Ohio mortgage and refinance rates

Current mortgage rates in Ohio

As of Thursday, December 04, 2025, current interest rates in Ohio are 6.50 percent for a 30-year fixed mortgage and 5.80 percent 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, between 6 and 7 percent, for the rest of 2025. It's unlikely that they'll dip below 5 percent anytime soon. 

Refinance rates in Ohio

Similar to the rates for purchase mortgages, refinance rates in Ohio are expected to stay within the 6 to 7 percent range through 2025. If you bought your home when rates were at their peak — around 8 percent — it may be worth refinancing now. On the other hand, if you're one of the 52.5 percent of mortgage-holders with a rate of 4 percent or less, according to Realtor.com, 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.

National 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:

Ohio housing market statistics and trends

Although home prices in Ohio are increasing, the median is still well below the national median. And other meaningful metrics, like the number of homes for sale and median number of days a home sits on the market are going up, leading to an easier market for homebuyers. 

• Median home sales price, August 2025: $265,000
• Median home value, August 2025: $247,283
• Median down payment, August 2025: $31,375
• Median days on market, September 2025: 41
• Percentage of homes sold above list price, September 2025: 29%
• Percentage of homes with price drops, September 2025: 32.4%
• Homeownership rate, Q2 2025: 71.4%

Sources: ATTOM, Redfin, U.S. Census Bureau

Mortgage options in Ohio

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

• Ohio conventional mortgages: To qualify for a conventional mortgage, you’ll need a minimum credit score of 620 and a debt-to-income (DTI) ratio of no more than 45 percent (though there can be exceptions up to 50 percent). If you make a down payment of less than 20 percent, you’ll need to pay private mortgage insurance (PMI) as well.
• Ohio FHA loans: If your credit history disqualifies you from a conventional mortgage, you might be able to obtain a loan insured by the Federal Housing Administration (FHA). If you have a credit score of at least 580, you could make a down payment of as little as 3.5 percent.
• Ohio VA loans: If you’re a veteran, active-duty member of the military or surviving spouse, you might qualify for a mortgage backed by the Department of Veterans Affairs (VA). A VA loan doesn’t typically require a down payment or mortgage insurance, but you do need to pay a funding fee, which starts at 1.25 percent of the loan amount for homebuyers.
• Ohio USDA loans: Plenty of land in Ohio falls under the “rural” classification, which means you may be able to qualify for a USDA loan. If you can meet the eligibility standards, which include an income cap based on the county’s median income, you may get a lower interest rate than you would with other loan 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 percent to 3.5 percent of the home's purchase price for down payment, closing costs or other expenses. Borrowers don’t have to repay the money if they 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 percent to 3.5 percent 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: After you buy your first home, OHFA’s mortgage tax credit can help when you file your taxes. If you get a loan through OHFA’s first-time homebuyer program, you can score a tax credit worth 40 percent of your mortgage interest, up to a maximum of $2,000, although you might pay a “slightly higher interest rate,” according to OHFA’s website. The tax credit will reduce your tax bill dollar-for-dollar, but it's not refundable (once your tax bill drops to zero, the tax credit ends). If your loan is not via OHFA, you can still apply for the tax credit, but it'll be smaller: either 20 percent for a property located in a target area or 15 percent for all other properties.

Additional Ohio mortgage resources

• Ohio loan limits by county: Learn the conforming loan limit for your city or town.
• Ohio mortgage lenders: Compare rates from lenders across the state.
• How to buy a house in Ohio: Get more help becoming a homeowner.
• Best Ohio homeowners insurance companies: Compare policies from a variety of providers.
• Ohio housing market: Get the lowdown on the local real estate scene.