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Mortgage rates in Ohio
Rates that surpass the national average, but don’t vary all that much across loan types.
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Mortgage rates during the coronavirus
As mortgage rates fall to record lows in the wake of COVID-19, our partners are seeing an increase in demand for loans and refinancing. As they work through this influx of applications, you may see rates that are higher than expected — or no rates at all. We recommend comparing offers from multiple lenders to ensure you're getting the best deal possible.
Ohio mortgage rates average 4.791% and are expected to perform at the 4% mark in 2020.
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What's in this guide?
How much do Ohio rates vary?
Ohio saw average 30-year fixed-rate mortgage rates range slightly from 4.868% to 4.927% in 2018. A few considerations go into determining your mortgage rate, and generally mortgages with a shorter loan terms come with lower rates.
2018 average rates in Ohio by loan type
| Loan type | 15-year average rate | 30-year average rate |
|---|---|---|
| Conventional | 4.312% | 4.745% |
| FHA | 4.193% | 4.927% |
| VA | 4.071% | 4.686% |
| USDA | Not available | 4.805% |
Based on data from ffiec.cfpb.gov.
Take a look at a 30-year VA loan for $125,000 with the 2018 average interest rate of 4.686%. Monthly payments could be around $650, excluding taxes and other fees. However, if you qualify for a shorter loan term, you might pay $930 per month with a lower interest rate of 4.071%.
If you can afford a higher monthly payment with as 15-year mortgage, you could end up saving a whopping $65,780 in interest over the life of the loan.
Which way are rates trending in Ohio?
Rates in the Buckeye State should stay around the 4% mark in 2020.
Ohio rates have been known to flip-flop around the national average since 1982. But starting in 2012, rates trend an average of 0.06% above the national average. The Mortgage Bankers Association predicts 30-year fixed-rate mortgage rates to average 3.90% in 2020. So, you can expect Ohio rates to come in slightly above the national projections and hover around 4% in 2020.
Compare mortgage rates throughout Ohio
Lenders typically use your mortgage rate and loan amount to calculate your monthly payment. The location of your home and home values influence your interest rate — and affect your mortgage payments.
We combed through the data in the Home Mortgage Disclosure Act to give you an idea of what one might pay for a 30-year fixed-rate mortgage in a few metropolitan areas in Ohio. These numbers don’t include any taxes or fees that would be specific to your loan.
| Metropolitan statistical area (MSA) | Average mortgage rate | Median loan amount | Estimated monthly cost |
|---|---|---|---|
| Akron | 4.785% | $145,000 | $760 |
| Canton-Massillon | 4.818% | $135,000 | $710 |
| Cincinnati MSA (Brown, Butler, Clermont, Hamilton and Warren Counties, OH) | 4.761% | $165,000 | $860 |
| Cleveland-Elyria | 4.742% | $145,000 | $760 |
| Columbus | 4.761% | $185,000 | $970 |
| Huntington MSA (Lawrence County, OH) | 4.834% | $125,000 | $660 |
| Lima | 4.723% | $115,000 | $600 |
| Mansfield | 4.824% | $115,000 | $600 |
| Springfield | 4.874% | $115,000 | $610 |
| Toledo | 4.845% | $130,000 | $690 |
| Steubenville MSA (Jefferson County, OH) | 4.922% | $95,000 | $510 |
| Wheeling MSA (Belmont County, OH) | 4.839% | $125,000 | $660 |
| Youngstown MSA (Mahoning and Trumbull Counties, OH) | 4.884% | $105,000 | $560 |
Based on data from ffiec.cfpb.gov.
How to get the best mortgage rate in Ohio
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.
Historical mortgage interest rates in Ohio
Bottom line
Average mortgage rates in the Buckeye State have recently come in higher than the national average. Since lenders choose their own rates, compare loan products and lenders to find the best program for your situation.
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