Interest Rate
Average home price

Are you intending on buying a home in Oklahoma? It’s essential to ensure you are getting the best mortgage rate possible. Your mortgage rate will depend on different factors, including your income, how much you can deposit for a down payment, credit-score, and debt-to-income ratio.

To help yourself get the best mortgage rate in Oklahoma, do the following: check your credit for errors, get your documentation ready, and finally get preapproved by a creditable mortgage lender.

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

Loan Program Mortgage Rate APR* 1 Day Change
Conventional 30 year fixed 6.612% 6.691% +0.17%
Conventional 15 year fixed 5.931% 6.071% -0.03%
Conventional 5 year ARM 6.602% 7.653% -0.02%
FHA 15 year fixed 6.306% 7.033% Unchanged
FHA 30 year fixed 6.125% 6.886% Unchanged
VA 30 year fixed 5.886% 6.097% Unchanged
VA 15 year fixed 5.455% 5.886% Unchanged
VA 5 year ARM 6.159% 6.989% Unchanged

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

Buying a Home in Oklahoma

Entertaining the idea of buying a home in Oklahoma? This could just be the right time for you to secure your dream home in the Sooner State. Here’s what you need to know:

Identify where you want to live most. Oklahoma has a total population of just over 3.8 million, and of those people, one in three live in one of the state’s most populous cities:

  • Oklahoma City (state capital)
  • Tulsa
  • Norman
  • Broken Arrow
  • Lawton

Figure out how much home you can afford to buy. Oklahoma ranks 41st in US homes for sale at average price, and 32nd for homes over $1,000,000.
Get preapproved so you can determine your budget before house hunting.

First-time Homebuyers

There is good news for first-time home buyers. The Oklahoma Housing Finance Agency (OHFA) can connect first-time homebuyers with down payment assistance and competitive interest rates for borrowers who are in certain jobs, like teachers, first responders and state employees.

OHFA GOLD program provides financing to first-time buyers, Through DRAM loans subsidized by the federal government.

OHFA 4Teachers program provides fixed-rate, low-interest home loans to certified public and private school teachers in Oklahoma. There is also a State Employee Program.

OHFA Shield program provides reduced-rate mortgages to police, firefighters and emergency medical services personnel.

There are general requirements for all of these programs, including:

  • 640 or higher minimum credit score
  • Maximum 45% to 50% debt-to-income ratio
  • Maximum income limits, varying based on loan program
  • Maximum purchase price limits, varying based on loan program

Refinancing in Oklahoma

Buyers who need to refinance a home in Oklahoma to take advantage of favorable Oklahoma mortgage rates can do any of the following:

  • Refinance to obtain a lower interest rate
  • Refinance for a longer term
  • Refinance in order to cash-out equity
  • Refinance so as to eliminate private mortgage insurance (PMI)

You may be qualified for streamlined refinance assuming you have the right type of loan. 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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