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Mortgage rates in Oklahoma
Expect rates that are higher than the national average.
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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.
About a third of all Oklahomans live in a designated rural area, offering opportunities for low-rate USDA and other government-backed loans to qualified borrowers. With mortgage rates that are historically higher than the national average, you can expect Oklahoma mortgage rates to surpass 4% in 2020.
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How much do Oklahoma rates vary?
Rates for an average mortgage in Oklahoma were between 4.084% and 4.902% in 2018.
Factors that affect your rate include your creditworthiness and the type of loan you apply for. If you can qualify for an FHA, VA or USDA loans, you’ll pay less than the rate for a 30-year conventional mortgage — and likely won’t have to put as much down.
2018 average rates in Oklahoma by loan
| Loan type | 15-year average rate | 30-year average rate |
|---|---|---|
| Conventional | 4.792% | 4.856% |
| FHA | 4.183% | 4.902% |
| VA | 4.084% | 4.647% |
| USDA | Not available | 4.757% |
Rates based on data from ffiec.cfpb.gov.
To buy a $155,000 house, you might pay around $820 a month for a 30-year conventional mortgage at a fixed rate of 4.856%.
If you’re a qualified veteran, a VA loan might land you a lower 4.647% rate, decreasing your monthly payments to about $800. A $20 monthly difference might sound small, but over the life of your loan, you’d save $7,030 in total interest with a VA loan over a conventional mortgage.
Talk with a loan officer to learn whether you or your home qualifies for a government-subsidized program.
Which way are rates trending in Oklahoma?
Rates in the Sooner State are expected to stay around 4% into 2020.
Oklahoma’s rates are generally higher than the national average, coming in at 0.07% more than the rest of the country in 2017 and 0.11% higher in 2018. Since Bankrate Chief Financial Analyst Greg McBride predicts that US mortgage rates will remain relatively stable at around 4% in 2020, we can expect the Oklahoma rates to perform over these national projections and cross the 4% mark.
Compare mortgage rates throughout Oklahoma
Oklahoma has five distinct metropolitan areas, each with slightly different mortgage rate averages. Borrowers in the city of Enid may pay a higher mortgage rate than someone in rural Sequoyah County.
We analyzed data from the Home Mortgage Disclosure Act to break down what borrowers might pay for an average 30-year fixed-rate mortgage in metropolitan areas throughout Oklahoma. These projections don’t account for taxes, fees or insurances that are specific to your loan.
| Metropolitan statistical area (MSA) | Average mortgage rate | Median loan amount | Estimated monthly cost |
|---|---|---|---|
| Enid | 4.876% | $125,000 | $660 |
| Fort Smith MSA (Sequoyah County) | 4.705% | $115,000 | $600 |
| Lawton | 4.737% | $155,000 | $810 |
| Oklahoma City | 4.832% | $165,000 | $870 |
| Tulsa | 4.850% | $155,000 | $820 |
Rates based on data from ffiec.cfpb.gov.
How to get the best mortgage rate in Oklahoma
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.
Historical mortgage interest rates in Oklahoma
Bottom line
Mortgage rates in Oklahoma tend to be higher than the national average and will likely exceed 4% in 2020. To get the lowest rate you’re eligible for, compare lenders and mortgages before signing a loan contract on your next home.
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