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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||5.812%||5.892%||-0.01%|
|Conventional 20 year fixed||5.544%||5.645%||-0.02%|
|Conventional 15 year fixed||5.028%||5.148%||+0.13%|
|Conventional 7 year ARM||5.659%||6.45%||-0.19%|
|Conventional 5 year ARM||5.394%||6.514%||-0.1%|
|FHA 30 year fixed||5.357%||6.145%||Unchanged|
|VA 30 year fixed||5.423%||5.726%||Unchanged|
|VA 15 year fixed||4.938%||5.481%||Unchanged|
|VA 5 year ARM||5.278%||6.343%||Unchanged|
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:
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.
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:
Buyers who need to refinance a home in Oklahoma to take advantage of favorable Oklahoma mortgage rates can do any of the following:
You may be qualified for streamlined refinance assuming you have the right type of loan. Ask your lender for more information.
Use our free mortgage calculator tools to estimate your monthly mortgage payments based on your unique loan scenario. See how your monthly payment changes by making updates to your home price, down payment, interest rate, and loan term.
Wondering what your monthly mortgage payment might be? Plug in your data to get an instant mortgage payment estimate.
Military service can mean eligibility for a no-down payment mortgage. Find out if you qualify for a VA home loan.
Designed for first-time and low-income homebuyers, an FHA loan could put you on the path to home ownership fast.
Seeking to refinance? Find out how much you can save in interest over the term of your home loan by refinancing now.
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.