Today’s Mortgage Refinance Rates in Kansas City
Rates updated as of:
Are you ready to lower your monthly payments, shorten your loan term, or tap into your home’s equity? Use our fast, three-minute tool to see real-time quotes tailored to your unique financial profile.
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Current Refinance Interest Rates:
The rates below are illustrative averages to give you a baseline idea of the market today. Your actual rate will be finalized based on your credit profile and loan details.
Disclaimer: Rates based on a $300,000 loan amount, a 740 FICO score, 80% LTV (Loan-to-Value), and primary residence occupancy. Monthly payment examples include principal and interest only and do not include amounts for property taxes, insurance, or mortgage insurance premiums (if applicable). Your actual rate and payment may vary. The displayed rates are not binding and are for informational purposes only
Which Type of Refinance is Right for Me?
Understanding your refinancing goal is the first step toward finding the perfect loan product.
Rate-and-Term Refinance (Lower Payment/Shorter Term)
This is the most common type of refinance. It involves changing the interest rate and/or the loan term. If you want to drop your current rate, switch from an adjustable-rate mortgage (ARM) to a fixed-rate loan, or move from a 30-year term to a 15-year term to save massive interest over the life of the loan, a Rate-and-Term refi is your best bet.
Read our full guide on Adjustable-Rate Mortgages vs. Fixed-Rate Mortgages →Cash-Out Refinance (Accessing Equity)
A cash-out refinance allows you to replace your current mortgage with a larger loan and take the difference in cash. This is an effective way to access the equity you’ve built in your home. Common uses include:
• Consolidating high-interest debt (like credit cards)
• Funding major home renovations
• Paying for college tuition or other large expenses
Government Streamline Refinance (FHA/VA)
If you currently have an FHA or VA loan, you may qualify for a simplified refinance process (FHA Streamline or VA Interest Rate Reduction Refinance Loan, or IRRRL). These loans often require less paperwork, no appraisal, and sometimes no credit check, making the process faster and less expensive than traditional refinancing.
Learn more about FHA/VA Streamline Refinancing →What Factors Affect My Refinance Rate?
Lenders evaluate several key factors to determine the risk of your loan and, subsequently, the interest rate you are offered.
- Credit Score: A higher FICO score signals greater financial reliability, resulting in better interest rates and lower fees. Lenders generally reserve the lowest rates for borrowers with scores of 740 and above. Learn the impact of credit scores on mortgage rates →
- Loan-to-Value (LTV): This is the ratio of your loan amount to your home’s appraised value. The more equity you have (lower LTV), the better your rate will be. An LTV of 80% or less typically secures the best pricing.
- Loan Purpose: Lenders often view Cash-Out refinances as slightly higher risk than Rate-and-Term refinances, which can sometimes lead to marginally higher rates for cash-out products.
Refinance Closing Costs & APR
It’s crucial to understand the difference between the Interest Rate and the APR (Annual Percentage Rate).
- Interest Rate is the cost of borrowing the principal amount, expressed as a percentage. This determines your monthly principal and interest payment.
- APR represents the total cost of the loan over the entire term, including all interest and required closing costs (such as discount points, lender fees, and mortgage insurance). The APR is always equal to or higher than the Interest Rate and provides a clearer picture of the true yearly cost of the loan. Learn more about the difference between the Interest Rate and the APR →
Lock in Your Refinance Rate Before the Market Shifts.
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Frequently Asked Questions (FAQ)
The refinance timeline varies depending on the loan type and current volume, but generally takes between 30 and 45 days from application to closing. Streamline refinances (VA/FHA) can sometimes close faster.
While you can qualify with scores in the low 600s, a FICO score of 740 or higher is typically required to access the lowest advertised interest rates from most lenders.
The best time to refinance is when the savings outweigh the costs. A good rule of thumb is to refinance if you can lower your current interest rate by at least 0.75% to 1.00%, or if you can achieve a primary financial goal like consolidating debt or eliminating mortgage insurance.