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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.
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.
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.
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.
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.
Consider these suggestions to get a head start and a better rate on your next mortgage application:
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