Oklahoma Mortgage and Refinance Rates

Current mortgage rates in Oklahoma

As of Monday, January 20, 2025, current interest rates in Oklahoma are 7.20% for a 30-year fixed mortgage and 6.48% for a 15-year fixed mortgage. 

Mortgage rates in Oklahoma vary depending on many factors, such as your location, credit score and economic factors, like inflation. To find the best mortgage and refinance rates in Oklahoma, it’s a good idea to shop around and compare rates from at least three lenders.

Refinance rates in Oklahoma

Refinance rates are not ideal for many borrowers currently, with rates still far higher than historic lows during the pandemic. However, if you recently bought a home and locked in a rate between 7 and 8 percent, you might get an opportunity to refinance to a lower rate in 2025. 

If you've 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.

Oklahoma mortgage rate trends

Despite the Federal Reserve cutting the federal funds rate three times in a row, 30-year mortgage rates nationally have risen, surpassing 7 percent at the start of 2025. While mortgage rates are hard to predict, many economists expect rates to remain in the 6 to 7 percent range for the rest of 2025, following a temporary spike above 7 percent.

High mortgage rates and increasing home prices continue to make affordability a challenge for many Oregon residents. The median home sales price in Oklahoma was $230,000 in October 2024, up 7 percent versus the year prior, according to ATTOM. However, even with that increase, Oklahoma real estate prices remain well below national averages. The national median home price was $406,100 as of November 2024, according to the National Association of Realtors.

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 fourth lowest cost of living index overall for the third 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, October 2024: Alfalfa, Harmon, Kiowa, Tillman
• Median home sales price, October 2024: $230,000
• Median down payment, October 2024: $27,000
• Homeownership rate, Q4 2024: 67%

Sources: ATTOM, U.S. Census Bureau

Mortgage options in Oklahoma

If you're planning to buy a home in Oklahoma and will need to finance your purchase, here are some mortgage options you might consider: 

• 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.
• Reduced interest rates for public servants: Eligible public employees, including employees of state agencies, firefighters, law enforcement, EMTs and teachers, can receive an OHFA loan with a special reduced interest rate.

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 - Before choosing a lender, it’s a good idea to shop around and compare rates from several loan providers. It can also be helpful to read reviews of mortgage lenders to see what other borrowers think about specific providers.
• 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. 
• Closing costs in Oklahoma: See how much closing costs are in the state and who pays for what.
• Oklahoma housing market: Learn more about the current state of the housing market.
• How to sell a house by owner in Oklahoma: Follow these steps to sell a home without a real estate agent.

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