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Dodge monthly mortgage insurance premiums (PMI) completely and secure the standard conventional baseline.
Explore programs requiring as little as 3% down conventional or 3.5% FHA, helping you buy sooner.
Optimize your existing debt service, lower your interest rate, or secure cash-out equity restructure.
Department of Veterans Affairs purchase loans offering 0% down payment and no monthly PMI for military.
Lock in lower interest rates with a 15-year fixed loan term to build massive equity quickly.
Finance non-owner occupied rental acquisitions or multi-unit house hacking with competitive investor pricing.
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Current Local Mortgage Rates
Sorted by lowest conforming purchase rate
Requires veteran or military eligibility
Loan amount is under conforming limits
| Loan Program | Today's Rate / APR | Points | Est. Payment | Action |
|---|---|---|---|---|
| Conventional 30-Yr FixedConforming | 7.034%APR 7.075% | 0 pts$0 | $1,497/moP&I $1,497 · MI $0 | See details |
| FHA 30-Yr FixedConforming | 6.082%APR 6.856% | 0 pts$0 | $1,485/moP&I $1,380 · MI $105 | See details |
| VA 30-Yr Fixed Doesn't Apply | — | — | — | Ineligible |
| Jumbo 30-Yr Fixed Doesn't Apply | — | — | — | Ineligible |
| 15-Year Conforming FixedConforming | 6.289%APR 6.349% | 0 pts$0 | $1,386/moP&I $1,386 · MI $0 | See details |
| Refinance 30-Yr FixedConforming | 7.068%APR 7.110% | 0 pts$0 | $1,502/moP&I $1,502 · MI $0 | See details |
| Investment Property FixedConforming | 7.625%APR 7.737% | 0 pts$0 | $1,587/moP&I $1,587 · MI $0 | See details |
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Compare all 26 pre-computed scenario benchmarks
Scenario Program | Down Pct | Credit score | Today's Rate | APR | Points | P&I Payment | 3-Yr Metric Cost |
|---|---|---|---|---|---|---|---|
15-Year Conforming Purchase | 20% | 740 credit score | 6.289% | 6.349% | 0 pts ($0) | $1,928/mo | $39,671 |
15-Year Rate/Term Refi | 0% | 740 credit score | 6.250% | 6.310% | 0 pts ($0) | $2,403/mo | $54,737 |
Condo 10% Down | 10% | 720 credit score | 7.255% | 7.430% | 0 pts ($0) | $1,722/mo | $60,538 |
Conventional 10% Down | 10% | 720 credit score | 6.839% | 7.003% | 0 pts ($0) | $1,651/mo | $57,374 |
Conventional 20% Down | 20% | 740 credit score | 7.034% | 7.075% | 0 pts ($0) | $1,497/mo | $46,599 |
Conventional 5% Down | 5% | 700 credit score | 7.225% | 7.716% | 0 pts ($0) | $1,812/mo | $63,660 |
Conventional Cash-Out Refi | 0% | 740 credit score | 7.479% | 7.523% | 0 pts ($0) | $1,956/mo | $67,477 |
Conventional High Balance | 10% | 740 credit score | 6.884% | 6.900% | 0 pts ($0) | $1,659/mo | $56,203 |
Conventional HomeReady 3% | 3% | 660 credit score | 6.852% | 7.233% | 0 pts ($0) | $1,782/mo | $64,390 |
Conventional Rate/Term Refi | 0% | 740 credit score | 7.068% | 7.110% | 0 pts ($0) | $1,878/mo | $64,002 |
FHA 15-Year Fixed 3.5% Down | 3.5% | 680 credit score | 5.936% | 6.686% | 0 pts ($0) | $2,313/mo | $55,149 |
FHA 3.5% Down | 3.5% | 680 credit score | 6.082% | 6.856% | 0 pts ($0) | $1,665/mo | $58,581 |
FHA Streamline (Excellent Credit) | 0% | 740 credit score | 5.936% | 6.686% | 0 pts ($0) | $1,698/mo | $59,454 |
FHA Streamline Refi | 0% | 640 credit score | 6.276% | 7.054% | 0 pts ($0) | $1,761/mo | $62,369 |
House Hacking Conforming 5% | 5% | 680 credit score | 7.148% | 7.399% | 0 pts ($0) | $1,798/mo | $65,439 |
Investment 15-Year Fixed 25% Down | 25% | 740 credit score | 5.820% | 5.855% | 0 pts ($0) | $1,754/mo | $34,335 |
Investment Property 25% Down | 25% | 740 credit score | 7.625% | 7.737% | 0 pts ($0) | $1,488/mo | $47,435 |
Jumbo Conforming | 20% | 760 credit score | 7.125% | 7.159% | 0 pts ($0) | $1,511/mo | $47,214 |
