Today’s Mortgage Rates in Kansas City
Today’s Mortgage Rates Kansas City metropolitan area: 6.00% for a 30-year fixed rate loan, 5.25% for a 15-year fixed loan, and 4.75% for a 5/1 ARM.
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Current Home Loan Interest Rates – Kansas or Missouri
The mortgage rates below assume you have a FICO® Score of 740+ and a down payment of at least 25%, that the loan is for a single-family home as your primary residence.
|7 Yr ARM|
|5 Yr ARM|
Minimum credit score is 620.
Minimum credit score is 640.
Minimum credit score is 640.
Minimum credit score is 640.
|7 Yr ARM|
|5 Yr ARM|
Minimum credit score is 680.
Rates are subject to change without notice – terms and conditions apply
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Current Mortgage Rates
The experts at Metropolitan Mortgage can help you determine what mortgage rate you can expect to pay in the states of Kansas and Missouri. You can use our Rate Quote tool to receive interest rates and closing costs based on your financial situation.
Kansas and Missouri mortgage rates change constantly and vary based on multiple factors. It’s essential to get a personalized rate quote tailored to your situation. Metropolitan Mortgage can provide you with a customized quote for current mortgage rates Kansas City, Kansas and Missouri, as these are the states we currently serve.
Highly Competitive Rates
Metropolitan Mortgage has been serving the Midwest for more than 25 years. Many of our customers come from the Kansas City metro area. Our business model is to offer the lowest Kansas City mortgage rates you’ll find. More importantly, we can also help you choose the right type of home loan for your particular situation.
The rate table above provides insight into the current Kansas City Missouri and Kansas mortgage rates available in today’s market. The rates shown in the table include a variety of loan types. They include jumbo, fixed, and adjustable-rate mortgages – arm rates.
We also have government-backed mortgage loans such as FHA and VA. Please feel free to contact us if you would like to receive a personalized Kansas City mortgage rate quote based on your financial situation.
Live Mortgage Rates for the Midwest
In addition to Kansas, we also provide loans for customers in Missouri. We can provide you with a current mortgage rate quote for whichever one of these states you plan to buy or refinance in. Metropolitan Mortgage is a family-owned mortgage company with over 25 years of experience providing loans at competitive rates for our customers. If you’re planning to purchase a home in KS or MO and you’re going to obtain a mortgage loan, reach out to us today for your personalized mortgage rate quote.
Paying Points at Closing
You’ll notice a “points” column in the mortgage rates table above. One point is equal to one percent of the amount borrowed. As a borrower, you can choose not to pay points. However, you may choose to pay points at closing to secure a lower interest rate on your loan.
The table shows how borrowers’ loan points affect mortgage rates, Missouri and Kansas. Paying more points at closing will ensure a lower interest rate. So, there is an inverse relationship between the two. Paying points benefit borrowers who keep the mortgage for at least seven years.
Contact our knowledgeable staff for assistance in determining the cheapest financing option specific to your situation.
Mortgage Rates Depend on Multiple Factors
Several factors can influence rates. Some examples would be credit score, the property location of the home, mortgage amount, down payment, loan term, rate type, property type, and whether you are paying points.
At Metropolitan Mortgage, we believe in offering the best terms for your situation. Complete our interest rate quote form to receive a tailored rate quote. There is no fee or obligation, and you won’t have to supply personal information. The mortgage experts at Metropolitan Mortgage always work to ensure our clients’ best interests.
The “loan purpose” is a frequently used term in the mortgage industry. It describes why a borrower is looking to apply for a loan. The mortgage lender will make lending decisions on the risk level of the loan and borrower.
The loan purpose can also affect the interest rate the lender offers. The most common examples of a loan purpose include purchase, rate/term refinance and cash-out refinance.
A down payment on a home is the cash investment or home equity the home buyer pays in a real estate transaction. The down payment is a percentage of the purchase price. The down payment can range from 3% to as much as 20% for a property that’s a primary residence.
For instance, a home purchased for $400,000 with an $80,000 down payment results in 20% equity in the house. In general, larger down payments result in better rates and closing costs. Likewise, down payments below 20% usually require mortgage insurance which would be an added cost. The exception is for VA financing.
The loan amount is the money you borrow to purchase the home. It differs from the purchase price since most loan programs don’t always provide 100 percent financing.
The loan amount will impact the rate and loan program eligibility. There are loan limits for standard loan programs such as conforming or FHA loans. Anything above these loan limits results in a loan program change, which results in different rates and fees. Generally, VA loans offer the best terms, followed by conventional loans and certain jumbo loans for pre qualified borrowers.
A credit score is a three-digit number based on the information obtained from the three major credit bureaus, Trans Union, Equifax, and Experian. These scores help lenders determine how likely you are to repay a loan. Won’t, in turn, affect your interest rate, loan eligibility, and your down payment. A credit score is affected by your repayment history, the number and age of open accounts, total debt levels, and credit utilization percentage.
Higher credit scores, over 740, get the lowest rates available. However, with lower credit scores, in 20-point increments, the rates progressively worsen. For example, the following credit score range would be 720-739, 700-719, and so on. Qualifying for a loan once your credit score drops below 640 will be severely limited.
The purchase price of a home is the amount you agree to pay the seller. It’s the amount on your sales contract, or the amount your real estate agent negotiated with the seller. For example, a home listed for sale is $475,000, but your real estate agent gets it down to $450,000. Your purchase price is $450,000.
The property type refers to the property characteristics or configuration of the dwelling. For example, property types include detached homes, attached homes, condominiums, planned urban development, or PUD.
Single-family homes typically provide the best loan terms compared to other properties. Condos would be the next best, followed by multi-family homes, assuming a down payment of 25%. Co-op and manufactured homes are more difficult to finance than other property types.
Owner-occupancy refers to the idea of living in the home that youyou’llIt is crucial information from the lender’s point of view because if you weren’t planning to live in the home you were purchasing or refinancing, you would be an absentee owner. In this instance, the lender considers the home investment property, and you would not be eligible for the same home loan products or rates available for a primary residence.
There are several loan programs available to finance a property purchase. The standard mortgage loan programs in the US include conforming loans, FHA loans, VA loans, fixed-rate mortgages, and variable-rate mortgages. Different fixed-rate loan terms are available, such as a 30-year fixed, 25-year, 20-year, or 15-year fixed. Adjustable rate mortgage (ARM), or adjustable rate mortgages, are typically fixed for a predetermined time before adjusting annually.
terms and conditions apply
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