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Becoming a homeowner in Arkansas is a major decision. Buying a home is a large purchase, so shopping around to find the lender with the best mortgage rates and terms is crucial. Interest rates will differ between mortgage lenders -- taking the time to search for the best rates will save you tens of thousands of dollars over the lifetime of the loan.
Whether you're starting your search at your local bank, credit union, or online lender, look at today's mortgage rates in Arkansas to help you understand what you could pay to buy a home in the state.
For today, January 23rd, 2022, the current average mortgage rate in Arkansas for a 30-year fixed-rate mortgage is 3.788%, the average rate for a 15-year fixed-rate mortgage is 3.048%, and the average rate for a 5/1 adjustable-rate mortgage (ARM) is 2.875%. Rates are quoted as annual percentage rate (APR) .
Current Mortgage and Refinance Rates in Arkansas
Rates As of Jan 21, 2022
| Product | Interest Rate | Average Points/Credits |
|---|---|---|
| Fixed 30 Year | 3.788% | 0.175 |
| Fixed 15 Year | 3.048% | 0.007 |
| Fixed 30 Year - FHA | 3.801% | 0.390 |
| Fixed 30 Year - VA | 3.862% | 0.548 |
| Fixed 30 Year | 3.885% | 0.859 |
| Fixed 20 Year | 3.688% | 0.708 |
| Fixed 15 Year | 3.209% | 0.621 |
| Fixed 30 Year - FHA | 3.592% | 1.003 |
| Fixed 30 Year - VA | 3.424% | 0.480 |
5 affordable places to live in Arkansas
When you’re ready to buy a home in Arkansas, look at these high-quality communities with low home costs.
1. El Dorado
Not to be mistaken for the fabled lost city of gold, El Dorado is a town with a population of 18,129 and highly rated schools. There's also plenty to do, from restaurants to festivals. According to Niche, the median home price is $89,600, significantly lower than the national median of $184,700. And 63% of El Dorado's residents -- mostly families and young professionals -- own their homes. Property taxes, as reported on tax-rates.org, average 0.55% of a property's fair assessed value.
2. Harrison
Harrison is named after General Marcus LaRue Harrison, a surveyor who decided to locate the city along Crooked Creek at Stifler Springs. There are many families and retirees living in Harrison. A little over half its 13,069 residents own their homes, with a median home price of $105,900. Schools are very highly rated on Niche, and nature lovers have access to caves and national parks. The low property taxes in Boone County might entice homebuyers -- at 0.52%, one of the lowest rates in the state.
3. Batesville
This town of 10,642 offers lots for residents who love the outdoors, including parks, rivers, springs, and mountains. The median home price is $116,900, and many families live here, taking advantage of Batesville's highly rated schools. Most residents own their homes. Another reason why it's one of the most affordable places to live: Independence County, where Batesville is located, only has a 0.60% property tax rate.
4. Blytheville
Blytheville is ranked 28th for the lowest cost of living in Arkansas. Known as a lumber mill town since the 1880s and as a producer of cotton, the city now has strong agri-businesses and is one of many steel producers in the state. Home prices here are much lower than the national median at $80,400, and property taxes are 0.53% of the fair assessed value. As in most of the state, there are plenty of parks and other outdoor recreation opportunities nearby.
5. Centerton
A suburb of Bentonville, Centerton is rated the third-best suburb in the state according to Niche. Fifty-nine percent of residents own their homes, paying 0.60% in property taxes. Many of its residents are families and young professionals, and there's plenty to do in nearby Bentonville. Centeron has the highest median home price on our list at $170,700, still under the national number.
Searching for the best mortgage rates in Arkansas will help you keep your monthly mortgage payments down by borrowing less. Getting a good mortgage can also free up your finances to save for retirement, start an emergency fund, and take advantage of the many outdoor activities Arkansas has to offer.
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The Ascent's best mortgage lenders
If you want to uncover more about the best mortgage lenders for low rates and fees, our experts have created a shortlist of the top mortgage companies. Some of our experts have even used these lenders themselves to cut their costs.
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