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Written by Andrew Dehan Andrew Dehan
Edited by Suzanne De Vita Suzanne De Vita
Edited by Suzanne De Vita Suzanne De Vita
On Saturday, March 16, 2024, the national average 30-year fixed mortgage APR is 6.90%. The national average 30-year fixed refinance APR is 6.88%, according... to Bankrate's latest survey of the nation's largest mortgage lenders.
On this page
- Current mortgage rates in Oklahoma
- Mortgage statistics for Oklahoma
- Mortgage options in Oklahoma
- First-time homebuyer programs in Oklahoma
- How to find the best mortgage rate in Oklahoma
- Compare mortgage lenders side by side
- Additional Oklahoma mortgage resources
How to compare mortgage offers
Comparison-shopping for a mortgage isn’t just smart — it’s crucial to get the most competitive rate and mortgage terms. Even a 0.1 difference in an interest rate can save thousands of dollars over the life of the loan. Bankrate’s mortgage rate table allows you to easily compare personalized rates from our marketplace of trusted lenders. Here is how to compare mortgage offers on Bankrate in 3 easy steps:
- Determine the right type of mortgage: There are a lot of options in home loans, so it’s important to research and decide what type of mortgage might be best for you, given your finances and your short- and long-term goals.
- Gather necessary documentation: In order for lenders to give you the most accurate quote, you will need to provide paperwork once connected with a lender that verifies your income, assets, debts and employment.
- Compare mortgage offers online: Bankrate helps you easily compare mortgage offers by using our mortgage rate table below. Our rate table filters allow you to plug in general information about your finances and location to receive tailored offers. As you weigh offers, be sure to consider APRs, lender fees and closing costs to ensure you’re making accurate comparisons — and maximizing your savings potential.
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Bankrate has helped people make smarter financial decisions for 40+ years. Our mortgage rate tables allow users to easily compare offers from trusted lenders and get personalized quotes in under 2 minutes. While our priority is editorial integrity, these pages may contain references to products from our partners. Here is how we make money.
On This Page
On This Page
- Current mortgage rates in Oklahoma
- Mortgage statistics for Oklahoma
- Mortgage options in Oklahoma
- First-time homebuyer programs in Oklahoma
- How to find the best mortgage rate in Oklahoma
- Compare mortgage lenders side by side
- Additional Oklahoma mortgage resources
Current mortgage rates in Oklahoma
As of Saturday, March 16, 2024, current interest rates in Oklahoma are 0.00% for a 30-year fixed mortgage and 0.00% 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 | 6.85% | 6.90% |
| 15-Year Fixed Rate | 6.41% | 6.48% |
| 5-1 ARM | 6.44% | 7.80% |
| 30-Year Fixed Rate FHA | 6.65% | 6.70% |
| 30-Year Fixed Rate VA | 6.70% | 6.74% |
| 30-Year Fixed Rate Jumbo | 6.98% | 7.03% |
Rates as of Saturday, March 16, 2024 at 6:30 AM
| Product | Interest Rate | APR |
|---|---|---|
| 30-Year Fixed Rate | 6.83% | 6.88% |
| 15-Year Fixed Rate | 6.43% | 6.51% |
| 5-1 ARM | 6.29% | 7.65% |
| 30-Year Fixed Rate FHA | 6.63% | 6.67% |
| 30-Year Fixed Rate VA | 6.86% | 6.91% |
| 30-Year Fixed Rate Jumbo | 6.84% | 6.90% |
Rates as of Saturday, March 16, 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 circ*mstances. 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.
Garden State Home Loans
NMLS: 473163
|
State License: MB-473163
3.6
Rating: 3.6 stars out of 5
Bankrate Score
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Recent Customer Reviews
Rating: 4.98 stars out of 5
5.0
562reviews
Read full lender review
Homefinity
NMLS: 2289
|
State License: 4965
4.5
Rating: 4.5 stars out of 5
Bankrate Score
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Recent Customer Reviews
Rating: 4.94 stars out of 5
4.9
1061reviews
Read full lender review
Additional Oklahoma mortgage resources
- Oklahoma loan limits by county: Learn the conforming loan limit for your city or town.
- Oklahoma mortgage lenders: Explore mortgage lenders in your state.
- Homeowners insurance in Oklahoma: Compare policies from a variety of providers.
