Oklahoma Mortgage and Refinance Rates

Current mortgage rates in Oklahoma

As of Saturday, April 12, 2025, current interest rates in Oklahoma are 6.78% for a 30-year fixed mortgage and 6.03% 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 the remainder of 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.

National mortgage rates by loan type

Oklahoma mortgage rate housing market statistics and trends

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 overall in 2024, according to the Missouri Economic Research and Information Center. And despite an increase in the state’s median home sales price (which rose to $243,600 as of February 2025, an amount that reflects a 3.1 percent increase from the previous year), the cost of a home in Oklahoma remains well below the national average. 

If you’re interested in buying a home in Oklahoma, here are some stats to know:

• Median home sales price, February 2025: $243,600
• Median down payment, January 2025: $22,221
• Median days on market, February 2025: 62 
• Homeownership rate, Q4 2024: 67.4%

Sources: Redfin, 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

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: Chris Jennings, Editor, Home Lending

Chris Jennings is an editor for Bankrate’s Home Lending team. He has been writing and editing about mortgages and personal finance since 2016. He enjoys simplifying complex mortgage topics for first-time homebuyers and homeowners alike. Before joining Bankrate, he was an editor at Forbes Advisor, Credible, and GOBankingRates. His work has appeared on Fox Business, MSN, and Yahoo Finance. He graduated from Illinois State University with a Bachelor of Arts in English.

Read more from Chris Jennings