Oklahoma Mortgage Rates and Loan Options Compared

Oklahoma mortgage rates can be a bit overwhelming, especially with all the different loan options available. With so many choices, it's hard to know where to start.

In Oklahoma, the average 30-year fixed mortgage rate is around 4.5%. This is based on data from the past year, which shows that rates have been steadily decreasing.

For homebuyers with excellent credit, a 15-year mortgage might be a good option. These loans typically come with lower interest rates, around 3.75%.

If you're a first-time homebuyer, you may be eligible for a government-backed loan with a lower down payment requirement.

Curious to learn more? Check out: Interest Rate for Housing Loan 2018

To get the most competitive rate and mortgage terms, comparison-shopping for a mortgage is crucial. Even a 0.1 difference in an interest rate can save thousands of dollars over the life of the loan.

There are several ways to compare mortgage offers in Oklahoma. First, you can use online tools like Bankrate's mortgage rate table to easily compare personalized rates from trusted lenders. You can also compare rates and terms from several lenders by shopping around and reading reviews of mortgage lenders.

To get the best mortgage rate in Oklahoma, consider the following steps:

Comparing mortgage rates is crucial to getting the most competitive rate and terms. Even a 0.1 difference in an interest rate can save thousands of dollars over the life of the loan.

To start, it's essential to determine the right type of mortgage for your situation. Research and decide what type of mortgage might be best for you, given your finances and your short- and long-term goals.

Strengthening your credit score is also vital, as it can help you get the lowest interest rate possible. Check your credit online or with the three major credit bureaus to see which areas need work.

Calculating your home purchase budget is also crucial, even if you qualify for a larger loan. Use a mortgage calculator to figure out your monthly payments and the total cost of your loan before applying.

On a similar theme: 75 Loan to Value Mortgage Rates

To compare rates and terms from several lenders, shop around and use an online comparison tool. Consider each lender's fees, typical interest rates, and home loan types.

Here are some ways to get the best mortgage rate in Oklahoma:

By following these steps, you can ensure you're making accurate comparisons and maximizing your savings potential.

LendingTree gets paid through its network of partners, who offer loan programs to consumers.

Current 15-year fixed mortgage rates are averaging 6.39%, which is calculated using all conditional loan offers presented to consumers nationwide over the past seven days.

Not all consumers may qualify for these rates, and lender approval is required.

Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners over the past seven days for each combination of loan program, loan term and loan amount.

Oklahoma has a variety of mortgage loan options to suit different needs and financial situations.

For first-time homebuyers, the Oklahoma Housing Finance Agency (OHFA) offers two main options: Homebuyer Down Payment and Closing Cost Assistance, which provides up to 3.5 percent of the home's purchase price, and Reduced interest rates for public servants, which offers a special reduced interest rate for eligible public employees.

Some popular types of loans in Oklahoma include conventional loans, FHA loans, and VA loans. Conventional loans require a minimum credit score of 620 and a down payment of 3% to 5%, while FHA loans can be obtained with a credit score as low as 500, but require a 10% down payment. VA loans, on the other hand, do not require a down payment or mortgage insurance for eligible military borrowers.

Here are some key characteristics of conventional loans:

Oklahoma also has several special interest rate programs, including one for law enforcement officers, firefighters, teachers, state employees, and EMTs, which offers a reduced interest rate for eligible borrowers.

Conventional loans are a traditional choice, but they come with strict requirements: a minimum credit score of 620 is needed to qualify.

You can also consider FHA loans, which are more forgiving and allow borrowers with credit scores as low as 500 to qualify, although a 10% down payment is required in this case.

VA loans are designed for active duty service members and veterans, and they don't require a down payment or mortgage insurance.

Oklahoma streamline refinances are loans that let you refinance with less paperwork and documentation, but they're only available if you're refinancing from an FHA loan to another FHA loan or from a VA loan to another VA loan.

Here are some key characteristics of conventional loans:

Note that these requirements can vary depending on the lender, so it's essential to shop around and compare offers from multiple lenders.

Oklahoma offers several home loan programs to help first-time homebuyers and repeat buyers get into a home.

The Oklahoma Housing Finance Agency (OHFA) offers two main options to help buyers who need financial assistance to purchase a home: Homebuyer Down Payment and Closing Cost Assistance, and Reduced interest rates for public servants.

First-time homebuyers in Oklahoma can consider the OHFA GOLD loan program, which offers 3.5% down payment assistance on conventional and government-backed loans.

Eligible public employees, including employees of state agencies, firefighters, law enforcement, EMTs and teachers, can receive an OHFA loan with a special reduced interest rate.

Oklahoma first-time homebuyers and repeat buyers who need assistance getting into a home have several good options to consider.

Here are some of the home loan programs available in Oklahoma:

These programs can help make homeownership more accessible and affordable for Oklahoma residents.

An ARM, or adjustable-rate mortgage, is a mortgage with an interest rate that can change over the life of the loan. This type of loan usually comes with a lower interest rate than a fixed-rate mortgage for an introductory period.

The introductory period can last anywhere from one to 10 years, depending on the loan's terms. It's essential to assess the interest rate cap on an ARM to ensure you can afford the payments.

