Kansas Mortgage and Refinance Rates

Current mortgage rates in Kansas

As of Thursday, October 31, 2024, current mortgage interest rates in Kansas are 7.00% for a 30-year fixed mortgage and 6.38% for a 15-year fixed mortgage. 

Refinance rates in Kansas

Refinance rates are typically a little higher than purchase rates. In Kansas, refinance rates have come down slightly from the highs of Q4 of 2023 and have been steady for most of 2024.

If you’re considering refinancing, use Bankrate’s mortgage refinance calculator to figure out what the monthly payments would be and determine how much you may save by resetting your mortgage.

Kansas rate trends

Kansas mortgage rates currently run slightly below the national average. Neighboring states like Nebraska and Colorado have higher rates than Kansas as of this writing. Many economists expect the Federal Reserve to cut rates once inflation is within its target 2 percent range.

National mortgage rates by loan type

Mortgage statistics in Kansas

Known for its sprawling plains and bright sunflower fields, Kansas has just over 2.9 million people and counting, according to the U.S. Census Bureau. Here are some statistics about mortgages and real estate in Kansas:

• Average home value (as of Feb. 2024): $212,995
• Homeownership rate: 66.9%
• Average mortgage loan size in 2022: $255,180

Sources: Zillow, U.S. Census Bureau, Home Mortgage Disclosure Act

Mortgage options in Kansas

Whether you’re buying your first home or trading up in Kansas, explore these loan options:

• Kansas conventional mortgages: To qualify for a conventional mortgage, you’ll need a minimum credit score of 620 and a debt-to-income (DTI) ratio of no more than 45 percent. With a down payment of less than 20 percent, you’ll need to pay private mortgage insurance (PMI), as well.
• Kansas FHA loans: If your credit history disqualifies you from a conventional mortgage, you might be able to obtain a loan insured by the Federal Housing Administration (FHA). If you have a down payment of at least 3.5 percent, you could qualify for this type of loan with a credit score as low as 580. 
• Kansas VA loans: If you’re a veteran or active-duty member of the military, you might qualify for a mortgage guaranteed by the U.S. Department of Veterans Affairs (VA). A VA loan doesn’t require a down payment or mortgage insurance, but you do need to pay a funding fee, which ranges from 1.25 percent to 3.3 percent.
• Kansas USDA loans: If you’re buying a rural property in Kansas, you might be eligible for a mortgage guaranteed by the U.S. Department of Agriculture (USDA). These loans don’t require a down payment, but you’ll need to purchase in a designated rural area and meet the area’s income limits.

First-time homebuyer programs in Kansas

In Kansas, qualifying individuals have access to a variety of national programs and locally administered educational opportunities to help them through the buying process. There’s also one Kansas-specific first-time homebuyer program and some city- and county-specific programs. Here’s an overview:

• Kansas Housing’s First Time Homebuyer Program: Kansas Housing, the state’s housing finance agency, offers the First Time Homebuyer Program to help you with your down payment, providing up to 20 percent of the home’s purchase price. To be eligible, you must be a first-time homebuyer (or haven’t owned a home in the past three years) obtaining a 30-year fixed-rate conventional, FHA, VA or USDA loan. In addition, your income can’t exceed 80 percent of the area median income you’re buying in. You’ll also need to contribute at least 1 percent of your own money to the home’s purchase (no gifts). Note: This program isn’t open to buyers in Topeka, Lawrence, Wichita, Kansas City or Johnson County, which have their own assistance programs.
• City of Leavenworth Home Ownership Program: The Leavenworth Home Ownership Program offers up to $8,000 in grant funding to low- to moderate-income first-time buyers purchasing within Leavenworth city limits. You won’t have to repay this grant if you stay in the home for at least five years.
• Topeka Opportunity To Own (TOTO) Program: The Topeka Opportunity To Own Program offers income-eligible homebuyers up to $5,000 in down payment assistance and up to $30,000 for home repairs.

How to find the best mortgage rate in Kansas

1. Strengthen your credit score - Before looking for a lender and applying for a loan, review your credit history and take steps to improve your score, if needed.
2. Determine your budget - Have a good understanding of how much house you can afford before you go shopping.
3. Know your mortgage options - There are a few different types of mortgages.
4. Compare rates and terms from several lenders - Rate-shop with at least three different lenders to get the best deal on rates, fees and terms. Read lender reviews to get an idea of what customers have experienced with the lender.
5. Get preapproved for a mortgage - Getting a mortgage preapproval is the only way to get accurate loan pricing for your specific situation. Plus, it will show sellers you’re serious when you make an offer.

Additional Kansas mortgage resources

• Kansas loan limits by county: Learn the conforming loan limit for your city or town.
• Kansas mortgage lenders: Explore mortgage lenders in your state.
• Homeowners insurance in Kansas: Compare policies from a variety of providers.

Meet our Bankrate experts

Written by: Jeff Ostrowski, Principal Reporter, Mortgages

I cover mortgages and the housing market. Before joining Bankrate in 2020, I spent more than 20 years writing about real estate and the economy for the Palm Beach Post and the South Florida Business Journal. I’ve had a front-row seat for two housing booms and a housing bust. I’ve twice won gold awards from the National Association of Real Estate Editors, and since 2017 I’ve served on the nonprofit’s board of directors.

Read more from Jeff Ostrowski

Edited by: Laurie Richards, Editor, Home Lending

I’ve spent five years in writing and editing roles, and I now focus on mortgage, mortgage relief, homebuying and mortgage refinancing topics. I’m most interested in providing resources for aspiring first-time homeowners to help demystify the homebuying process. In 2021, I earned a Poynter ACES Certificate in Editing. I have an MA in English. 

Read more from Laurie Richards