Compare mortgage rates in Wichita.

Introduction to Mortgage Refinance Rates

Where Mortgage Rates Come From

Multiple factors influence mortgage rates. They can be split into two basic categories: macroeconomic trends in the larger economy and elements relating to your individual financial situation and history. Let’s take a quick look at both kinds.

Discover how your debt level may impact your mortgage.

Try SoFi’s debt-to-income calculator to calculate your DTI number.

How Interest Rates Affect Home Affordability

Let’s take a closer look at how even a seemingly small shift in mortgage rates can make a big difference in what you’ll have to pay in both the short and the long term.

Say you’re seeking a $400,000 loan. At a 6.50% rate, your monthly payment would be $2,528. But if the rate nudges up to 7.00%, that monthly payment jumps to $2,661.

Even more striking: Over the life of a 30-year mortgage, the lower rate would save you nearly $48,000 in interest. That’s a significant sum, and that’s why it’s important to understand the impact so you can make the best decisions for your financial future.

Wichita Mortgage Rate Trends

Understanding how mortgage rates have trended in Wichita and the country as a whole historically may help you get perspective on today’s mortgage rates. The charts below can give you a sense of context that may help you make a more confident decision about your home loan.

Should You Wait for Interest Rates to Drop?

As a prospective homebuyer in Wichita, Kansas, you may find yourself wondering if you should wait for a potential mortgage rate drop before making a purchase.

It’s a reasonable question. However, current predictions suggest that mortgage rates are likely to remain relatively stable in the near future, and perhaps even longer. The average rate nationally is expected to end the year 2025 at approximately 6.30% and 2026 at 6.20%, according to recent industry forecasts and analyses.

But remember, if you buy and rates change, you can always look into a mortgage refinance.

See How Wichita’s Costs Stack Up

At 88.8% of the national average, the cost of living in Wichita, Kansas, should be relatively accommodating for anyone looking to put down roots in the Midwest without breaking the bank.

Overall, your town’s cost of living has an impact on home prices as well as how easy it is to fit mortgage payments into your budget.

Here’s how Wichita compares to other Kansas cities on an index where 100 equals the average cost of living in the U.S.

Recommended: The Best Affordable Places in the U.S.

How to Get Your Best Possible Rate in Wichita

To secure the best mortgage rates in Wichita that you can get, you may want to take these steps.

•   Review your credit score, and if necessary, work to strengthen it.

•   Lower your debt-to-income (DTI) ratio by paying down as much debt as you can.

•   Increase your down payment though savings or gifts from friends and family.

•   Compare rates from different lenders so you can see the full range of rates available to you.

•   Consider going through the mortgage preapproval process. This will give you a better idea of what you can afford.

Tools & Calculators

Using a mortgage payment calculator can help you see the effect of different mortgage rates on your potential monthly payments. It can also let you assess the impact of a variety of terms and down payments. This can be a significant help as you make decisions about which home to purchase and which loan to accept.

Here are three calculators to try.

Types of Mortgages Available in Wichita, Kansas

In Wichita, there are many types of mortgage loans to suit different financial profiles. Conventional mortgages, for instance, may be a good option if you have a credit score of 620 or higher, with better rates tending to go to borrowers with higher scores. The average score for residents of Wichita is 624, and FHA and VA loans may work well for many of them, while jumbo loans can accommodate people interested in more expensive homes. By carefully considering these options, you can discover the best mortgage rates in Wichita, Kansas, for different financial situations and needs to find the perfect fit for you.

How to Evaluate Loan Offers in Wichita

Securing a competitive mortgage rate is key to your financial well-being. As we’ve seen, even a seemingly small difference in rate can add up to significant savings over the life of your loan.

As you compare loan offers, be sure to look at the big picture. Consider the annual percentage rate (APR), which encompasses fees, closing costs, and mortgage points, and can give you a more accurate sense of your costs. And if you’re worried about rates creeping up, you can opt to lock in your rate for up to 90 days (for which there may be a small fee).

Recommended: Average Monthly Expenses for One Person

Wichita Mortgage Resources

In Wichita, there are multiple resources and programs designed to help homebuyers, particularly if you’re buying your first home or have limited financial resources.

The Kansas Housing Resources Corporation (KHRC) First-Time Homebuyer Program, for example, is an excellent option to explore. It offers down payment and closing cost assistance, making it easier to secure a mortgage with a competitive rate that fits within your budget. Bear in mind that you may still qualify as a first-time homebuyer if you haven’t owned a primary residence in the last three years.