Jumbo Elite Premium 10% Down | 10% | 760 credit score | 6.712% | 6.741% | 0 pts ($0) | $1,630/mo | $49,976 |
Lower Credit FHA 3.5% | 3.5% | 580 credit score | 6.445% | 7.226% | 0 pts ($0) | $1,730/mo | $61,586 |
Second Home 10% Down | 10% | 720 credit score | 6.083% | 6.663% | 0 pts ($0) | $1,526/mo | $51,634 |
Second Home 20% Down | 20% | 740 credit score | 6.884% | 6.900% | 0 pts ($0) | $1,474/mo | $45,585 |
VA 0% Down | 0% | 700 credit score | 6.086% | 6.334% | 0 pts ($0) | $1,733/mo | $57,356 |
VA Cash-Out Refi | 0% | 640 credit score | 6.090% | 6.463% | 0 pts ($0) | $1,733/mo | $57,390 |
VA IRRRL Streamline Refi | 0% | 640 credit score | 6.108% | 6.264% | 0 pts ($0) | $1,737/mo | $57,545 |
VA Military 10% Down | 10% | 720 credit score | 6.067% | 6.143% | 0 pts ($0) | $1,542/mo | $48,797 |
Frequently Asked Questions
What are today's mortgage rates in 40508, Lexington-Fayette Urban County, KY across different loan programs?
Today's benchmark conventional 30-year fixed mortgage rate in 40508, Lexington-Fayette Urban County, KY is 7.034% (with an estimated monthly payment of $1,431). Active program rates also include FHA 30-year fixed loans at 6.082% and VA 0%-down fixed loans at 6.086%. These rates are calibrated daily by Safe Rate's pricing engine matching active local market conditions.
What is the recent mortgage rate trend in 40508, Lexington-Fayette Urban County, KY?
Mortgage rates have shown typical daily fluctuations driven by inflation data and bond yields. Over the past 90 days, conventional 30-year fixed rates in 40508, Lexington-Fayette Urban County, KY have fluctuated between a low of 6.922% and a high of 7.180%. You can track these daily movements by using the 90-day rate history and trajectory chart featured on this page.
Is an FHA or Conventional loan more cost-effective in 40508, Lexington-Fayette Urban County, KY?
Choosing between FHA and Conventional depends on your down payment budget and credit score. For a typical home priced at $280,307 in 40508, Lexington-Fayette Urban County, KY, a standard 20%-down Conventional loan requires an upfront cash down payment of $56,061 but keeps your monthly payment lower at $1,431/mo (at 7.034% interest) with no monthly PMI. In comparison, an FHA loan requires only $9,811 (3.5% down) but has an estimated payment of $1,592/mo (at 6.082% interest) due to mandatory FHA mortgage insurance (MIP). Local Nuance: The typical local FHA loan amount of $270,496 falls comfortably within the local HUD FHA loan limit of $524,225 (1-unit), making FHA financing an exceptionally accessible, high-leverage entry point into the market.
What is the maximum conforming loan limit in 40508 before needing a Jumbo loan?
The 2025 conforming conventional loan limit for a 1-unit property in 40508 is $806,501. With a typical local home value of $280,307 in Lexington-Fayette Urban County, a standard 20%-down mortgage requires a loan size of $224,246. Because this is within the $806,501 conforming threshold, buyers can easily qualify for standard conforming conventional financing with competitive rates.
How does the median home value in 40508, Lexington-Fayette Urban County, KY impact estimated mortgage payments?
The median home value in 40508, Lexington-Fayette Urban County, KY is estimated at $280,307. Buying a typical home here with a standard 20% down payment ($56,061) translates to an estimated starting monthly mortgage payment of $1,431 (principal and interest). Compared to the local area median household income of $39,946 ($3,329/mo), this basic housing payment represents approximately 43.0% of gross monthly household income. Because this housing cost exceeds the standard 36% lender DTI guideline, buyers in this high-value area may need larger down payments, lower debt balances, or co-borrower income to qualify.