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Shepherdsville, KY Mortgage Rates today

Kentucky's charm, with its picturesque landscapes, rich history, and Southern hospitality, makes it an excellent choice for homebuyers. Its low cost of living and family-friendly communities are appealing. When considering a Kentucky home, be sure to compare our current rates to find the best mortgage deal for your new chapter.

If you have any questions about securing the best mortgage rates in Kentucky, please contact us today. We are here to assist you in finding the mortgage rates that best suit your needs.

Compare today's mortgage rates for Shepherdsville, KY

The mortgage rates in Kentucky are 6.875% for a 30-year fixed mortgage and 6.125% for a 15-year fixed mortgage. These rates are effective as of May 28 2024 4:30pm EST.

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6.125% RATE

6.873% APR

$3,062/mo

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Based on the assumed loan amount of $360,000 and 20% down payment

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6.875% RATE

7.326% APR

$2,365/mo

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Based on the assumed loan amount of $360,000 and 20% down payment

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6.125% RATE

7.172% APR

$2,375/mo

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Based on the assumed loan amount of $360,000 and 20% down payment

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6.500% RATE

7.734% APR

$2,275/mo

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Based on the assumed loan amount of $360,000 and 20% down payment

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6.125% RATE

6.777% APR

$2,215/mo

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Based on the assumed loan amount of $360,000 and 20% down payment

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Latest revision - May 28 2024 4:30pm EST.
We update the table twice every day with the current mortgage rates.

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Frequently Asked Questions

What is the average mortgage rate in Kentucky?

Mortgage rates in KY dictate the percentages charged by lenders for home loans and refinances. These interest rates directly impact the overall costs incurred by Kentucky homeowners in financing real estate.

What are the current mortgage rates in Kentucky?

Our website displays a table above that shows current mortgage rates in Kentucky for each loan product. We refresh these quotations twice daily to guarantee an accurate portrayal of current home interest rates.

How do Kentucky interest rates affect mortgages in the state?

In Kentucky, the interest charged determines total homeownership expenses. Higher rates lead to increased monthly payments and overall borrowing costs, whereas lower rates render property ownership more obtainable and economical for state residents.

Where can Kentucky residents find the best mortgage rates?

To find a favorable mortgage rate in Kentucky, locals ought to compare quotations, annual percentage rates, and monthly installments across the loan products detailed above. It's imperative to assess eligibility for each and consider related charges to make a well-informed choice.

How can Kentucky borrowers lock in a favorable home interest rate?

Kentucky borrowers can secure advantageous home interest rates by discussing the option to lock in the quoted percentage for a specific duration with their loan agent. By agreeing to this, borrowers can safeguard themselves from potential fluctuations in rates throughout the home-buying process.

How does the Kentucky real estate market impact mortgage rates?

The state of the real estate marketplace can impact mortgage rates in KY. Aspects like local property values, housing demand, and economic conditions play a significant role in dictating the prevailing mortgage rates within the state.

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First-Time Home Buyer Programs in Kentucky

KHC Conventional Preferred

The Kentucky Housing Corporation develops affordable mortgage plans for state residents. Their Conventional Preferred program establishes a predictable 30-year fixed-interest loan. While aspiring first-time home buyers in Kentucky take advantage of the option, others also gain access. No down payment is necessary to be considered.

That said, applicants must fund mortgage insurance to distribute expenses steadily. Relying on the financial institution, applicants sometimes finish homeowner preparation in advance of concluding contracts. For eligible buyers seeking assistance, this program presents a clear road to attainable property ownership

Program Requirements:

  • A 3% down payment can initiate the process, with assistance available.
  • Credit scores must clear 660 to be considered.
  • Debt-to-income ratios topping 40-50% depend on loan details.
  • Annual income cannot exceed 80% of the median for the area.

Property Criteria:

  • Eligible homes encompass single-family residences, townhouses, condos, and manufactured homes built on a foundation as defined by the regulating bodies.
  • Duplexes fall outside the limits.
  • The property serves as the primary domicile and conforms to KHC's $481,176 purchase limit set for the state of Kentucky.

KHC Conventional Preferred Plus 80

The Conventional Preferred Plus 80 program through Kentucky Housing Corporation offers a fixed-rate, 30-year mortgage with standard mortgage insurance coverage required. First-time home buyers KY and repeat customers are both eligible for this program.

The down payment, credit score, and DTI ratio criteria mirror those of the Conventional Preferred program. Additionally, the maximum purchase price is constrained to $481,176. However, the area median income limits diverge, fluctuating from $143,500 to $181,300, according to the latest 2023 statistics. Notably, these income caps concern only the applicant rather than the entire household.