KHRC has other programs to explore, but be sure to look more locally for financial help and down payment assistance programs, too. For instance, in certain areas of Wichita, the city’s HOMEownership 80 program provides financial help with closing costs and down payments.

Closing Costs in Wichita

For people buying a home in Wichita, the ballpark figure for closing costs is between 2% and 5% of the total loan value. The average cost of a home in Wichita is about $197,000, so closing costs are likely to range between $3,940 and $9,850.

Closing costs typically include common expenses like loan origination fees, appraisal fees, and title insurance. The exact amount of these costs is influenced by a variety of factors, from the property’s value to its specific location. To keep these costs in check, be proactive. Shop around, compare lenders, and don’t hesitate to negotiate fees.

The Takeaway

The mortgage market in Wichita is rich with options for anyone seeking to make a home in this vibrant community. By staying aware of current mortgage rates and taking advantage of any available assistance programs, you can make informed decisions that will help you reach your financial goals and find the home of your dreams. Whether you’re a first-time buyer or a seasoned homeowner looking to refinance, understanding the resources at your disposal and the trends in the market can help you secure the best possible mortgage rate for your situation.

View your rate

FAQ

Will mortgage rates drop in Wichita, Kansas?

Many economists predict that mortgage rates in Wichita will remain fairly consistent through 2026. However, it’s impossible to know for sure. Working on your financial readiness for home ownership will give you a leg up when the moment is right. While watching macroeconomic factors like inflation and Treasury bond prices can help you get a sense of how rates might trend, being prepared is just as important, if not more so.

Will mortgage rates ever return to normal?

Although mortgage rates have gone up since the lows of the Covid-19 pandemic, they’re significantly lower than the peaks we saw in earlier decades. That suggests that for experienced homebuyers, today’s rates may be “normal” looked at historically. For most would-be homebuyers, focusing on assessing and improving their financial standing is probably more productive than simply waiting for lower average mortgage rates.

How do I lock in a mortgage rate?

Once you find a favorable rate from a lender you like and are ready to start finalizing your home purchase, you can request a rate lock from the lender. The lock guarantees that your offered rate will not change for a specified period, typically 30 to 60 days. Keep in mind that a small fee may be involved.

How do mortgage interest rates operate?

Mortgage interest is the fee you pay to your lender for loaning you your mortgage. It’s usually calculated as a percentage of your total loan amount. In the early years of your loan, interest can make up a significant chunk of your monthly payment (which pays back both the interest and the money you borrowed). If you have a shorter loan term – 15 years rather than 30, say – you will pay higher monthly premiums but less interest over the life of your loan.

Compare mortgage rates in Asheville, KY.

Introduction to Asheville Mortgage Interest Rates

This comprehensive guide on mortgage rates in Asheville, North Carolina is designed to help you understand how home loan rates in Asheville are determined, and, more importantly, how you can secure the lowest possible mortgage rate available to you. As homeowners and homebuyers in Asheville recover from 2024’s devastating Tropical Storm Helene, home prices are trending upward and many families are still seeking to buy. We’ll provide practical, actionable tips for finding the best possible deal on your mortgage, ensuring you make an informed decision that suits your specific needs. The first step is to understand the multiple factors large and small that affect what mortgage rate a lender might offer you.

Where Mortgage Rates Come From

Particularly if you are buying your first home, you may benefit from a brief explanation of how mortgage rates are determined. The factors that influence the rate you’ll be offered are roughly divided into two buckets: external market factors and borrower-specific ones.

The type of mortgage loan term you choose also contributes to the interest rate you’re offered — we’ll explore the more common types below.

See how your debts may affect your mortgage.

Use SoFi’s debt-to-income calculator to determine your personal DTI number.

How Interest Rates Affect Home Affordability

Mortgage rates can significantly impact the purchasing power of homebuyers in today’s market. To put this into perspective, let’s say you’re looking at a $400,000 loan. At a 6.50% interest rate, your monthly payment would be about $2,528. But if that rate were to increase to 7.00%, your payment would jump to $2,661. Over the life of a 30-year loan, you’d save almost $48,000 in interest payments by securing the lower rate. Below are more examples for that same $400,000 loan, so you can see how rate and term might impact your spending.

Asheville Mortgage Rate Trends

Historical U.S. Mortgage Rates

As you’re shopping for a home and mortgage in Asheville, it helps to have perspective on the history of mortgage rates in the area. While it’s true that rates have risen since hitting a historic low in 2021, they are still well below the peaks of previous decades.

