Interest Rate
Average home price

Are you interested in buying a home in Ohio? You’ll want to make sure you are getting the best mortgage rate possible. Your mortgage rate will depend on various factors, including the amount you can afford for a down payment, your income and debt-to-income ratio, and your credit score level.

How can you get the best mortgage rate in Ohio? Start by getting all your documentation in order so you can get preapproved by a reputable mortgage lender. Remember to check your credit for errors.

Here’s a quick look at current Ohio mortgage rates:

Loan Program Mortgage Rate APR* 1 Day Change
Conventional 30 year fixed 6.617% 6.708% +0.02%
Conventional 20 year fixed 6.312% 6.406% +0.01%
Conventional 15 year fixed 5.938% 6.089% -0.03%
Conventional 10 year fixed 5.792% 5.96% +0.07%
Conventional 7 year ARM 6.909% 7.648% +0.14%
Conventional 5 year ARM 6.487% 7.635% -0.04%
FHA 15 year fixed 6.354% 7.076% +0.03%
FHA 30 year fixed 6% 6.769% -0.11%
VA 30 year fixed 6.014% 6.271% -0.01%
VA 15 year fixed 5.721% 6.17% +0.01%
VA 5 year ARM 6.25% 7.069% +0.06%

Data source: ©Zillow, Inc. Use is subject to the Terms of Use

Buying a Home in Ohio

Considering buying a home in Ohio? This could be a great time to find your dream home in the Buckeye State. Here’s what you need to know:

The first step? Determine where you want to live. Ohio has a total population of just over 11.5 million people, and around one in eight live in one of the densely populated five largest cities in the state:

  • Columbus (state capital)
  • Cleveland
  • Cincinnati
  • Toledo
  • Akron

Step two, how much home can you buy? Ohio ranks 47th in US homes for sale at average price, and 29th for homes over $1,000,000.
Get preapproved so you can know your budget before house hunting.

First-time Homebuyers

First-time home buyer? The Ohio Housing Finance Agency (OHFA) works with mortgage lenders to offer a variety of loans suitable for first-time homebuyers.

Your Choice! Down Payment Assistance lets you choose either 2.5% or 5% of the home’s purchase price, and apply the assistance towards down payments, closing costs or other pre-closing expenses. The assistance is forgiven after seven years of living in the house, as long as you live in it; if you sell or refinance before seven years are up, you must repay all of the assistance.

To qualify, first-time buyers need to satisfy a number of requirements:

  • Meet OHFA’s income limits
  • Meet OHFA’s purchase price limits
  • Meet the debt-to-income ratio requirement (which varies based on type of loan).
  • Meet a credit score minimum of 640 or higher
  • Complete a free homebuyer education course.

Refinancing in Ohio

If need be, you can refinance a home in Ohio to take advantage of favorable Ohio mortgage rates by doing any of the following:

  • Refinance to acquire a lower interest rate
  • Refinance to get a longer term
  • Refinance for cash-out equity
  • Refinance to eliminate a private mortgage insurance (PMI) requirement

You may want to ask if you qualify for a streamlined refinance for certain types of loans. Ask your lender for more information.


Buying a Home?

Each step-by-step guide is designed to shepherd you through a process from start to finish. Know what to expect and how to proceed, no matter where you are in your home buying journey.

1 The First Step in Buying a Home – Preapproval

What Is a Mortgage Preapproval? | How Much Will My Monthly Payment Be? | How Much Will My Down Payment Be? | How Long Does a Mortgage Preapproval Last? | What Is the Difference Between a Standard Preapproval and an Underwritten Preapproval?

Read More

3 How much money do I need?

How Can I Lower My Mortgage Payment? | How Can I Lower My Closing Costs? | When Do I Pay Out-Of-Pocket Costs? | What are Prepaid Items or Escrows? | What Will My Closing Costs Be?

Read More

4 The Basics of Mortgage

What Documents Need to be Updated During the Home Loan Process? | What Contingencies Do I Need? | How Important is the Closing Date? | Steps in the Loan Process | Understanding Common Mortgage Terms

Read More

5 Finding a Real Estate Agent

What Are the Top 6 Questions to Ask a Real Estate Agent? | Should I Use the Seller's Real Estate Agent? | Are Online Discount Realty Services a Good Idea? | How Much Does a Buyer's Real Estate Agent Cost? | Why Do I Need a Real Estate Agent to Buy a Home?

Read More
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