Kansas Mortgage Rates for September 2019

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The average rate for a 30-year mortgage in Kansas is currently 3.97%. The average rate on 15-year home loans is 3.58%. The average initial rate for a 5/1 adjustable rate mortgage (ARM) in Kansas is 3.94%.

Loan typeAverage rateWeekly change3-month change
30-year fixed3.97%–0.02%–0.29%
15-year fixed3.58%–0.01%–0.27%
5/1 ARM3.94%–0.03%–0.12%
Rates for a $200,000 loan with 20% down payment

Most people who compare different mortgage options immediately look at the rate or APR attached to each loan. While interest rates do tell you a lot about the relative value of different mortgage offers, they can change considerably in response to both personal and larger economic factors. In Kansas, we keep track of the average mortgage rate as well as estimates from the biggest lenders so that you have a way to gauge the value of your own quotes.

Best Mortgage Rates in Kansas

The lowest 30-year mortgage estimate in Kansas is 3.25%. The state's lowest 15-year fixed-rate loans are at 2.75%, while the lowest estimate for the initial rate on a 5/1 ARM is 2.75%. Our estimates are based on a home purchase of $200,000 with a down payment of 20%.

The mortgage rates you see on a quote are often very different from the numbers advertised by banks on their websites and marketing materials. This is because each quote is tailored to your personal financial details, which include not only credit score but also your income profile and the amount of debt you already have. On top of these variables, lenders also calibrate their rates according to trends in the financial markets, which can change every week.

Given that the cost of home financing flexes on a personal and macroeconomic level, it's no simple task for the average consumer to figure out the value of a single quote. That's why it's typical for borrowers to request estimates from multiple lenders. With no penalty on your credit score for multiple inquiries in a 30-day window, there's little downside to comparison-shopping estimates on what may be the biggest purchase of your life.

Current Mortgage Rate Forecast for Kansas

The first part of 2019 has seen a general downturn in interest rates. The Federal Open Market Committee (FOMC) declared in March that it would stay "patient" in response to economic trends. With the FOMC looking likely to hold off on any further rate hikes this year and aiming to finish the roll-off of its balance sheet by September, interest rates for mortgages and other long-term loans will probably continue to decline.

Line graph of average U.S. 30-year mortgage rates vs. effective federal funds rate since 2014

As the graph shows, there is a rough but clear correlation between the history of 30-year mortgage rates and the effective federal funds rate, which currently sits between 2.25% and 2.50%. When monetary policy targets a higher federal funds rate, banks end up paying more to borrow money and eventually pass that cost on in the form of higher rates on mortgages and other consumer loans.

Kansas homebuyers may find good opportunities to lock in a lower mortgage rate at this time, especially considering rates were previously on the rise. Nevertheless, it's important to consider the broader context for two reasons. First, U.S. mortgage rates have been at historical lows even after taking the recent increases into account. On a more personal level, access to a lower rate isn't enough to justify a home purchase on its own. Make sure you're prepared for the upfront costs of a mortgage as well as the additional monthly burden of insurance and tax payments.

Rates at Kansas's Most Popular Mortgage Lenders

It's easier than ever now to find and compare mortgage rates online, but many borrowers continue to rely on brick-and-mortar banks for home financing in their neighborhoods. Since these lenders continue to influence mortgage rates everywhere, we looked at the largest banks in Kansas and what estimates they provide for a typical mortgage.

Column graph comparing 30-year mortgage rates at major Kansas banks

While we only looked at 30-year mortgage estimates in this survey, the variations indicate that you may find substantial differences among the state's major mortgage lenders. This isn't the case for every state, and even in Kansas the situation may change over time. However, our findings support the idea that you'll be better off shopping multiple lenders before you settle on an offer.

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Comparing Home Loan Rates by City

Where you decide to buy a home has significant impact on the price you pay. But where mortgage rates are concerned, the location of your property doesn't usually have an impact. Because home financing is a nationwide market, a borrower requesting mortgage quotes in one place will probably see similar rates in any other place—assuming their credit score and financial details stay the same.

AreaAverage mortgage rateMedian home value
Wichita4.54%$141,272
Kansas City4.56%$198,053
Topeka4.52%$145,572
Lawrence4.55%$219,341
Average rate is for a 30-year mortgage with a 20% down payment.

To see if this holds true for Kansas, we looked at the average 30-year home loan rate in each of the state's biggest metro areas. As a measure of the relative cost in each area, we also found out the median value of an owner-occupied home around each city. As the table shows, there's currently very little that separates the average mortgage rate from city to city in Kansas.

However, this doesn't mean that the monthly cost of a home loan will be the same across the state. Because of the changes in property value across these areas, the required loan amount will definitely depend on location. And because most mortgages are repaid within the same 30-year timespan, where you settle in Kansas will still affect how much you pay each month in principal as well as mortgage interest.

Evaluating Your Mortgage Options: An Example in Kansas City

Even if mortgage rates don't change based on location, a borrower can still take some steps to ensure that he or she finds a below-average rate. One solution is to request loan estimates from multiple lenders. Another is to think about the particular type of mortgage that will work best for the borrower's situation.

As an example, we can imagine a home purchase in Kansas City for $200,000 and a down payment of 20%. Each month, a 30-year mortgage at the current Kansas average would cost $762 or more. At the end of thirty years, the borrower will have paid $113,996 of lifetime interest. Most homeowners find the 30-year loan acceptable. But that doesn't mean they can't cut costs with alternative loan structures, as we'll see.

One easy example is a young family considering the adjustable-rate mortgage (ARM). ARMs come with lower fixed rates that become variable rates after a set number of years—ideal if your family plans to sell the home and exit the loan before the variable rate kicks in. Right now, Kansas' average 5/1 ARM rate starts at a fixed 3.94% in the first five years, or $759 per month in our example. Lifetime interest would depend on how the adjustable rate changes.

