The average mortgage rate in Kentucky is currently 7.47% for the 30-year fixed loan term.
Here are the interest rates offered to Kentucky residents looking to buy or refinance a home as of 03/07/2023:
- 30-year fixed purchase: 7.47%
- 30-year fixed refi: 7.48%
- 15-year fixed purchase: 6.4%
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The average fixed rate on a 30-year mortgage fell slightly for the second consecutive week on the heels of high-profile bank failures that resulted in a more moderate rate hike by the Federal Reserve. Mortgage rates are highly volatile ahead of the busy spring homebuying season.
Mortgage interest rates are twice as high as they were at the beginning of 2022, which continues to have a tangible impact on mortgage affordability and consumer housing sentiment. Mortgage rates are still widely expected to fall throughout the course of 2023 but have stayed stubbornly high in the first quarter of the year. Here are the current mortgage rates, without discount points unless otherwise noted, as of March 23:
- 30-year fixed: 7% (down from 7.04% a week ago).
- 20-year fixed: 6.78% (down from 6.85% a week ago).
- 15-year fixed: 6.2% (down from 6.27% a week ago).
- 10-year fixed: 6.25% (up from 6.2% a week ago).
- 5/1 ARM: 5.71% (down from 5.78% a week ago).
- 7/1 ARM: 5.86% (down from 5.91% a week ago).
- 10/1 ARM: 6.14% (down from 6.16% a week ago).
- 30-year jumbo loans: 7.06% (down from 7.09% a week ago).
- 30-year FHA loans: 6% with 0.06 point (down from 6.15% a week ago).
- VA purchase loans: 6.21% with 0.05 point (down from 6.37% a week ago).
Kentucky Housing Corp. offers various programs to help eligible Kentucky homebuyers afford a home, such as down payment and closing cost assistance loans, federal income tax credits and low down payment options.
- Available to: Eligible Kentucky homebuyers.
- Income limits: Vary by county and household size (see income limits).
- First-time homebuyers only? No. Some consumers who have previously purchased a home may qualify based on location.
- Benefits: An annual federal income tax credit of up to $2,000 based on 20% of qualifying mortgage interest paid or accrued in a year, not to exceed the homeowner’s tax liability. Home purchase price limit is $311,997.
- Available to: Eligible Kentucky homebuyers.
- Income limits: 80% AMI income varies by county (see income limits).
- Minimum credit score: 660.
- First-time homebuyers only? No.
- Benefits: Down payment of 3%.
- Available to: Eligible Kentucky homebuyers.
- Income limits: Secondary market income limits vary by county (see income limits).
- Minimum credit score: 660.
- First-time homebuyers only? No.
- Benefits: Down payment of 3%.
- Available to: All Kentucky Housing Corp. first-mortgage loan recipients.
- Income limits: No.
- First-time homebuyers only? No.
- Purchase price limits: Up to $346,644 with secondary market.
- Benefits: Down payment and closing cost assistance loan of up to $7,500 repayable over 10 years at a 3.75% interest rate.
- Available to: Eligible Kentucky homebuyers.
- Income limits: Affordable DAP income limits vary by county (see income limits).
- First-time homebuyers only? No.
- Purchase price limits: Up to $346,644 with secondary market.
- Benefits: Down payment and closing cost assistance loan of up to $7,500 repayable over 10 years at a 1% interest rate.
U.S. News selects the Best Loan Companies by evaluating affordability, borrower eligibility criteria and customer service. Those with the highest overall scores are considered the best lenders.
To calculate each score, we use data about the lender and its loan offerings, giving greater weight to factors that matter most to borrowers. For mortgage lenders, we take into account each company’s customer service ratings, interest rates, loan product availability, minimum down payment, minimum FICO score and online features.
The weight each scoring factor receives is based on a nationwide survey on what borrowers look for in a lender.
To receive a rating, lenders must offer qualifying loans nationwide and have a good reputation within the industry. Read more about our methodology.
To recap, here are the picks:
