Oklahoma Mortgage and Refinance Rates

Current mortgage rates in Oklahoma

As of Thursday, November 21, 2024, current interest rates in Oklahoma are 6.94% for a 30-year fixed mortgage and 6.35% for a 15-year fixed mortgage. 

The median home sale price in Oklahoma was up 3.7 percent versus the year prior in June 2024, according to ATTOM. However, even with that increase, Oklahoma real estate prices remain well below national averages; the median sales price was $240,000 across the state. The national median sales price was $422,600 as of July 2024, according to the National Association of Realtors. 

Refinance rates in Oklahoma

Refinance rates are easing nationwide, which means that if you recently bought a home in Oklahoma, you might be able to lower your monthly payments with a refinance. 

If you have owned your home for a long time, you might have a lot more home equity built up now, especially with how home values have increased. If you need funds to accomplish other goals such as home remodeling, you can leverage that equity with a cash-out refinance. Still, refinancing activity in Oklahoma is fairly slow right now: Just 2,195 loans in Oklahoma were refinanced in June, according to ATTOM.

Oklahoma mortgage rate trends

National 30-year mortgage rates have dropped to the lowest they’ve been in 19 months, and most housing market experts expect rates to fall a bit further between now and the end of 2025. However, lower rates are by no means a guarantee. In addition, if rates do continue to decline, there may be a jump in buying interest in Oklahoma.

National mortgage rates by loan type

Mortgage statistics for Oklahoma

Oklahoma’s relatively low cost of living can be an attractive feature for new residents. It was rated as having the second lowest cost of living index for the second quarter of 2024, according to the Missouri Economic Research and Information Center. If you’re interested in buying a home in Oklahoma, here are some stats to know: 

• Most affordable counties, June 2024: Tillman, Greer, Harmon, Kiowa
• Median home sales price, June 2024: $240,000
• Median down payment, June 2024: $28,000
• Homeownership rate, Q4 2023: 68%

Sources: ATTOM, U.S. Census Bureau

Mortgage options in Oklahoma

Buyers snatched up more than 25,000 homes in Oklahoma for the first half of 2024. For those who didn’t make all-cash offers, here’s a rundown of the mortgage options they may have considered: 

• 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 of no more than 45 percent. With a down payment of less than 20 percent, you’ll need to pay private mortgage insurance (PMI), 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 for the first use.
• 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.
• Oklahoma jumbo loans: While most of Oklahoma’s housing stock costs much less than the national average, there are plenty of high-priced properties, too. If you’re hoping to buy a sprawling estate or a megamansion, you may need to look into jumbo loans. These require a larger down payment — typically at least 10 percent — and excellent credit.

First-time homebuyer programs in Oklahoma

The Oklahoma Housing Finance Agency (OHFA) offers two main options to help buyers who need financial assistance to purchase a home:

• 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.

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 sellers you’re serious when you make an offer.

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.
• Mortgage calculator: Estimate your monthly payments to get an idea of what to expect when buying a home. 

Meet our Bankrate experts

Written by: Andrew Dehan, Writer, Home Lending

I’ve covered mortgages, real estate and personal finance since 2020. At Bankrate, I’m focused on all of the factors that affect mortgage rates and home equity. I enjoy distilling data and expert advice into takeaways borrowers can use. Prior to Bankrate, I wrote and edited for Rocket Mortgage/Quicken Loans. My work has been published by Business Insider, Forbes Advisor, SmartAsset, Crain’s Business and more.

Read more from Andrew Dehan

Edited by: Laurie Richards, Editor, Home Lending

I’ve spent five years in writing and editing roles, and I now focus on mortgage, mortgage relief, homebuying and mortgage refinancing topics. I’m most interested in providing resources for aspiring first-time homeowners to help demystify the homebuying process. In 2021, I earned a Poynter ACES Certificate in Editing. I have an MA in English. 

Read more from Laurie Richards