Mortgage Rates in Arkansas

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.

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 17,982 and highly rated schools. There's also plenty to do, from restaurants to festivals. According to Niche, the median home price is $88,600, significantly lower than the national median of $217,500. And 61% 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 13,063 residents own their homes, with a median home price of $117,900. 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 home buyers -- at 0.52%, one of the lowest rates in the state.

3. Batesville

This town of 10,706 offers lots for residents who love the outdoors, including parks, rivers, springs, and mountains. The median home price is $124,600, and many families live here, taking advantage of Batesville's highly rated schools. About 60% of 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 17th 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 $79,400, 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 fourth-best suburb in the state according to Niche. About 62% 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 $185,400, 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.