To get some perspective on what “high” and “low” rates have looked like over the last half-century, consider the graph below. The chart shows how North Carolina’s average rate has compared to the national average in recent decades — as you can see, the state rate is often just below or the same as the national one. (The Federal Housing Finance Agency stopped compiling this data after 2018.)

Types of Mortgages Available in Asheville

For a conventional mortgage in Asheville, a credit score of 620 or above is usually the ticket to financing your dream home. In 2024, the average homebuyer credit score was 758, according to Experian®. But don’t let that scare you. Exploring options like FHA and VA loans can open doors to more flexible terms. Here are some of the most common types of home loan available to buyers in Asheville.

Should You Wait for Interest Rates to Drop?

If you’re thinking about buying a home in Asheville, you might be wondering if you should bide your time until mortgage rates go down. The truth is, most financial experts are predicting that mortgage rates will remain fairly stable in the near future. According to Fannie Mae, the average mortgage rate is expected to be around 6.3 percent by the end of 2025. Of course, you can do a mortgage refinance if rates do happen to go down noticeably in the future.

The cost of Living in Asheville

When considering home ownership, it’s important to factor in the cost of living in the area. The cost of living in Asheville as a whole helps determine how you fit mortgage payments into your budget. The chart below shows how Asheville compares to other North Carolina cities on an index where 100 equals the average cost of living in the U.S.

Recommended: Average Monthly Expenses for One Person

Get Your Best Possible Rate in Asheville

To secure the best mortgage rates in Asheville, it’s important to focus on improving your credit score, as this can lead to significantly lower rates. Reducing your debt-to-income (DTI) ratio is also beneficial, and you should aim for 36% or below. Increasing your down payment can also help to reduce the overall loan amount and secure a better interest rate.

Lenders will also consider your income stability and assets when you apply. Going through the mortgage preapproval process can be valuable, helping you to lock in a budget, and exploring different types of mortgages, such as adjustable-rate mortgages, might offer lower initial rates. Finally, consider government-backed loans for potential additional savings.

Helpful Tools & Calculators

A mortgage calculator can help you estimate your monthly payment for your home in Asheville. But it’s not the only useful tool you’ll find helpful in your homebuying process. These are three of our favorites:

How to Evaluate Loan Offers in Asheville

A competitive mortgage rate is your ticket to long-term savings. Even the smallest difference can add up to significant financial benefits. When you’re weighing your mortgage options in Asheville, be sure to compare interest rates and fees from a selection of lenders. Don’t just compare interest rates. The annual percentage rate (APR) is your friend here, as it factors in fees, closing costs, and discount points. Once you’ve found an offer that feels like a good fit, consider locking in your rate for up to 90 days — usually a fee is required, but it may be worth it to hold on to a great rate.

Asheville Mortgage Resources

North Carolina has a variety of programs, including down payment assistance programs, available for homebuyers who have limited resources, as well as those who qualify as a first-time homebuyer. The NC Housing Finance Agency (NCHFA) offers a few different programs, including the NC Home Advantage Mortgage, which offers a 30-year fixed rate and up to 3% down payment assistance. The NC 1st Home Advantage Down Payment program offers eligible homebuyers up to $15,000 for down payments as a 0% deferred second mortgage. Explore these programs as well as local programs in the Asheville area (search for “homebuyer assistance program Asheville”).

Recommended: The Best Affordable Places in the U.S.

Closing Costs in Asheville

As you’re budgeting for home-buying, don’t forget closing costs. They typically range from 2% to 5% of the loan value, but this can vary based on the property’s price and location. For instance, a $300,000 home could mean $6,000 to $15,000 in closing costs. These costs cover a variety of services, from loan origination to appraisals and title insurance. In a soft market, you can try to reduce these costs by negotiating with the seller to cover some of them, but in Asheville’s moderately competitive market, that may not yield results right now.

The Takeaway

Asheville’s mortgage landscape offers something for everyone. By keeping tabs on current mortgage rates in Asheville and exploring assistance programs, would-be homeowners can make strategic decisions that align with their financial goals. Whether you’re a first-time buyer or a seasoned homeowner, understanding the different types of mortgages, such as fixed-rate, adjustable-rate, FHA, and VA loans, and working with a trusted lender can help you find the best fit for your needs.

View your rate

FAQ

How do I qualify for a VA loan in Asheville, North Carolina?

If you’re active-duty military, a veteran, reservist, National Guard member, or a surviving spouse, you may be eligible for a VA loan. To find out if you can apply for a VA loan, you’ll need to request a VA Certificate of Eligibility through VA.gov or a lender that handles VA loans. VA loans often offer lower rates and no down payment, so it’s worth checking eligibility if you have served your country.

