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Oklahoma Mortgage and Refinance Rates

On Friday, June 14, 2024, the national average 30-year fixed mortgage APR is 7.05%. The national average 30-year fixed refinance APR is 7.04%, according ... to Bankrate's latest survey of the nation's largest mortgage lenders.

Current mortgage rates in Oklahoma

As of Friday, June 14, 2024, current interest rates in Oklahoma are 6.94% for a 30-year fixed mortgage and 6.31% for a 15-year fixed mortgage. 

The median home sale price in the state was up 4.9 percent year-over-year as of December 2023, according to ATTOM. Those gains, plus today’s higher mortgage rate environment, continue to make housing affordability a challenge.

Refinance rates in Oklahoma

While mortgage refinance rates have more than doubled since the pandemic, many Oklahoma homeowners have much more tappable equity now. With a cash-out mortgage refinance, you could take advantage of this asset to help further your financial goals.

Learn more: Why and how to do a cash-out refinance

Oklahoma mortgage rate trends

While mortgage rates are difficult to predict, the current consensus is for rates to remain well above historical lows for the foreseeable future, including in Oklahoma.

Learn more: Latest mortgage rate forecast

National mortgage rates by loan type

Product Interest Rate APR
30-Year Fixed Rate 7.00% 7.05%
15-Year Fixed Rate 6.43% 6.51%
5-1 ARM 6.71% 7.94%
30-Year Fixed Rate FHA 6.70% 6.75%
30-Year Fixed Rate VA 6.68% 6.73%
30-Year Fixed Rate Jumbo 7.17% 7.23%

Rates as of Friday, June 14, 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:

  • Most affordable counties, Dec. 2023: Alfalfa, Cotton, Harmon, Kiowa, Latimer
  • Median home sales price, Dec. 2023: $215,000
  • Median down payment, Dec. 2023: $27,500
  • Homeownership rate, Q4 2023: 69%

Sources: ATTOM, U.S. Census Bureau

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.

Learn more: Types of home loans

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.

Learn more: Oklahoma first-time homebuyer assistance programs

How to find the best mortgage rate in Oklahoma

  • 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: 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.

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Garden State Home Loans

NMLS: 473163

State License: MB-473163


Rating: 3.6 stars out of 5
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Recent Customer Reviews

Rating: 4.98 stars out of 5



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NMLS: 2289

State License: 4965


Rating: 4.5 stars out of 5
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Recent Customer Reviews

Rating: 4.94 stars out of 5



Additional Oklahoma mortgage resources

Meet our Bankrate experts

Written by: Andrew Dehan, Writer, Home Lending

I’ve covered mortgages, real estate and personal finance since 2020. At Bankrate, I’m focused on all of the factors that affect mortgage rates and home equity. I enjoy distilling data and expert advice into takeaways borrowers can use. Prior to Bankrate, I wrote and edited for Rocket Mortgage/Quicken Loans. My work has been published by Business Insider, Forbes Advisor, SmartAsset, Crain’s Business and more.

Read more from Andrew Dehan

Edited by: Suzanne De Vita, Senior Editor, Home Lending

I’ve covered the housing market, mortgages and real estate for the past 12 years. At Bankrate, my areas of focus include first-time homebuyers and mortgage rate trends, and I’m especially interested in the housing needs of baby boomers. In the past, I’ve reported on market indicators like home sales and supply, as well as the real estate brokerage business. My work has been recognized by the National Association of Real Estate Editors.

Read more from Suzanne De Vita