On the other end of the spectrum, a more established homeowner might choose higher payments in the short term as a way to reduce costs in the long term. If we apply the 15-year fixed-rate mortgage to our example, it would result in a monthly minimum of $1,151 and final interest costs of $47,020. 15-year mortgages are a good option for those who have found their true home and want to build equity quickly.

The average rate for a 30-year mortgage rate in Kansas is currently 3.97%. The average rate on 15-year home loans is 3.58%. The average initial rate for a 5/1 adjustable rate mortgage (ARM) in Kansas is 3.94%.

Loan typeAverage rateWeekly change3-month change
30-year fixed3.97%–0.02%–0.29%
15-year fixed3.58%–0.01%–0.27%
5/1 ARM3.94%–0.03%–0.12%
Rates for a $200,000 loan with 20% down payment

Most people who compare different mortgage options immediately look at the rate or APR attached to each loan. While interest rates do tell you a lot about the relative value of different mortgage offers, they can change considerably in response to both personal and larger economic factors. In Kansas, we keep track of the average mortgage rate as well as estimates from the biggest lenders so that you have a way to gauge the value of your own quotes.

The lowest 30-year mortgage estimate in Kansas is 3.25%. The state's lowest 15-year fixed-rate loans are at 2.75%, while the lowest estimate for the initial rate on a 5/1 ARM is 2.75%. Our estimates are based on a home purchase of $200,000 with a down payment of 20%.

The mortgage rates you see on a quote are often very different from the numbers advertised by banks on their websites and marketing materials. This is because each quote is tailored to your personal financial details, which include not only credit score but also your income profile and the amount of debt you already have. On top of these variables, lenders also calibrate their rates according to trends in the financial markets, which can change every week.

Given that the cost of home financing flexes on a personal and macroeconomic level, it's no simple task for the average consumer to figure out the value of a single quote. That's why it's typical for borrowers to request estimates from multiple lenders. With no penalty on your credit score for multiple inquiries in a 30-day window, there's little downside to comparison-shopping estimates on what may be the biggest purchase of your life.

The first part of 2019 has seen a general downturn in interest rates. The Federal Open Market Committee (FOMC) declared in March that it would stay "patient" in response to economic trends. With the FOMC looking likely to hold off on any further rate hikes this year and aiming to finish the roll-off of its balance sheet by September, interest rates for mortgages and other long-term loans will probably continue to decline.

Line graph of average U.S. 30-year mortgage rates vs. effective federal funds rate since 2014

As the graph shows, there is a rough but clear correlation between the history of 30-year mortgage rates and the effective federal funds rate, which currently sits between 2.25% and 2.50%. When monetary policy targets a higher federal funds rate, banks end up paying more to borrow money and eventually pass that cost on in the form of higher rates on mortgages and other consumer loans.

Kansas homebuyers may find good opportunities to lock in a lower mortgage rate at this time, especially considering rates were previously on the rise. Nevertheless, it's important to consider the broader context for two reasons. First, U.S. mortgage rates have been at historical lows even after taking the recent increases into account. On a more personal level, access to a lower rate isn't enough to justify a home purchase on its own. Make sure you're prepared for the upfront costs of a mortgage as well as the additional monthly burden of insurance and tax payments.

It's easier than ever now to find and compare mortgage rates online, but many borrowers continue to rely on brick-and-mortar banks for home financing in their neighborhoods. Since these lenders continue to influence mortgage rates everywhere, we looked at the largest banks in Kansas and what estimates they provide for a typical mortgage.

Column graph comparing 30-year mortgage rates at major Kansas banks

While we only looked at 30-year mortgage estimates in this survey, the variations indicate that you may find substantial differences among the state's major mortgage lenders. This isn't the case for every state, and even in Kansas the situation may change over time. However, our findings support the idea that you'll be better off shopping multiple lenders before you settle on an offer.

Get Multiple Mortgage Offers at Once
Get Multiple Mortgage Offers at Once
LendingTree can help you find and compare mortgage rates, all without affecting your credit.
LendingTree is our ultimate parent company
See Offers

on LendingTree's secure website. NMLS #1136: terms and conditions apply

Powered by
LendingTree is our ultimate parent company

Where you decide to buy a home has significant impact on the price you pay. But where mortgage rates are concerned, the location of your property doesn't usually have an impact. Because home financing is a nationwide market, a borrower requesting mortgage quotes in one place will probably see similar rates in any other place—assuming their credit score and financial details stay the same.

AreaAverage mortgage rateMedian home value
Wichita4.54%$141,272
Kansas City4.56%$198,053
Topeka4.52%$145,572
Lawrence4.55%$219,341
Average rate is for a 30-year mortgage with a 20% down payment.

To see if this holds true for Kansas, we looked at the average 30-year home loan rate in each of the state's biggest metro areas. As a measure of the relative cost in each area, we also found out the median value of an owner-occupied home around each city. As the table shows, there's currently very little that separates the average mortgage rate from city to city in Kansas.

However, this doesn't mean that the monthly cost of a home loan will be the same across the state. Because of the changes in property value across these areas, the required loan amount will definitely depend on location. And because most mortgages are repaid within the same 30-year timespan, where you settle in Kansas will still affect how much you pay each month in principal as well as mortgage interest.

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Get Multiple Mortgage Offers at Once
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See Offers

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LendingTree is our ultimate parent company
Get Multiple Mortgage Offers at Once
Get Multiple Mortgage Offers at Once
LendingTree can help you find and compare mortgage rates, all without affecting your credit.
LendingTree is our ultimate parent company
See Offers

on LendingTree's secure website. NMLS #1136: terms and conditions apply

Powered by
LendingTree is our ultimate parent company