AS SEEN ON...
2.7% 3.3 APR* FIXED Mortgage Rate Today
Searching
Banks.

* Advertising Disclosures

Kansas Mortgage Rates

Bank Rate Term Type Points Contact Learn More
Unlock Bank 3 15 Year Fixed Jumbo 0.7 to 1 Show Phone Number Learn More
Unlock Bank 2.25 5 Year ARM Conforming 0.7 to 1 Show Phone Number Learn More
Unlock Bank 2.375 5 Year ARM Jumbo 0.7 to 1 Show Phone Number Learn More
Unlock Bank 2.75 15 Year Fixed FHA 0.7 to 3 Show Phone Number Learn More
Unlock Bank 3.25 30 Year Fixed FHA 0.7 to 3 Show Phone Number Learn More
Unlock Bank 2.5 5 Year ARM FHA 0.7 to 3 Show Phone Number Learn More
Unlock Bank 2.75 15 Year Fixed Conforming 0.7 to 1 Show Phone Number Learn More
Unlock Bank 4 30 Year Fixed Jumbo 0.7 to 1 Show Phone Number Learn More
Unlock Bank 3.75 30 Year Fixed Conforming 0.7 to 1 Show Phone Number Learn More

HARP 2.0 Program Extended for Kansas Homeowners

By: Michael Foster | October 17th, 2012

The Home Affordable Refinance Program (HARP) was established in March 2009 in an attempt to help people with underwater mortgages. The program was initially designed to help people who owed up to 105% of the fair-market value (FMV) of their homes, but was quickly expanded to reach those who owed up to 125% of the value of their homes. To qualify, you had to have a Freddie Mac or Fannie Mae guaranteed mortgage and a loan-to-value ratio above 80%.

The program was a disappointment, as not enough people were refinancing their properties and the economy struggled. In December 2011, the program was expanded again to allow any homeowner with a Freddie Mac or Fannie Mae guaranteed mortgage to qualify for a refinance, no matter how much they owed on their home or how much the home was worth. This got rid of the requirement for a home appraisal, which streamlined the application process and lowered closing costs. More importantly, it helped people severely underwater on their homes (that is, they owed more than their homes were worth), who suddenly qualified for the program.

This is an enormous relief for Kansas homeowners, who have seen the value of their property fall in recent years, but mortgage debt has not fallen to match. In Wichita alone, 6.5% of homes had a loan-to-value ratio over 100%, meaning that the homeowners owed more than the homes themselves were worth. That number is an improvement from earlier in the year, when 7.4% of Wichita homeowners were underwater on their homes, but is still much higher than pre-recession levels.

Now, anyone with a Fannie Mae or Freddie Mac guaranteed mortgage can apply for a mortgage refinance regardless of how much they owe on their home. As a result, homeowners can refinance to today’s record low mortgage rates and save hundreds of dollars per month on their mortgages. Mortgage rates for 30-year fixed rate mortgages fell as low as 3% in the middle of October, according to FreeRateUpdate.com.

Economists do not expect that low interest rate to last forever. Since the Federal Reserve Bank has a target inflation rate of 3%, current 30-year mortgages are at about the same rate of expected inflation, meaning that homeowners can lock in the value of today’s dollars for the next 30 years through a home loan, even as the cost of food, energy, and other consumables goes up.

FreeRateUpdate.com surveys more than two dozen wholesale and direct lenders’ rate sheets to determine the most accurate mortgage rates available to well qualified consumers at about a 1 point origination fee.


Latest HARP Mortgage News March 30th, 2014

  • FHA Mortgage Demand Rises Nationwide, Banks Eager to Lend in Kansas

    By: Michael Foster | October 15th, 2012

    Federal Housing Administration (FHA) mortgages–both new mortgages and refinances–rose in popularity in August as more homeowners and home buyers took advantage of historically low interest rates. According to the Campbell/Inside Mortgage Finance HousingPulse Tracking Survey, mortgages insured by the FHA … Continue reading

  • Kansas Mortgage Rates: Kansas Mortgage Interest Rates Steady This Week

    By: Vanessa Rodriguez | February 3rd, 2011

    In addition to a decrease in home construction throughout the state of Kansas, prices on mortgage backed securities fell last week. Fortunately, this week, due to data on manufacturing throughout the United States and Europe, mortgage interest rates increased on some mortgage types and decreased on others, such as Jumbo mortgage loans. Overall, mortgage rates in Kansas have remained steady this week. Continue reading