Down Payment Assistance KY

KHC Regular Down Payment Assistance Program (DAP)

KHC provides down payment assistance to hopeful homeowners through its Regular Down Payment Assistance Program in KY. This program offers loans of up to $10,000 to qualifying applicants. The loan carries an interest rate of 3.75% and is repayable over a decade-long term (10 years).

This first-time home buyer grants KY, which presents an accessible option for all first-time mortgagors utilizing KHC's standard application process. While aspiring first-time buyers may apply, prior homeownership experience is not mandated. The maximum purchase price for an eligible home is $481,176, and applicants' cash reserves face no limits. Liquid assets also do not factor into determining a candidate's eligibility in the program.

Other Kentucky Homebuyer Programs

The below mentioned programs are for informational purposes only and may not be offered by Total Mortgage. We strive to provide comprehensive information about various mortgage assistance options available in the market. Eligibility requirements and program availability vary depending on your location, income, and loan type. We recommend you contact a Total Mortgage Loan Officer directly for details on qualification and enrollment. Check your eligibility(app.totalmortgage.com/apply?utm_source=assistance-programs)

Inclusion of a program on this website does not constitute an endorsement by Total Mortgage and does not guarantee your eligibility or approval for the program.

Home Buyer Tax Credit

As a first-time homebuyer in Kentucky, you can get a federal tax credit of up to 20% of your yearly mortgage interest—up to $2000 every year. This tax credit is called a Mortgage Credit Certificate (MCC) and makes homeownership more reasonable.

The Mortgage Credit Certificate aims to lessen the expense of acquiring real estate. Applicants must not exceed the maximum buying price of $481,176 to be considered. In addition to monetary constraints contingent on household size and region, the interest on first mortgages up to $1 million may also be deductible for three years.

Louisville Down Payment Assistance Program

All first-time and recurring homeowners in Louisville, the largest city in the state, are qualified for the down payment assistance Kentucky program. The individual chooses how much help they receive. You will receive complete funding forgiveness when you acquire and occupy the home for five to fifteen years. This offer requires that you buy a house in the Louisville metropolitan region.

The income required for home ownership through the program is dependent on household size and cannot exceed 80% of the area's median income, which ranges from $50,250 (one-person household) to $83,250 (six-person household). Additionally, one must complete an approved homebuyer education course and reserve at least $1,500 for savings.

Furthermore, constraints on purchase price fluctuate contingent on the specifications and class of the domicile. The roof is set at $235,000 for an existing standalone abode. Alternatively, a novel detached residence allows for spending up to $315,000.

FHA Loans

FHA loans, insured through the Federal Housing Administration's auspices, demand less stringent qualifications than others. Provided a credit rating hovers around 580 or above, individuals may secure an FHA loan with an initial investment constituting just 3.5 percent.

VA Loans

For active military, veterans, and surviving partners, a VA loan backed by the United States Department of Veterans Affairs arises as an especially prudent selection. Characteristically bearing reduced interest and exempting down payments entirely, these afford remarkably favorable conditions.

USDA Loans

Similarly, loans endorsed under the supervision of the United States Department of Agriculture likewise waive the necessity of an advance down payment but will constrain eligible properties to rural locales meeting area-specific prerequisites.

HomeReady and Home Possible loans

Lastly, the HomeReady and Home Possible initiatives, conceptualized respectively by Fannie Mae and Freddie Mac, specifically target novice homeowners who require just a three percent down payment while adopting more flexible income stipulations.



Today's Rates

Mortgage rates are volatile and subject to change without notice. All rates shown are for 30-day rate locks with two and a half points for a single family owner-occupied primary residence with 750 or higher FICO and 80 LTV over a 30-year loan term except where otherwise noted and are subject to mortgage approval with full documentation of income. The APR for a 30-year and 15-year conventional fixed-rate mortgage loans are calculated using a loan amount of $360,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, a $10 flood certification fee, and a $82 credit report fee.* 15-year conventional mortgage rates are calculated with a 15-year loan term.* The APR for jumbo mortgage rates is calculated using a loan amount of $500,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, $10 flood certification fee, and a $82 credit report fee.* The APR for FHA mortgage rates is calculated using a loan amount of $360,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, $10 flood certification fee, and a $82 credit report fee. Some rates and fees may vary by state.* The APR for adjustable rate mortgages (ARMs) is calculated using a loan amount of $360,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, $10 flood certification fee and a $82 credit report fee. Some rates and fees may vary by state. Products are subject to availability on a state-by-state basis. By refinancing your existing loan, your total finance charge may be higher over the life of the loan.