Understanding Mortgage Rates for First Time Homebuyers in Arkansas - Stone Bank
Understanding Mortgage Rates for First Time Homebuyers in Arkansas

Understanding Mortgage Rates for First Time Homebuyers in Arkansas

What are Mortgage Rates?

If you’re in the market for a new home in Arkansas or considering refinancing your current mortgage, understanding the different mortgage rates available to you is crucial.

Mortgage rates are the interest rates charged on a mortgage loan. These rates can vary depending on a number of factors, such as the type of mortgage you choose, your credit score, the size of your down payment, and the current state of the economy.

Fixed-Rate Mortgages

A fixed-rate mortgage from Stone Bank offers a stable interest rate that remains the same throughout the life of the loan. This can provide peace of mind knowing your monthly mortgage payment won’t change, even if interest rates rise.

Adjustable-Rate Mortgages

An adjustable-rate mortgage, on the other hand, has an interest rate that fluctuates based on market conditions, which can result in lower initial payments but may be riskier in the long run.


It’s also important to consider the annual percentage rate (APR), which includes not only the interest rate but also any additional fees or charges associated with the loan. This can include things like origination fees, closing costs, and mortgage insurance.

Credit Score

Your credit score is a significant factor in determining your mortgage rate. Generally, the higher your credit score, the lower your interest rate. Lenders view borrowers with a higher credit score as less risky, which can result in more favorable rates.

Stone Bank can help you navigate the process and find the best rates for your specific situation. If you’re considering buying or refinancing a house in Arkansas, our home loan team can help you understand the different types of mortgage rates available and how they can impact your monthly payments. Don’t hesitate to reach out to one of Stone Bank’s home loan experts. Contact Jason Hornsby at jhornsby@stonebank.com or call (501) 435-2064.