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Hot Springs

Current Mortgage Rates in Hot Springs, Arkansas

Compare mortgage rates and fees for leading lenders in Hot Springs, AR. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lender offering the best mortgage rates in Hot Springs.

We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Hot Springs. Plus, shopping lenders is free and there is no obligation.

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Mortgage Rates in Hot Springs, AR as of September 24, 2020
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Data provided by Brown Bag Marketing, Inc. Payments do not include amounts for taxes and insurance premiums. Read through our lender table disclaimer for more on rates and product details.
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How Do Today's Hot Springs, AR Mortgage Rates Compare?

September 24, 2020

The current average rate for a 30 year fixed rate mortgage in Hot Springs is A.AAA%, the rate for a 15 year fixed rate mortgage is B.BBB% and the rate for a 5/1 adjustable rate mortgage (ARM) is C.CCC%

Mortgage Program
Today's
Hot Springs, AR Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.650%
15 Year Fixed Rate
B.BBB%
3.090%
5/1 Adjustable Rate Mortgage
C.CCC%
3.390%

How Affordable is Housing in Hot Springs, Arkansas?

Below we provide helpful information on the real estate market, home prices and housing affordability in Hot Springs. Understand how much you need to earn to afford a home in Hot Springs, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Hot Springs fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Hot Springs is right for you.

The median home value for Hot Springs, AR (Garland County) is $154,784

Based on current mortgage rates and a 10% down payment, you need to make $27,857 per year to buy the median priced home in Hot Springs

With this income, you could qualify for a $139,306 mortgage, assuming your monthly debt expense is reasonable

Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Hot Springs is $645

The median household income for Hot Springs, AR (Garland County) is $43,949

Based on this income, you can afford a home valued at approximately $244,196

The home price you can afford to buy based on household income in Hot Springs is 158% of the median home value which means housing prices are average. Hot Springs (Garland County) ranks 74 out of 75 counties in Arkansas and 2,404 out of 3,142 counties in the United States for housing affordability.

According to the FREEandCLEAR Housing Affordability Index, the housing market in Hot Springs, AR is average

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Loan Limits for Hot Springs, Arkansas

Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Hot Springs (Garland County) below.

Conforming loan limits for Hot Springs, AR

1 unit: $510,400
2 units: $653,550
3 units: $789,950
4 units: $981,700

FHA loan limits for Hot Springs, AR

1 unit: $331,760
2 units: $424,800
3 units: $513,450
4 units: $638,100

VA loan limits for Hot Springs, AR

1 unit: $510,400

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