The interest rate cap protects you from having your interest rate jump to sky-high levels overnight. This cap is a crucial factor to consider when deciding on an ARM.

The average rate for a 5/1 ARM in Oklahoma is 7.17% as of January 2025. This rate is higher than both jumbo loans rates and fixed rates.

Recommended read: 3 Year Arm Mortgage Rates

Oklahoma has a variety of mortgage options to consider, including conventional, FHA, VA, and USDA loans.

Conventional loans require a minimum credit score of 620 and a debt-to-income ratio of no more than 45 percent, with private mortgage insurance (PMI) needed for down payments less than 20 percent.

FHA loans are a good option for those with lower credit scores, requiring a minimum credit score of 580 for a down payment of at least 3.5 percent.

Expand your knowledge: Mortgage Rates Have Ticked Back down to below 7

VA loans are available to veterans and active-duty military members, with no down payment or mortgage insurance required, but a funding fee ranging from 1.25 percent to 2.15 percent for the first use.

USDA loans are designed for rural properties, with no down payment required, but income limits apply.

Jumbo loans are needed for higher-priced properties, requiring a larger down payment and excellent credit.

Oklahoma jumbo loan rates are currently about even with fixed rates, with an average 30-year fixed jumbo loan rate of 6.60 percent.

To get the best mortgage rate, boost your credit score, lower your debt-to-income ratio, and compare offers from multiple lenders.

Here are some tips to consider:

The most common type of home loan in Oklahoma is a 30-year fixed rate mortgage, with an average rate of 6.79 percent.

Here are the most common types of mortgage loans available in Oklahoma:

Refinancing in Oklahoma can be a bit tricky, but it's worth considering if you've locked in a high interest rate on your mortgage. Currently, refinance rates in Oklahoma are still higher than historic lows, but if you've owned your home for a long time and have a lot of equity built up, you might be able to refinance to a lower rate in 2025.

If you're considering refinancing, you'll want to know the current mortgage statistics for Oklahoma. According to the Missouri Economic Research and Information Center, Oklahoma has the fourth lowest cost of living index overall, making it an attractive feature for new residents. The most affordable counties to buy a home in are Alfalfa, Harmon, Kiowa, and Tillman, with a median home sales price of $230,000 and a median down payment of $27,000.

Here's an interesting read: Bad Credit Mortgage Oklahoma

Here are some key statistics to keep in mind:

When it comes to refinance rates, there are several options to consider. For example, the High Loan-to-Value Refinance Option from Fannie Mae can be a good option for Sooner State homeowners who want to refinance. However, if you don't qualify for this option, you can still work with your current lender to come up with a new plan or shop around for other refinance lenders to find a better rate.

Historical mortgage rates in Oklahoma have been a topic of interest for many homebuyers. The median home value in Oklahoma is $170,500, which is a significant factor in determining mortgage rates.

According to the Consumer Financial Protection Bureau (CFPB), the loan funding rate in Oklahoma is 49.22%, which is higher than the national average. Homeownership rates in Oklahoma are 68.0%, as reported by the St. Louis Fed.

The median monthly homeownership costs in Oklahoma are $1,479, which is a crucial consideration for homebuyers. Homebuyers will find that Oklahoma mortgage rates are historically above the national average.

Here's a breakdown of Oklahoma mortgage rates over the years:

Refinance options in Oklahoma are available, but rates are currently higher than historic lows. Homeowners who recently bought a home and locked in a rate between 7 and 8 percent may be able to refinance to a lower rate in 2025.

If you've owned your home for a long time, you might have built up a significant amount of home equity, especially with how home values have increased. This equity can be leveraged with a cash-out refinance to accomplish other goals, such as home remodeling.

In Oklahoma, refinance rates are slightly higher than purchase mortgage rates, and cash-out refinances often come with higher rates than regular refinances. Conventional refinances typically come with higher rates than government-backed refinances.

FHA refinances are insured by the Federal Housing Administration and can offer lower interest rates, saving around 0.83 percentage points compared to conventional refinance rates. VA refinance rates are even lower, with qualified military borrowers potentially saving around 0.33 percentage points compared to FHA loan rates.

Take a look at this: Cashout Refinance Mortgage Rates

Here are some key differences between refinance options:

The current 30-year fixed mortgage refinance rate in Oklahoma is averaging 7.43%, based on data from LendingTree's network partners over the past seven days.

Refinancing can be a great way to save money on your mortgage, but it's essential to understand the statistics behind it.

Oklahoma has a relatively low cost of living, with a median home sales price of $230,000 in October 2024. This can make it an attractive option for new residents.

The median down payment in Oklahoma is $27,000, which is a significant amount of money. However, if you're planning to refinance, you may be able to use the equity in your home to cover some of these costs.

The homeownership rate in Oklahoma is 67% as of Q4 2024. This means that a significant portion of the population owns their own homes.

Here are some of the most affordable counties in Oklahoma, based on October 2024 data: Alfalfa, Harmon, Kiowa, and Tillman.

Recommended read: Mortgage Refinance Rates September 16 2024