Kansas Mortgage and Refinance Rates

Current mortgage rates in Kansas

As of Monday, May 13, 2024, current mortgage interest rates in Kansas are 7.09% for a 30-year fixed mortgage and 6.63% for a 15-year fixed mortgage. 

Refinance rates in Kansas

Refinance rates have 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.

Kansas rate trends

Mortgage rates in Kansas have trended upward from 2022 until October 2023, cresting around 8 percent. Since last fall, rates have trended downward, with many experts expecting rates to drop throughout 2024.

Learn more: Latest mortgage rate forecast

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 no more than 45 percent. With a down payment of less than 20 percent, you’ll need to pay private mortgage insurance (PMI) premiums, 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 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.

Learn more: Types of home loans

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 $40,000 in a forgivable loan. 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 $10,000 in down payment assistance and up to $30,000 for home repairs.

Learn more: Kansas first-time homebuyer assistance programs

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.
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 seller’s you’re serious when you make an offer.

Learn more: How to get a mortgage

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: Suzanne De Vita, Senior Editor, Home Lending

I’ve covered the housing market, mortgages and real estate for the past 12 years. At Bankrate, my areas of focus include first-time homebuyers and mortgage rate trends, and I’m especially interested in the housing needs of baby boomers. In the past, I’ve reported on market indicators like home sales and supply, as well as the real estate brokerage business. My work has been recognized by the National Association of Real Estate Editors.

Read more from Suzanne De Vita