Arkansas Mortgage Rates Top 7%, Cutting Applications 1.5% and Squeezing First-Time Buyers
Updated
Updated · KATV · Sep 29
Arkansas Mortgage Rates Top 7%, Cutting Applications 1.5% and Squeezing First-Time Buyers
3 articles · Updated · KATV · Sep 29
Summary
Mortgage applications fell 1.5% from a week earlier as Arkansas buyers faced rates above 7%, adding pressure to an already expensive housing market.
About $50 to $60 in extra monthly cost for every $100,000 borrowed is forcing some shoppers to cut their budgets by $30,000 to $50,000, according to a Little Rock realtor.
First-time buyers are feeling the squeeze especially hard, with the national average first-time buyer now nearly 40 years old versus 28 in 1991.
Arkansas agents say buyers who must relocate are still moving ahead, while others are turning to credit-score improvements, down-payment aid, seller contributions and ADFA-linked programs to manage costs.
The local strain follows a broader national jump in 30-year mortgage rates above 7%, with some measures reaching 7.58%, the highest since April 2024.