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Mortgage rates in Oklahoma
Interest rates on a 30-year $300,000 conventional mortgage start at around 5.563%
If you have a credit score between 700 and 719 and can put 5% down, you’ll generally pay about 5.875% for a 30-year conventional loan with a fixed interest rate on a $350,000 home. But how much interest you pay for your Oklahoma home will depend on several factors, including your credit score, loan amount and lender.
Rates were last checked on June 8 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 Oklahoma 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 | 5.500% | 5.500% | 6.063% | 6.063% |
| 640-659 | 5.438% | 5.563% | 5.563% | 5.563% |
| 660-679 | 5.813% | 5.813% | 5.750% | 5.750% |
| 680-699 | 6.000% | 5.875% | 5.875% | 5.875% |
| 700-719 | 5.875% | 5.875% | 5.875% | 5.875% |
| 720-739 | 5.750% | 5.688% | 5.563% | 5.625% |
| 740-759 | 5.500% | 5.563% | 5.500% | 5.500% |
| 760-779 | 5.500% | 5.563% | 5.500% | 5.500% |
| 780-799 | 5.500% | 5.563% | 5.500% | 5.500% |
| 800+ | 5.500% | 5.563% | 5.500% | 5.500% |
*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.
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Interest rates also vary by loan type
The type of loan you get can also affect how much you pay for your Oklahoma 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 | 4.875% | 4.750% | 4.688% | 4.688% |
| 30-year conventional | 5.875% | 5.875% | 5.875% | 5.875% |
| 15-year FHA | 4.000% | 4.000% | Not elegible | Not elegible |
| 30-year FHA | 5.375% | 5.438% | Not elegible | Not elegible |
| 15-year VA | 4.188% | 4.188% | 4.188% | 4.000% |
| 30-year VA | 5.625% | 5.500% | 5.438% | 5.375% |
*Based on a 10% down payment, fixed interest rate and 710 credit score
Research ahead of time to get the best rates
Research your eligibility for home buying programs and prepare your finances to get the strongest rates on your next mortgage.
- Compare loan programs. Most lenders in Oklahoma offer products and programs beyond the conventional loan. And rates often vary between lenders.
- Make your credit work for you. Borrowers with strong credit and low debt-to-income ratios are more likely to qualify for a low rate. Taking time to pay down your existing debt can increase your credit score, positioning you for stronger rates and terms.
- Plan for lenders closing costs. Lenders in Oklahoma charge 1.51% to 3.02% of the sale price of your home at closing. Some lenders offer lower interest rates in exchange for higher closing costs. Weigh your total costs against the interest rate to know the full cost of your loan.
Home values in Oklahoma are rising, but not evenly across the state
Home prices in Oklahoma are rising. The price of a typical home in Oklahoma increased by 11.3% in the 12 months prior to June 2021.
In metros like Oklahoma City and Tulsa, prices are expected to rise by 10.3% and 12.8% by mid-2022. But some rural areas are also seeing price spikes. In Rattan, with a population of only 322, prices are expected to jump by over 20% by next June. And in Okay, Elk City and Sayre, prices are projected to rise by 15.1%, 14.4% and 13.5%, respectively, in the same period.
The good news is, homes in Oklahoma are still relatively affordable. The average price of a home in Oklahoma sits at $152,819 currently — although homes in in-demand areas are fetching prices over $300,000.
5 fast facts about Oklahoma’s housing market
If you’re looking to buy a home in Oklahoma, here are five facts to consider:
- The average home price in Oklahoma is $152,819 as of June 2021, which is 48.9% less than the national average. However, prices across regions vary a lot.
- Back in 2019, the US Census showed the average monthly homeownership cost in Oklahoma was $1,234 with a mortgage, which is significantly less than the national average of $1,595.
- According to ClosingCorp, closing costs in Oklahoma run about 1.75% with taxes, with buyers paying an average of $2,943 to $2,561 for a typically-priced home.
- Oklahomans pay an average of 0.87% in property taxes for assessed value, with the median being around $1,278, according to SmartAsset.
- The Oklahoma Housing Finance Agency (OHFA) offers down payment assistance to eligible borrowers who haven’t owned a home in the past three years.
Bottom line
Mortgage rates in Oklahoma 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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