Skip to Main Content

Oklahoma Mortgage and Refinance Rates

On Tuesday, February 27, 2024, the national average 30-year fixed mortgage APR is 7.24%. The national average 30-year ... fixed refinance APR is 7.21%, according to Bankrate's latest survey of the nation's largest mortgage lenders.

Current mortgage rates in Oklahoma

As of Tuesday, February 27, 2024, current interest rates in Oklahoma are 7.25% for a 30-year fixed mortgage and 6.92% for a 15-year fixed mortgage. Refinance rates in Oklahoma are slightly higher. While interest rates are no longer at historic lows, you might still want to explore a cash-out refinance to pay for renovations or consolidate higher-interest debt. Use Bankrate’s mortgage refinance calculator to run the numbers.

Oklahoma mortgage rate trends

Homebuyers in Oklahoma are finding some relief now as mortgage rates — which peaked in October 2023 — have started to decrease. Following a period of record lows in 2021, rates rose steadily throughout 2022 and 2023.

National mortgage rates by loan type

Product Interest Rate APR
30-Year Fixed Rate 7.19% 7.24%
15-Year Fixed Rate 6.75% 6.82%
5-1 ARM 6.73% 7.88%
30-Year Fixed Rate FHA 6.62% 6.67%
30-Year Fixed Rate VA 6.72% 6.77%
30-Year Fixed Rate Jumbo 7.24% 7.29%

Rates as of Tuesday, February 27, 2024 at 6:30 AM

 

 

Mortgage statistics for Oklahoma

Oklahoma is a state of over 4 million people, growing by 1.5 percent in the two years between 2020 and 2022, according to the U.S. Census Bureau. If you’re interested in buying a home in Oklahoma, here are some stats to know:

  • Median home value (as of Nov. 2023): $196,774 (Zillow)
  • Homeownership rate (as of Dec. 2022): 68.5% (Census Bureau)
  • Loan funding rate in 2022: 51.63% (Home Mortgage Disclosure Act)
  • Average mortgage loan size in 2022: $243,200 (Home Mortgage Disclosure Act)

Mortgage options in Oklahoma

Like elsewhere in the U.S., there’s a variety of mortgage options in Oklahoma to suit a range of needs and financial circumstances. Here are some of the most common:

  • Oklahoma conventional mortgages: To qualify for a conventional mortgage, you’ll need a minimum credit score of 620 and a debt-to-income (DTI) ratio no more than 45 percent. With a down payment of less than 20 percent, you’ll need to pay private mortgage insurance (PMI) premiums, as well.
  • Oklahoma 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 down payment of at least 3.5 percent, you could qualify for this type of loan with a credit score as low as 580.
  • Oklahoma VA loans: If you’re a veteran or active-duty member of the military, you might qualify for a mortgage guaranteed by the Department of Veterans Affairs (VA). A VA loan doesn’t require a down payment or mortgage insurance, but you do need to pay a funding fee, which ranges from 1.25 percent to 2.15 percent.
  • Oklahoma USDA loans: If you’re buying a rural property in Oklahoma, you might be eligible for a mortgage guaranteed by the U.S. Department of Agriculture (USDA). These loans don’t require a down payment, but you’ll need to purchase in a designated rural area and meet the area’s income limits.

First-time homebuyer programs in Oklahoma

The Oklahoma Housing Finance Agency (OHFA) oversees several affordable mortgage programs and assistance through a network of partner lenders, including:

  • Homebuyer Down Payment and Closing Cost Assistance: This down payment assistance loan includes up to 3.5 percent of the home’s purchase price. It doesn’t charge interest or fees, but must be repaid when you pay off your mortgage (including refinancing) or sell or move out of the home. To qualify, you’ll need to work with an OHFA-approved lender and have a credit score of 640 or higher and a DTI ratio of no more than 45 percent. There are also area-specific income and home price limits.
  • Reduced interest rates for public servants: Eligible public employees can receive an OHFA loan with a special reduced interest rate. These include employees of state agencies, firefighters, law enforcement, EMTs and teachers.

For more information about first-time homebuyer programs in Oklahoma, check out our guide to homebuyer assistance in Oklahoma.

How to find the best mortgage rate in Oklahoma for you

  • Step 1: Strengthen your credit score - Before you start looking for a lender and applying for a loan, review your credit history and take steps to improve your score, such as paying down existing debt.
  • Step 2: Determine your budget - Have a good understanding of how much house you can afford before you go shopping.
  • Step 3: Know your mortgage options - There are a few different types of mortgages.
  • Step 4: Compare rates and terms from several lenders - Rate-shop with at least three different lenders to get the best deal on rates, fees and terms.
  • Step 5: Get preapproved for a mortgage - Getting a mortgage preapproval is the only way to get accurate loan pricing for your specific situation. Plus, it will show seller’s you’re serious when you make an offer.

Learn more about how to get a mortgage.

Lender compare

Compare mortgage lenders side by side

Mortgage rates and fees can vary widely across lenders. To help you find the right one for your needs, use this tool to compare lenders based on a variety of factors. Bankrate has reviewed and partners with these lenders, and the two lenders shown first have the highest combined Bankrate Score and customer ratings. You can use the drop downs to explore beyond these lenders and find the best option for you.

Caret DownCaret Up
Garden State Home Loans

NMLS: 473163

State License: MB-473163

3.6

Rating: 3.6 stars out of 5
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
Bankrate Score
Info

Recent Customer Reviews

Info
Rating: 4.98 stars out of 5

5.0

562reviews

Caret DownCaret Up
Homefinity

NMLS: 2289

State License: 4965

4.5

Rating: 4.5 stars out of 5
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
Bankrate Score
Info

Recent Customer Reviews

Info
Rating: 4.94 stars out of 5

4.9

1059reviews

Additional Oklahoma mortgage resources