Compare Current Mortgage Rates in Wichita County
If you are exploring home purchase or refinance options in Wichita Falls, Burkburnett, Electra, Iowa Park, Lakeside City, or nearby areas, start by checking today’s mortgage rates. With many loan types available, you can find the right monthly payment and term to make your homeownership plans possible.
Get a quoteThe interest rates, APRs, points, and estimated monthly payments listed below are current as of today but can change anytime. These estimates assume a FICO® Score of 780 or higher and the required down payment shown for each loan type. They also assume the property is a single-family home used as your primary residence, and that you may buy up to one mortgage discount point to lower the interest rate. Talk to a local mortgage loan officer to learn how discount points can work for you.
Purchase Mortgage Rates
Conventional Fixed-Rate Loans
A conventional fixed-rate mortgage offers a steady interest rate and predictable monthly payments for terms of 15, 20, or 30 years. Buyers usually make a down payment between 3% and 20%. If your equity is low, you might need private mortgage insurance. Your approval will depend on factors such as credit history, property appraisal, and available funds for closing.
Conforming Adjustable-Rate Mortgage (ARM) Loans
Adjustable-rate mortgages (ARMs) begin with lower interest rates compared to fixed-rate options. Monthly payments are smaller at first but can change over time as rates adjust. ARMs are best for borrowers who expect to move or refinance within a few years, or who are comfortable with possible payment changes later.
Federal Housing Administration (FHA) Loans
FHA loans, backed by the Federal Housing Administration, are designed for borrowers with modest credit or limited savings. They require as little as 3.5% down. You’ll need to pay upfront and annual mortgage insurance premiums, but these loans make it easier for many first-time buyers to qualify.
Veterans Affairs (VA) Loans
VA loans, guaranteed by the U.S. Department of Veterans Affairs, help qualified veterans, active-duty service members, and surviving spouses buy homes with no down payment and no mortgage insurance. They often come with lower interest rates and easier approval standards than conventional loans.
Jumbo Loans
Jumbo mortgages are for homes that exceed the conforming loan limits. These loans let buyers finance high-value properties but require stricter qualification standards. Borrowers typically need larger down payments, excellent credit, and may face slightly higher interest rates.
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Refinance Mortgage Rates
Conventional Fixed-Rate Loans
Refinancing with a conventional fixed-rate loan offers stable payments and predictable interest rates. Homeowners often need at least 20% equity to avoid private mortgage insurance. Appraisal value, credit score, and closing funds all influence your rate and approval.
Conforming Adjustable-Rate Mortgage (ARM) Loans
ARM refinance loans start with a lower interest rate that adjusts after an initial period. They’re suitable for homeowners who plan to pay off the loan quickly or are comfortable with rate changes. ARMs can reduce short-term costs but may rise later depending on the market.
Federal Housing Administration (FHA) Loans
FHA refinancing is a flexible choice for borrowers with less equity or lower credit. These government-backed loans offer competitive rates and easier approval. Mortgage insurance is required for the life of the loan but makes refinancing accessible to many homeowners.
Veterans Affairs (VA) Loans
VA refinance programs allow eligible veterans and service members to lower payments, pay off debt, or switch from adjustable to fixed rates. With no down payment and no mortgage insurance, VA refinancing remains one of the most cost-effective options.
Jumbo Loans
Jumbo refinance loans help homeowners with high-value properties access equity or adjust loan terms. They have stricter credit and income requirements but are ideal for large loans that exceed conforming limits.
Frequently asked questions about mortgage rates
1. How can I get the lowest mortgage rate?
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2. Do mortgage rates change daily?
3. What is the benefit of choosing a fixed-rate loan?
4. Are FHA and VA loans only for first-time buyers?
5. When should I refinance my mortgage?
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