Mortgage Rates in Kenya 2026: 28 Banks Compared, Best at 9%

Updated 10 November 2026

Average mortgage rates in Kenya run from about 9% a year to almost 27%, depending on the bank, according to figures 28 banks disclose on the Kenya Bankers Association’s Total Cost of Credit portal. Co-operative Bank (9.0%) and NCBA (9.6%) show the lowest averages, followed by a cluster of large banks between 13.5% and 14.4%.

Checked on 10 November 2026 on the KBA Total Cost of Credit portal, Mortgages column of the average interest rate report. Each bank’s own update date is in the table. Your rate depends on your income, deposit and the bank’s assessment.

Mortgage rates in Kenya: all 28 banks

Source: KBA Total Cost of Credit portal, average interest rate report (Mortgages column), read 10 Nov 2026. Dates are day-month-year as filed by each bank. Rates are averages the banks file; your own rate depends on your risk profile, so ask for a written quote.

What the mortgage rates in Kenya mean

Each figure is the average rate a bank reports for its mortgage book on the portal. Banks quote it as a reference rate plus a premium. Most use the Central Bank Rate, which the portal shows at 8.75%. Five lenders, including Co-op Bank and Stanbic, use KESONIA, the overnight interbank benchmark the Central Bank now publishes. Our KESONIA explainer shows how it moves.

• Lowest: Co-operative Bank at KESONIA plus 0.25 points, an average of about 9.0%, and NCBA at CBR plus 0.85 points, or 9.6%.
• Big banks: Guaranty Trust 13.5%, Absa 13.59%, KCB 13.7%, Bank of Baroda 13.8%, Prime 14.0%, National Bank 14.26%.
• Middle: Standard Chartered 15.27%, Stanbic 15.44%, DTB 15.56%, I&M 16.68%, Equity 17.41%.
• Highest: HFC 18.95%, Kingdom Bank 20.37%, Guardian Bank 21.46% and SMEP Microfinance Bank 26.75%.

An average hides a range. A bank can lend to one borrower near its floor and to another well above it, based on the loan size, the deposit and how stable the income is. A very low average can also reflect a small book or a special scheme, so treat it as a reason to ask for a quote, not a promise.

What a mortgage costs per month at these rates

On a KSh 6 million loan over 20 years, the monthly repayment on a standard reducing-balance mortgage is about:

Moving from 18.95% to 13.7% saves more than KSh 23,000 a month on that loan. Run your own numbers with our mortgage calculator, then test whether buying beats renting with the rent vs buy calculator.

How to get a better mortgage rate in Kenya

1. Get quotes from three banks. Use the table to pick a low-cost bank, the bank that pays your salary and one specialist lender.
2. Ask for the total cost of credit. The same portal has a calculator that shows a bank’s total cost of credit for a sample loan, including fees and charges, not just the interest rate.
3. Put down more. A bigger deposit lowers the bank’s risk and the loan you pay interest on.
4. Check KMRC-backed loans. Banks and SACCOs that refinance through the Kenya Mortgage Refinance Company offer fixed-rate loans for qualifying homes.
5. Claim the tax relief. Our mortgage interest relief guide explains the KRA rules.
6. Compare a SACCO. See our SACCO mortgage guide, and our diaspora mortgage guide if you live abroad.

Then add the one-off costs: stamp duty of 4% in a municipality, registration and legal fees. The land transfer cost calculator totals them. The full step-by-step process is in how to get a mortgage in Kenya, and our real estate hub brings all the tools together.

Why mortgage rates in Kenya differ so much

Three things explain most of the gap between banks. The first is what the bank pays for its own money: lenders with many cheap current and savings accounts can price home loans lower than banks that rely on expensive fixed deposits. The second is the type of borrower each bank targets. Banks that lend mainly to salaried staff of big employers, with the salary paid into the same bank, see fewer missed payments and can charge less. The third is the size of the book. A bank with only a handful of mortgages can report an average that swings a lot when a few loans are added or repaid.

Because most loans are variable, your rate can also change after you sign. When the Central Bank cuts or raises its rate, or KESONIA moves, banks adjust the rate on existing loans after giving notice. Ask the bank how it sets your premium, whether the premium itself can change, and how much notice it gives before a change.

Frequently asked questions

Which bank has the lowest mortgage rates in Kenya?

On the KBA cost-of-credit portal checked on 10 November 2026, Co-operative Bank showed the lowest average mortgage rate at about 9.0%, followed by NCBA at 9.6%. Among other large banks, Guaranty Trust, Absa and KCB averaged between 13.5% and 13.7%.

What is the average mortgage rate in Kenya?

Across the 28 banks on the portal, the median average rate is about 16.2%. HassConsult’s Q3 2026 report notes that the average commercial bank lending rate on all loans was 14.4% in September 2026, using Central Bank data.

Are mortgage rates in Kenya fixed or variable?

Most bank mortgages are variable and move with the Central Bank Rate or KESONIA. Fixed-rate loans are available through lenders that refinance with KMRC, for homes that meet its price and income limits.

How often are these rates updated?

Banks update their own figures on the portal at different times; the table shows each bank’s date. We check the portal and refresh this page regularly.