Ohio Mortgage and Refinance Rates

Current mortgage rates in Ohio

As of Tuesday, April 15, 2025, current interest rates in Ohio are 6.84% for a 30-year fixed mortgage and 6.25% for a 15-year fixed mortgage.

Ohio mortgage rates tend to be slightly below the national average. In September 2024, rates across the country dipped into the low 6s — their lowest since 2022. But by the beginning of 2025, they’d crossed the 7-percent mark again. Since then, rates have declined each month, sitting above 6.5 percent as of April 2025.

Refinance rates in Ohio

Refinance rates in Ohio bounced around in 2024, hitting their lowest point of the year in September. Rates are up since then, and they’re expected to stay within the 6 to 7 percent range through 2025, which might deter some Ohioans from refinancing their loans this year. However, despite higher rates, there has been a surge in mortgage refinancing activity in the state. In January 2025, lenders issued 7,396 refinance mortgages in Ohio, an increase of almost 20 percent from the year prior, according to ATTOM.

Some Ohio homeowners who have owned their properties for a long time and seen an uptick in equity may be in a good position to do a cash-out refinance. This type of refinance can help you meet financial goals or fund a home renovation project.

National mortgage rates by loan type

While the 30-year fixed-rate mortgage is the most common option for homebuyers, there are plenty of other ways to finance a new property. Here’s how national averages for mortgage rates vary by different loan types:

Ohio mortgage rate housing market statistics and trends

If you're looking to buy a home in Ohio, here are some stats about homeownership in the state to serve as a starting point for your research and planning:

• Median home sales price, February 2025: $241,200
• Median down payment, January 2025: $27,000 
• Median days on market, February 2025: 52
• Homeownership rate, Q4 2024: 70.2%

Sources: ATTOM, Redfin, U.S. Census Bureau

Mortgage options in Ohio

If you’re in need of a mortgage to buy or refinance a home in Ohio, explore these options:

• Ohio conventional mortgages: To qualify for a conventional mortgage, you’ll need a minimum credit score of 620 and a debt-to-income (DTI) ratio of no more than 43 percent. If you make a down payment of less than 20 percent, you’ll need to pay private mortgage insurance (PMI), as well.
• Ohio 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.
• Ohio VA loans: If you’re a veteran or active-duty member of the military, you might qualify for a mortgage backed 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 starts at 2.15 percent for homebuyers.
• Ohio USDA loans: Plenty of non-urban Ohio falls under the “rural” classification, which means you may be able to qualify for a USDA loan. If you can meet the eligibility standards, which include an income cap based on the county’s median income, you may be able to enjoy a lower interest rate than you would with other loan options.

First-time homebuyer programs in Ohio

The Ohio Housing Finance Agency (OHFA) works with mortgage lenders to offer a variety of loans for first-time homebuyers including:

• OHFA Homebuyer programs: The OHFA offers conventional, FHA, VA and USDA loan options, all of which come with income and purchase price limits that vary by county. You’ll need to meet debt-to-income ratio requirements, which vary by loan, along with credit score requirements: a minimum of 640 for conventional, VA and USDA loans and a minimum of 650 for FHA loans.
• OHFA Ohio Heroes program: Depending on the type of work you do, you might be able to take advantage of OHFA’s Ohio Heroes homebuyer program, which offers a discount on your mortgage rate. This offering applies to repeat homebuyers as well as first-timers.
• OHFA YourChoice! Down Payment Assistance: OHFA’s YourChoice! Down Payment Assistance offers 2.5 percent to 5 percent for a down payment, closing costs or other expenses. Borrowers don’t have to repay the funds, provided they do not sell or refinance the property for seven years.
• OHFA Grants for Grads: OHFA’s Grants for Grads program is for first-time homebuyers who have completed an associate’s, bachelor’s, master’s, doctorate or other post-graduate degree within the last two years. It offers forgivable down payment assistance worth 2.5 percent to 5 percent and a discounted mortgage rate. Borrowers don’t have to repay the down payment assistance if they live in Ohio for at least five years.
• Mortgage Tax Credit: After you buy your first home, OHFA’s Mortgage Tax Credit program can help when you file your taxes. If you obtain a loan through OHFA’s first-time homebuyer program, you can score a tax credit of up to 40 percent of your mortgage interest, up to a maximum of $2,000, although you might pay a “slightly higher interest rate,” according to OHFA’s website. If your loan is not via OHFA, you can still apply for the tax credit, but it will be smaller: either 20 percent for a property located in a target area or 15 percent for all other properties.

How to find the best mortgage rate in Ohio for you

• Step 1: Strengthen your credit score – Long before you start looking for a mortgage lender or applying for a loan, give your finances a checkup, and improve your credit score if needed. You’re entitled to a free credit report from each of the three main reporting bureaus (Experian, Equifax and TransUnion), which you can get through AnnualCreditReport.com.
• Step 2: Determine your budget – To find the right mortgage, you’ll need a good handle on how much house you can afford. Remember that your budget isn’t merely about principal and interest. Be sure to budget for other homeowner costs, including property taxes, homeowners insurance and regular maintenance.
• Step 3: Know your mortgage options – If your credit is less-than-perfect, you’ll want to look at government-backed loans, and if you don’t have much in your savings account, you’ll want to consider low down payment programs. 
• Step 4: Compare rates and terms from several lenders – Don’t settle on the first lender you talk to — rate-shop with at least three different banks or mortgage companies. You can look to your bank or other banks, credit unions, online lenders and local independents to ensure you’re getting the best deal on rates, fees and terms.
• Step 5: Get preapproved for a mortgage – As you comparison-shop, keep in mind that getting a mortgage preapproval is the only way to get accurate loan pricing for your specific situation. 

Additional Ohio mortgage resources

• Ohio loan limits by county: Learn the conforming loan limit for your city or town.
• Ohio mortgage lenders: Compare rates from lenders across the state
• How to buy a house in Ohio: Get more help becoming a homeowner.
• Best Ohio homeowners insurance companies: Compare policies from a variety of providers.
• Ohio housing market: Get the lowdown on the local real estate scene.

Meet our Bankrate experts

Written by: Jeff Ostrowski, Principal Reporter, Mortgages

I cover mortgages and the housing market. Before joining Bankrate in 2020, I spent more than 20 years writing about real estate and the economy for the Palm Beach Post and the South Florida Business Journal. I’ve had a front-row seat for two housing booms and a housing bust. I’ve twice won gold awards from the National Association of Real Estate Editors, and since 2017 I’ve served on the nonprofit’s board of directors.

Read more from Jeff Ostrowski

Edited by: Chris Jennings, Editor, Home Lending

I’ve been writing and editing about mortgages and personal finance since 2016. At Bankrate, my primary focus involves covering mortgage and real estate trends. I enjoy simplifying complex mortgage topics for first-time homebuyers and homeowners alike. I graduated from Illinois State University with a Bachelor of Arts in English.

Read more from Chris Jennings