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Mortgage rates in Ohio
Interest rates on a 30-year $300,000 conventional mortgage start at around 3.500%
If you have a credit score between 700 and 719 and can put 5% down, you’ll generally pay about 3.625% for a 30-year conventional loan with a fixed interest rate on a $350,000 home. But how much interest you pay for your Ohio home will depend on several factors, including your credit score, loan amount and lender.
Rates were last checked on January 10 and are from the Consumer Financial Protection Bureau (CFPB) website.
Your credit score affects the rate you’ll get
People with higher credit scores generally get lower interest rates because lenders assume they’re less likely to stop paying a mortgage. Here are the most common interest rates in Ohio by mortgage amount, according to the Consumer Financial Protection Bureau (CFPB).
| Credit score | $200,000 mortgage | $300,000 mortgage | $400,000 mortgage | $500,000 mortgage |
|---|---|---|---|---|
| 620-639 | 4.250% | 4.250% | 4.250% | 4.125% |
| 640-659 | 4.125% | 4.063% | 4.063% | 4.000% |
| 660-679 | 3.938% | 4.000% | 4.000% | 3.875% |
| 680-699 | 3.750% | 3.750% | 3.750% | 3.688% |
| 700-719 | 3.750% | 3.688% | 3.625% | 3.625% |
| 720-739 | 3.625% | 3.563% | 3.500% | 3.500% |
| 740-759 | 3.500% | 3.500% | 3.500% | 3.500% |
| 760-779 | 3.500% | 3.500% | 3.500% | 3.500% |
| 780-799 | 3.500% | 3.500% | 3.500% | 3.500% |
| 800+ | 3.500% | 3.500% | 3.500% | 3.500% |
*Based on a 10% down payment for a 30-year fixed-rate conventional mortgage
Interest rates vary by lender
Interest rates are affected by the economy and the federal funds rate, or the rate that banks charge each other for overnight loans. But they’re also affected by individual lenders, which can have differing overhead costs, profit margins and credit score requirements.
Comparing lenders can help you find the best deal. Select See rates to provide the company with basic property and financial details for personalized rates.
Interest rates also vary by loan type
The type of loan you get can also affect how much you pay for your Ohio home. 15-year mortgages generally offer lower interest rates than 30-year mortgages, and you’ll see different rates for conventional loans than government loans.
| Loan type | $200,000 mortgage | $300,000 mortgage | $400,000 mortgage | $500,000 mortgage |
|---|---|---|---|---|
| 15-year conventional | 2.750% | 2.625% | 2.625% | 2.625% |
| 30-year conventional | 3.750% | 3.688% | 3.625% | 3.625% |
| 15-year FHA | 3.000% | 2.875% | Not elegible | Not elegible |
| 30-year FHA | 3.500% | 3.500% | Not elegible | Not elegible |
| 15-year VA | 3.250% | 3.000% | 3.000% | 2.875% |
| 30-year VA | 3.500% | 3.500% | 3.500% | 3.500% |
*Based on a 10% down payment, fixed interest rate and 710 credit score
Research ahead of time to get the best rates
Consider these suggestions to get a head start and a better rate on your next mortgage application:
- Compare loan products. Lenders often have a whole host of loan programs. Look at all of their options to see what rates each program has and what products you might qualify for.
- Improve your credit. Take a few months to pay off any outstanding debts. This increases your credit score while decreasing your debt-to-income ratio and making you a more attractive borrower.
- Think about closing costs. Closing costs in Ohio typically run between 1.49% to 2.98% of the sale price of the home. Some loans are advertised at a low rate but have high closing costs. Consider these costs before selecting your lender.
Home values in Ohio are forecast to increase
Ohio’s home values have escalated throughout 2021, and according to Zillow, that trend may continue. Cleveland is expected to see the largest increase at 13%, with Youngstown and Zanesville forecast to reach over 12% growth. The lowest rise in home values is forecast in Bellefontaine, which is predicted to see 3.9% growth.
This predicted growth means homebuyers are bidding over the asking prices in Ohio to keep up with the booming market. For those still deciding when to move, waiting for the area’s home sales to cool may only price you out of the market.
4 fast facts about the Ohio housing market
Consider the following facts while you shop around for a mortgage in Ohio:
- The Ohio Housing Finance Agency offers special programs to first-time homebuyers and recent graduates and also has a special tax credit for buyers to write off 40% of the mortgage interest they pay.
- Ohio has a property tax rate at 1.56%, which ranks 13th in the US.
- The lowest part of Ohio’s cost-of-living index is housing, due in part to a low median home price of just $140,700.
- All Ohio metropolitan areas are seeing housing price hikes in 2021, but none greater than Cincinnati, where prices have increased 15.9% over last year to $292,860, more than doubling the median home price for the state.
Bottom line
Mortgage rates in Ohio vary by loan type, and factors like your credit score and lender affect what rate you get. But factors like your credit score and lender affect what rate you get. Compare mortgage lenders and programs to find one that best fits your homeownership goals.
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