Kansas City, Kansas Mortgage Refinance Interest Rates
Discover the latest mortgage interest rates to make informed decisions about your home refinancing.
Average mortgage rates in Kansas City, Kansas
15-Year Fixed
5.35%from 5.33% last week
0.02%30-Year Fixed
6.23%from 6.20% last week
0.03%30-Year Fixed Jumbo
6.65%from 6.60% last week
0.04%Interest rate over time in Kansas City, Kansas
Daily refinance averages provided by the Mortgage Research Center.
Compare mortgage rates in Kansas City, Kansas
Showing results for: 15-Year Fixed refinance offers for Single Family or Townhome properties in KS, total loan amount of $228,000.
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Rate data provided by RateUpdate.com. Displayed by ICB, a division of Mortgage Research Center, NMLS #1907, Equal Housing Opportunity. Rates and fees are estimates and subject to change without notice. Payments do not include taxes and insurance premiums. Actual payments may be higher. Not all lenders participate in this marketplace. Loan availability and terms may vary by state and lender. Lender offers, including badges like “Lowest APR” or “Lowest Payment,” are based only on results displayed here and may not reflect the absolute lowest offer available in the market. Rate and product details
Should You Refinance in Kansas City?
18.2% annual appreciation
With Kansas City's hot housing market and 18.2% annual appreciation, homeowners may have built significant equity. This could make refinancing particularly attractive, potentially eliminating PMI or accessing equity for home improvements.
Local Market Context
Kansas City, Kansas homes have a median value of $78,500, with 18.2% year-over-year appreciation. Homeowners have likely built substantial equity, creating opportunities for cash-out refinancing or eliminating PMI. Strong appreciation means better loan-to-value ratios when refinancing.
Property Tax Impact
Property taxes in Kansas City, Kansas average 1.41% of home value, which is moderate compared to the national average. When refinancing, it's important to remember that your total monthly payment includes these taxes (approximately $92 per month for a median-valued home). A lower interest rate might reduce your principal and interest payment, but your property tax portion stays the same.
Calculate Your Exact Refinance Savings
Get a personalized analysis based on your specific mortgage details, compare multiple offers, and see your break-even point.
Use Refinance CalculatorWith 18.2% Annual Home Value Growth in Kansas City, When Should I Refinance?
Kansas City's strong 18.2% appreciation rate creates excellent refinancing opportunities. If your home has appreciated significantly since purchase, you likely have substantial equity gains. Refinance when you can lower your rate by at least 0.75-1%, eliminate PMI if your loan-to-value ratio dropped below 80%, or tap into equity for high-value improvements. In hot markets like Kansas City, many homeowners build enough equity to refinance within 2-3 years of purchase, especially if they bought with less than 20% down.
How Much Equity Do I Need to Refinance My Kansas City Home?
Most lenders require at least 20% equity (80% loan-to-value) for conventional refinancing, though some programs allow refinancing with as little as 5% equity. Given Kansas City's median home value of $78,500, that means you'd need approximately $15,700 in equity. With 18.2% annual appreciation, homeowners who purchased 2-3 years ago have likely crossed the 20% threshold through both appreciation and principal paydown, making now an ideal time to eliminate PMI and secure better rates.
Should I Do Cash-Out Refinancing in Kansas City's Hot Market?
Cash-out refinancing can be strategic in Kansas City where homes are appreciating 18.2% annually. If you've built substantial equity, you can access cash while still maintaining 20% equity to avoid PMI. Popular uses include high-ROI home improvements (kitchen, bath remodels), debt consolidation at lower interest rates, or investment opportunities. However, calculate your new monthly payment including the 1.41% property tax rate on your current home value. Cash-out refis typically have slightly higher rates than rate-and-term refinances, so ensure the benefits outweigh the costs.
What Are Typical Refinancing Closing Costs in Kansas City?
Refinancing closing costs in Kansas City typically range from 2-5% of your loan amount, covering appraisal fees ($400-600), title insurance, origination fees (0.5-1% of loan), and other lender charges. On a median-priced home of $78,500, expect to pay approximately $1,884 in closing costs. Calculate your break-even point by dividing closing costs by monthly savings. If you save $200/month with $1,884 in costs, you break even in about 9 months. Consider no-closing-cost refinances if you don't plan to stay long-term.
How Does Kansas City's 1.41% Property Tax Rate Affect My Refinance Decision?
Property taxes in Kansas City average 1.41% of home value, meaning approximately $92/month on a median-valued home. When you refinance to a lower rate, remember that your principal and interest payment decreases, but your property tax portion remains constant. If you're refinancing a $78,500 home from 7% to 6%, you'll save about $140/month on P&I, but your total PITI payment reduction will be less once you factor in the unchanged property tax component. Focus on the total payment savings, not just the rate reduction.