What’s the median home price in North Carolina?

In February 2025, the median home sale price in North Carolina was $367,500, up 1.8% year-over-year.

Will mortgage rates drop in Asheville, North Carolina?

No one can predict with certainty what will happen to mortgage rates in Asheville, North Carolina or anywhere else. But if you keep an eye on the 10-year U.S. Treasury Note, its price can often provide some sense of the direction that mortgage rates will be headed.

Is it a good time to buy a house in Asheville, North Carolina?

Whether or not now is a smart time to purchase a home in Asheville, North Carolina depends as much on whether you can find a home you love (and that you can afford) in this somewhat competitive market as it does on mortgage rates. Each buyer is different, and you’ll need to balance how strong your urge is to move (or to start building equity vs. renting), as well as budget concerns, to make your own decision.

Compare mortgage rates in Charlotte.

Introduction to Charlotte Mortgage Interest Rates

Where Mortgage Rates Come From

Mortgage rates are greatly influenced by the economy and financial markets. In particular, the bond market, including the 10-year U.S. Treasury Note, is a primary determinant of mortgage interest rate trends. When the T note goes up, mortgage rates are typically also on the rise.

The housing market can also impact mortgage rates. In a sluggish housing market, rates might be lowered to encourage home buying and lending. Inflation and unemployment rates also have an impact on mortgage rates in North Carolina. These rates can affect the cost of lending and the stability of the economy in the state.

For homebuyers, the important thing is to understand that mortgage rates aren’t arbitrary numbers. By keeping an eye on the headlines about the economy and interest rates, you can become more attuned to when rates are about to make a move.

See how your debts may affect your mortgage.

Use SoFi’s debt-to-income calculator to determine your personal DTI number.

How Interest Rates Affect Home Affordability

Mortgage rates play a pivotal role in the overall affordability of a home loan. Let’s break it down: If you have a $400,000 loan at a 6.50% interest rate for a 30-year term, your monthly payment would be around $2,528. But if that rate creeps up to 7.00%, your monthly payment jumps to $2,661.

That’s not a huge jump. But over 30 years, that 0.50% difference equates to nearly $48,000 in savings for the borrower who secured the lower rate. This is why understanding mortgage rates is key to smart budgeting and financial planning when purchasing a home.

For you visual learners, the chart below shows how interest rates and repayment terms impact the monthly payment and total interest paid on a $300,000 fixed-rate mortgage.

Charlotte Mortgage Rate Trends

Historical U.S. Mortgage Rates

If the recent history of mortgage interest rates feels like a rollercoaster, you’re onto something. Rates dipped to a historic low of under 3.00% in 2021. More recently, rates have been on the rise, though they’re currently on par with the historical average.

The table shows you how North Carolina rates closely follow the national average, often a bit lower. (The Federal Housing Finance Agency stopped compiling this data after 2018.)

Should You Wait for Interest Rates to Drop?

If you’re thinking about buying your first home in Charlotte, you might be wondering if waiting for mortgage rates to fall is a good idea. Current forecasts suggest that mortgage rates in Charlotte will stay fairly steady in the near future. The average rate is projected to end 2025 at about 6.30%. While waiting for a potential decrease could save you some money on interest, it’s important to consider the opportunity cost and the current state of the housing market before making a decision.

If you do decide to move forward with a purchase, remember that you can always take advantage of lower rates later on with a mortgage refinance.

Cost of Living in Charlotte, North Carolina

The average home value in Charlotte was just under $400,000 in spring of 2025. That’s considerably higher than the state average of $332,000, and even higher than the national average of $361,000. However, at 98.9, the overall cost of living in Charlotte is below the national average. This can help homebuyers fit a mortgage payment into their budget.

Here’s how the overall cost of living in Charlotte compares to other North Carolina cities on an index where 100 equals the average cost of living in the U.S.

Recommended: The Best Affordable Places in the U.S.

How to Get Your Best Possible Rate in Charlotte

To secure the best mortgage rates in Charlotte, there are a few things you can do:

•   Focus on improving your credit score, which can make you a more attractive borrower in the eyes of lenders.

•   Work to decrease your debt-to-income (DTI) ratio, aiming for no higher than 36%.

•   If possible, increase your down payment to reduce the loan amount needed and, potentially, your interest rate.

•   A steady income and robust assets also reassure lenders and strengthen your application.

•   Consider going through the mortgage preapproval process to get a sense of your monthly payment early on.

•   Explore different types of mortgages, such as adjustable-rate mortgages (ARMs) and government-backed loans, which may offer better rates.

