Arkansas Mortgage and Refinance Rates

Current mortgage rates in Arkansas

As of Monday, September 15, 2025, current Arkansas mortgage rates are 6.21% for a 30-year fixed mortgage and 5.44% for a 15-year fixed mortgage. Rates have been in a holding pattern for much of 2025, hovering between 6.5 and 7 percent and not offering much relief to hopeful homebuyers waiting for rates to drop. Many economists expect mortgage rates in Arkansas and nationwide to stay above 6 percent for the rest of the year. 

Refinance rates in Arkansas

National mortgage rates by loan type

Arkansas mortgage rate housing market statistics and trends

If you're on a tight budget, Arkansas homes are considerably cheaper than the national median sales price. Although, some cities in the state, such as Fayetteville and Bentonville, have much higher median home sale prices. As you begin looking for a place to call your own in Arkansas, these statistics can help you make sense of the housing market:

• Median sale price (June 2025): $282,400
• Median days on market (June 2025): 45 (up 6 days from year prior)
• Median down payment (May 2025): $27,000
• Number of homes for sale (June 2025): 16,358 (up 11.9% from year prior)

Sources: Redfin, ATTOM

Mortgage options in Arkansas

Like elsewhere in the U.S., there’s a variety of mortgage options in Arkansas to suit a range of needs and financial circumstances. Here are some of the most common:

• Arkansas conventional mortgages: To qualify for a conventional mortgage, you’ll need a minimum credit score of 620 and a debt-to-income (DTI) ratio no more than 45 percent. With a down payment of less than 20 percent, you’ll need to pay private mortgage insurance (PMI) premiums, as well.
• Arkansas FHA loans: If your credit history disqualifies you from a conventional mortgage, you might be able to obtain a loan insured by the Federal Housing Administration (FHA). If you have a down payment of at least 3.5 percent, you could qualify for an FHA loan with a credit score as low as 580.
• Arkansas VA loans: If you’re a veteran or active-duty member of the military, you might qualify for a mortgage guaranteed by the Department of Veterans Affairs (VA). A VA loan doesn’t require a down payment or mortgage insurance, but you do need to pay a funding fee, which ranges from 1.25 percent to 2.15 percent for the first use.
• Arkansas USDA loans: If you’re buying a rural property in Arkansas, you might be eligible for a mortgage guaranteed by the U.S. Department of Agriculture (USDA). USDA loans don’t require a down payment, but you’ll need to purchase in a designated rural area and meet the area’s income limits.

First-time homebuyer programs in Arkansas

If you’re an eligible first-time homebuyer in Arkansas, you might qualify for a lower-cost mortgage or down payment assistance. Many of these programs are facilitated by the Arkansas Development Finance Authority (ADFA).

• StartSmart Mortgage Loan program: First-time homebuyers in Arkansas can apply for a StartSmart mortgage, which comes with an interest rate approximately 1 percent lower than the market rate in the form of an FHA, VA or rural development (USDA) loan. Applicants can’t exceed maximum income limits and must buy a property at or below $500,000.

• Move-Up program: The ADFA works with participating lenders to connect homebuyers with an affordable mortgage through its Move-Up program, offering either a conventional, FHA, VA or USDA loan for buyers of single-family homes, with a 30-year fixed rate. You can't earn more than $142,000 per year, and you can't purchase a home that costs more than $424,100.

• Down payment and closing cost assistance: The ADFA administers down payment assistance for those participating in the StartSmart or Move-Up programs. This assistance offers qualifying, low- to moderate-income applicants between $1,000 and $15,000 in assistance as a second mortgage with a 10-year term.

• Jonesboro Homeownership Assistance Program: The Jonesboro Homeownership Assistance program is designed to help low- to moderate-income first-time homebuyers purchase homes within the city limits of Jonesboro, Arkansas. Through the program, applicants can receive up to $5,000 to help with the down payment and closing costs. Once approved, the funds are paid directly to the title company. The money is forgivable after living in the home for three years.

How to find the best mortgage rate in Arkansas

Additional Arkansas mortgage resources

• Arkansas loan limits by county: Learn the conforming and FHA loan limits for your county.
• Arkansas mortgage lenders: Explore mortgage lenders in your state.
• Arkansas homeowners insurance: Compare policies from a variety of providers.