Today’s Home Purchase Mortgage Rates
Buying a home? Lock in your lowest rate today. Our purchase rates reflect the current market and offer predictability for your long-term investment.
Current Purchase Rates: Fixed, FHA, and VA Loans
Rates updated as of:
*Note: The rates above are illustrative based on a scenario of 740+ FICO, 20% Down Payment, and a Primary Residence in Kansas City metro. Your final rate will be customized to your profile.*
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I. Market Commentary and Educational Context
Today’s Market Summary
Mortgage rates have shown minimal movement this week, holding steady after key economic reports. This stability offers buyers a predictable environment, making it an excellent time to secure your financing and lock your rate before further market fluctuations occur.
How Your Final Rate is Determined (LLPAs)
The rate displayed in the table above is a baseline for an ideal borrower. Your final mortgage rate is adjusted based on specific factors that define the lender’s risk. These are called Loan-Level Price Adjustments (LLPAs):
- Credit Score (FICO): Higher scores (740+) access the best pricing. Lower scores typically result in slightly higher rates to compensate for increased risk. (Learn more)
- Down Payment / LTV Ratio: A larger down payment (lower Loan-to-Value) reduces lender risk and often results in a lower rate. Aim for 20% down to avoid Private Mortgage Insurance (PMI) on conventional loans.
- Property Type: Rates are typically most favorable for a primary, single-family residence. Multi-unit properties, condos, and investment properties may incur small rate adjustments.
- Loan Term and Type: Shorter-term loans (like a 15-Year Fixed) almost always have lower interest rates than 30-Year loans, though the monthly payment will be higher.
Whether you’re looking to buy in the heart of Kansas City, MO, or elsewhere in the region, your rates may be affected by local factors. See today’s competitive rates for home purchases in: Kansas Mortgage Rates | Missouri Mortgage Rates.
II. Understanding Your Purchase Loan Options
Navigating mortgage programs can be confusing. Here is a simple breakdown of the most popular home purchase options:
Conventional Loans (Most Common)
- The Go-To Choice: Standard loans that meet the limits set by Fannie Mae and Freddie Mac.
- Requirements: Typically require a minimum 620 FICO score. Down payments can be as low as 3%, though 20% is ideal.
- Key Advantage: PMI can be canceled once your equity reaches 20%.
FHA Loans (First-Time Buyer Favorite)
- Government-Insured: Backed by the Federal Housing Administration, making them easier to qualify for.
- Requirements: As little as 3.5% down payment and generally more flexible credit requirements.
- Key Consideration: Requires Mortgage Insurance Premium (MIP) for the life of the loan unless you put down 10% or more.
VA Loans (Best for Military)
- Veteran Benefit: Available to eligible service members, veterans, and surviving spouses.
- Requirements: 0% down payment required, competitive interest rates, and no monthly Private Mortgage Insurance (PMI).
- Key Advantage: Often the most cost-effective loan option available.
III. The Power of a Pre-Approval Letter
In a competitive housing market like [Your City/Region], having a verified Pre-Approval letter is essential. Sellers and real estate agents rely on it to ensure you are a serious and qualified buyer.
Why Get Pre-Approved With Us?
- Speed: We deliver accurate pre-approvals in 24 hours or less, giving you an edge when making an offer.
- Certainty: We verify your income and assets upfront so there are no surprises before closing.
- Accuracy: You will know your exact borrowing power and expected monthly payment.
Don’t wait until you find a house. Get pre-approved now.
Contact Our Purchase Specialist:
Call us directly at (913) 642-8300 or Schedule a Call Back.
Legal Disclosures and Assumptions
*The rates provided on this page are for informational purposes only. Actual interest rates, APRs, and monthly payments may vary based on your specific qualifications, including credit history, debt-to-income ratio, property type, and the appraised value of the home. All loans are subject to credit approval and underwriting guidelines. Rates are subject to change without notice.*