,400$331,760
Woodruff$510,400$331,760
Yell$510,400$331,760

Arkansas is a "caveat emptor," or buyer beware, state. In this type of environment, responsibility falls heavily on the buyer to uncover any defects with the property prior to purchasing. For states where this is the case, property inspections – while not mandatory – are a crucial step in the purchase process. Purchasing a home sans inspection generally means you are accepting the property as-is. Sellers should also consider disclosing certain conditions, as real estate agents may still be required to do so.

30-Year Fixed Mortgage Rates in Arkansas

A fixed-rate mortgage is one in which the interest rate remains the same for the duration of the loan. A 30-year fixed-rate mortgage is the most popular and tends to be a solid option for a buyer who plans to stay in their home for a long time. You can also consider a 15-year mortgage which will have lower interest as compared to a 30-year mortgage but higher monthly payments.

The average Arkansas rate for a 30-year fixed-rate mortgage is 3.67%.

Arkansas Jumbo Loan Rates

Due to the affordability of homes in Arkansas, there are less jumbo loan mortgages out there. These are loans that exceed the $510,400 conforming loan limit that exists in every Arkansas county. If you are considering a jumbo loan for your mortgage, be aware that they come with higher interest rates.

The average jumbo loan rate in Arkansas is 4.10%.

Arkansas ARM Loan Rates

Unlike a fixed-rate mortgage, the interest rate on an adjustable-rate mortgage changes over time. An ARM offers a lower rate for an introductory period between one and 10 years. When that period ends, the rate can change and it will generally rise. The loan’s terms will lay out how many times the interest rate can rise and also the highest possible amount it can reach. It is important to make sure that the maximum potential rate increase is one that you would be able to afford to pay before you decide on an ARM.

The average rate for an ARM in Arkansas is 3.60%.

Arkansas Mortgage Resources

If you need help becoming or remaining a homeowner in Arkansas, there are programs in place to help cut down on costs and secure a loan.

The Arkansas Development Finance Authority has several options for first time homebuyers in particular. Loan programs, tax credits and down payment assistance are available for anyone who qualifies. They also offer “move up” programs to help all homebuyers access an affordable mortgage.

For anyone looking specifically for educational opportunities and budget counseling, the In Affordable Housing group hosts classes in Arkansas on buying a home. They also offer home purchase assistance, as well as credit and budget counseling.

Available Resources

ResourceProblem or IssueWho Qualifies
Arkansas Development Finance AuthorityAffording a first home/down payment.Mostly first-time homebuyers, but there are "move up" programs available for repeat homebuyers.
In Affordable Housing - Little Rock, ARSeeking education and counseling.Anyone looking for education on buying a home or working out a home budget.
USDA Rural Development - Single family loansOffers payment assistance to increase an applicant’s repayment ability.Applicants must be without decent, safe and sanitary housing; Be unable to obtain a loan from other resources on terms and conditions that can reasonably be expected to meet; Agree to occupy the property as your primary residence; Have the legal capacity to incur a loan obligation; Meet citizenship or eligible noncitizen requirements; and not be suspended or debarred from participation in federal programs.

Arkansas homeowners also have the option to apply for the United States Department of Agriculture Rural Development program. The program provides loans and grants to people in rural communities who want to buy a new house or repair their current home.

Arkansas Mortgage Taxes

Homeowners are allowed to deduct the mortgage interest they pay when they file their federal income taxes. This also applies to Arkansas state income taxes as well. You can double your deductions for the qualifying mortgage interest payments you have made in the tax year by including it on both state and federal filings.

Arkansas also charges taxes on real estate property title transfers. The real estate transfer tax in Arkansas is 0.33%, or $3.30 per $1,000. However, the buyer and seller typically split this fee. Discuss this tax with your lawyer or accountant before buying your home.

Arkansas Mortgage Refinance

There are resources out there to help you effectively refinance your Arkansas home. One tried-and-true option was the Home Affordable Refinance Program, but that program no longer exists. The High Loan-to-Value Refinance Option from Fannie Mae is an alternative. If you don’t qualify for these programs, you can work with the lender who issued you your mortgage and compare those rates with other lenders to find the refinance solution that works best for you.

Best Places To Get A Mortgage

SmartAsset’s interactive mortgage map highlights the best counties in the country (and in each state) for securing a mortgage. Hover over counties and states to see data points for each region, or use the map’s tabs to view the top counties for each of the factors driving our analysis.

Worst
Better
Rank County Loan Funding Rate 5 Year Borrowing Costs Property Tax Annual Mortgage Payment

Methodology For many people buying a house means securing a mortgage. To determine the best places in the country to get a mortgage we looked at four factors: overall borrowing costs, ease of securing a mortgage, cheap property taxes and cheap annual mortgage payments.

To calculate the overall borrowing costs, we looked at the expected costs over the first five years of a $200,000 mortgage with a 20% down payment, including closing costs. We calculated the ease of getting a mortgage as the ratio of mortgage applications to actual mortgage originations (secured mortgages) in each county. We based annual mortgage payments on the annual principal and interest payments for a $200,000 loan in that location, using average mortgage rates in each county.

Finally, we ranked locations based on these four factors, and then averaged those rankings, giving equal weight to each factor. The areas with the lowest average rankings are the best places to get a mortgage.

Sources: Mortgage Bankers Association, US Census Bureau 2017 5-Year American Community Survey, Informa, Bankrate, government websites, SmartAsset