Tuesday, 20 August 2019
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What Are the Current Mortgage Rates in Kansas City?

Written by Posted On Tuesday, 13 August 2019 09:47

Kansas City, Missouri is in a growth phase right now, with attractive mortgage rates and eager home buyers. The market offers a wide range of houses to prospective buyers, along with multiple tiers of homeownership opportunities.

There are different banks offering a range of options to buyers who want the best mortgage rates Kansas City-wide. Here are some things to keep in mind during your search.

Current numbers

Assuming that you have a good credit score (middle FICO score of 740+), and you’re opting for a single-family residence, then these are the mortgage rates that you need to look through:

  • 30-year fixed rate – 3.75% on average
  • 15-year fixed rate – 3.29% on average
  • 5/1 ARM mortgage rate - 3.75% on average


This means that for a loan amount of $240,000, you’re paying about $1,112 in monthly payments (principle and interest) on average. There may also be upfront fees involved, depending on which provider you’re opting for. While each institution will offer different rates, it’s important to scout the market careful prior to investing.

Getting the best rates possible

Homebuyers can access multiple options when it comes to the best loan rates in Kansas City. By following these key strategies, they can maximize the impact of their mortgage loan structure:

Establishing good credit: When applying for a loan, it’s important to demonstrate to the lender that you have built up good credit over the years. This can help you get the right loan and get favourable offers from different lending institutions. You can buy the home of your dreams in Kansas while enjoying its many amenities and opportunities.

Having a stable monthly income: It’s also important to have at least two to three years of stable income coming in from a job or a profession that is based in Kansas. This shows the lender that you’re here to live in Kansas City long-term, and that you will not default on your payments.

Having a significant down-payment: If you put down about 20 percent of your down payment, then you can get a better rate on your property. Lending institutions will see you more favourably, while offering you better rates. You can also gain significant leverage when it comes to negotiating the best rates for your property. Making a sizeable down-payment is a strong way to demonstrate your commitment to your mortgage.

Short-term vs. long-term: When opting for a shorter-term loan, you’re more likely to get a better rate. Since the short-term high monthly payment structure provides greater returns to the banks, they will be more open to offering the best rates. You’re considered less risky as a lending prospect and can get the best rates for your mortgage if your credit score is high enough.

Finding the right option for your mortgage

It’s important to get the right mortgage rate for your property. If you’ve made the decision to settle into a nice home in this growing market, then the right mortgage rate would be the most important factor to focus on. By working with the experts in the domain, you can get better local knowledge about the market and understand the right structure for the right property.

If you’re looking to stay for a shorter period of time, then a short-term loan will make more sense. If you’re thinking about a luxury villa in the city, then a larger down-payment will be a more prudent financial decision. It’s all about working with the right bank that can offer you the right loan for your property.

Comparing historical rates, services provided and the level of consultation/care will help make the decision much easier for you. While a certain bank may offer four percent, another one may provide greater assistance with additional services.

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Harris Johnston

Real estate investor with ownership stakes in commercial and residential projects in New York City, Philadelphia, Miami, Denver, and Laguna Niguel.

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