•   Compare offers from multiple lenders to find the best mortgage rates available in Charlotte.

Tools & Calculators

Mortgage calculators are a great way to estimate your monthly payments and get a feel for the total interest costs over the life of the loan. These user-friendly tools can help you understand the impact of different mortgage rates in Charlotte on your overall budget and financial planning.

Types of Mortgages Available in Charlotte

Here in Charlotte, you’ve got a range of mortgage options to consider. Conventional mortgages are the go-to for many, with an average homebuyer credit score of 758 in 2024. But if you’re not quite there yet, FHA loans offer a more flexible credit requirement and attractive low down payment options. And let’s not forget VA loans, which come with the significant benefit of no down payment for those who qualify.

How to Evaluate Loan Offers in Charlotte

Securing a competitive mortgage rate is key to your financial well-being. Even half a percentage point can equate to substantial savings over the loan’s lifetime. By comparing interest rates and fees from multiple lenders, you’re positioning yourself to make an informed decision.

It’s the annual percentage rate (APR) that tells the whole story, factoring in fees, closing costs, and discount points. Once you’ve found a loan offer that resonates, you can opt to pay a fee to the lender to lock in your rate for up to 90 days, shielding you from potential rate hikes.

Charlotte Mortgage Resources

North Carolina is your ally in the quest for homeownership, offering a wealth of resources and programs tailored to first-time buyers or those with financial constraints. The North Carolina Housing Finance Agency (NCHFA) is a prime example, with the NC Home Advantage Mortgage at the forefront. This initiative presents a 30-year fixed-rate mortgage and up to 3% in down payment assistance. Moreover, the NC 1st Home Advantage down payment assistance program extends a generous $15,000 in down payment help, structured as a 0% interest deferred second mortgage.

Closing Costs in Charlotte

If you’re buying in Charlotte, you can expect to pay between 2% and 5% of the loan amount in closing costs. With the average home value in Charlotte just under $400,000, that’s about $8,000 to $20,000. The final amount will depend on the property’s value and location. It’s important to be aware of these expenses and budget for them, as they can have a big impact on your overall financial commitment. Here’s how some of the costs break down:

•   Abstract and recording fees. Related to summarizing the title search.

•   Application fee. Some lenders charge to process your loan application.

•   Appraisal and survey fees. Usually in the $300 to $600 range, but could be higher, depending on the home, its location, and other factors.

•   Credit reporting, underwriting, and origination fees. The lender may charge $10–$100 per applicant to check their credit score. Underwriting fees (often in the $300 to $750 range) may also be added to closing costs. Origination fees can be about 0.5% to 1% of your loan’s value and cover the costs of the lender creating your loan documents.

•   Flood certification fee. The lender may require a flood certification, which states the flood zone status of the property.

•   Title search and title insurance fees. A title search is done to see if there are any other claims on the property in question; usually in the $75 to $200 range. The lender often requires title insurance as a protection; this one-time fee costs between 0.1% and 2% of the sale price.

The Takeaway

The mortgage landscape in Charlotte, North Carolina is as varied as the neighborhoods you’re considering. By staying informed about current mortgage rates and exploring local assistance programs, you can take the first steps to buying, or refinancing, a home in the Queen City. Whether you’re a first-time buyer or a homeowner looking to refinance, understanding the different types of mortgages available and the various factors that influence mortgage rates in North Carolina can be invaluable in helping you secure the best possible loan terms.

View your rate

FAQ

Will mortgage rates drop in Charlotte, North Carolina?

While we can’t predict the future, keeping an eye on economic shifts and the Federal Reserve’s decisions can give you a leg up on what’s to come. When rates on the 10-year U.S. Treasury Note rise, mortgage rates may be headed up as well.

Will mortgage rates ever go back to normal?

Mortgage rates always ebb and flow. While we may not see a return to the rock-bottom rates of the post-2007 era, we can hope for stability. And current predictions are for rates to remain steady through 2025 and into 2026.

Will Charlotte, North Carolina home prices ever drop?

The Charlotte housing market is influenced by a number of factors, including the state of the economy both locally and nationally, and the balance of supply and demand. While it’s difficult to predict the exact direction of home prices due to the inherent volatility of the market, a real estate agent with local knowledge may be able to help you assess where prices are headed.

Is it a good time to buy a house in Charlotte, North Carolina?

Deciding whether to buy a house in Charlotte depends significantly on your personal financial readiness. That said, Charlotte is a prime spot for first-time homebuyers, with a burgeoning economy and a wealth of job prospects. Plus, there are programs like the NC Home Advantage Mortgage to lend a hand.