Ohio mortgage and refinance rates for May 2026

Current mortgage rates in Ohio

As of Monday, May 25, 2026, current interest rates in Ohio are 6.57% for a 30-year fixed mortgage and 5.98% for a 15-year fixed mortgage.

Ohio mortgage rates, like mortgage rates nationally, have fallen from recent highs — but they still remain far above pandemic-era lows. Experts expect rates on 30-year mortgages to maintain their current position, around 6%, through the rest of 2026. 

Refinance rates in Ohio

Similar to the rates for purchase mortgages, refinance rates in Ohio are within the 6% to 7% range. For a 30-year, fixed-rate mortgage, average rates in Ohio sit at 6.57%. A 15-year, fixed-rate mortgage is similar, with rates averaging 5.98%.

If you bought your home when rates were at their peak — around 8% — it may be worth refinancing now. On the other hand, if you purchased your home when rates were at their lowest during the pandemic, it's unlikely that refinancing will get you a lower rate. 

That said, property values in Ohio are increasing, which means that even if you bought relatively recently, you may have more equity than you think. In this situation, a cash-out refinance can help you meet financial goals or fund a home renovation project.

Ohio mortgage rates by loan type

While the 30-year fixed-rate mortgage is the most common option for homebuyers, there are plenty of other ways to finance a new property. Here’s how national averages for mortgage rates vary by different loan types:

Mortgage options in Ohio

If you’re in need of a mortgage to buy or refinance a home in Ohio, explore these options:

First-time homebuyer programs in Ohio

The Ohio Housing Finance Agency (OHFA) works with mortgage lenders to offer a variety of loans for first-time homebuyers including:

• OHFA homebuyer programs: The OHFA offers conventional, FHA, VA and USDA loan options, all of which come with income and purchase price limits that vary by county. You’ll need to meet debt-to-income ratio requirements, which vary by loan, along with credit score requirements: a minimum of 640 for conventional, VA and USDA loans and a minimum of 650 for FHA loans.
• OHFA Ohio Heroes program: Depending on the type of work you do, you might be able to take advantage of OHFA’s Ohio Heroes homebuyer program, which offers a discount on your mortgage rate. This program is available to repeat homebuyers as well as first-timers.
• OHFA down payment assistance: OHFA’s down payment assistance program offers homebuyers 3% to 3.5% of the home's purchase price for down payment, closing costs or other expenses. You won’t have to repay the money if you don't sell or refinance the property for seven years.
• OHFA Grants for Grads: OHFA’s Grants for Grads program is for first-time homebuyers who have completed an associate’s, bachelor’s, master’s, doctorate or other post-graduate degree within the last 18 months. The program offers a discounted mortgage interest rate plus down payment assistance worth 3% to 3.5% of the home's purchase price. Borrowers don’t have to repay the down-payment grant if they live in Ohio for at least five years.
• Mortgage tax credit: OHFA offers a mortgage tax credit for its first-time homebuyer program, worth 40% of your mortgage interest (up to a maximum of $2,000). If your loan is not through OHFA, you can still apply for the tax credit, but it'll be smaller, between 15% and 20%, depending on your property’s location.

Additional Ohio mortgage resources