HELOC rates in Oklahoma rose from 4.4% in early 2021 to 8.7% by November 2024. If this trend continues, homeowners could face higher borrowing costs. Consider securing a rate soon to avoid future increases.
HELOC
Best HELOC Rates in Oklahoma (December 2024)
Updated: December 21, 2024
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Key Takeaways
Higher loan-to-value (LTV) ratios lead to higher rates. The average APR for a HELOC in Oklahoma with an 80% LTV is 8.4%, compared with 8.4% for a 90% LTV.
HELOC rates vary by city in Oklahoma. Langley has an average APR of 6.3%, whereas Fort Gibson's is 11.5%.
Different lenders offer varying rates for the same loan types. Bank of Grand Lake's average APR is 6.3%, whereas Firstar Bank's is 11.5%.
Current HELOC Rates in Oklahoma
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HELOC Rates in Oklahoma by LTV Ratio
HELOC rates in Oklahoma vary based on the borrower's loan-to-value (LTV) ratio and line limit. Lenders prefer lower LTVs as they indicate more home equity, reducing the risk of default on your HELOC. For instance, a 70% LTV may secure better rates than an 85% LTV.
The table below lets you filter between different loan amounts, providing a clearer view of potential options:
Data filtered by:Results filtered by:
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Line Limit:$100,000
| 8.5% | 8.5% |
HELOC Rates in Oklahoma by City
HELOC rates in Oklahoma vary between cities due to differences in local housing markets and lender competition. For instance, a city with a strong real estate market might offer lower rates.
Use the table below to filter by your city and see average APRs for $50K and $100K HELOCs.
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City:Oklahoma City
| $100,000 | 8.2% |
| $50,000 | 8.3% |
HELOC Rates in Oklahoma by Lender
HELOC interest rates in Oklahoma vary by lender due to differing pricing strategies and risk assessments. The table below shows the five lenders in Oklahoma offering the lowest average APRs, enabling you to compare competitive rates.
| Bank of Grand Lake | 6.3% |
| Frazer Bank | 6.6% |
| Allegiance Federal Credit Union | 7.0% |
| Weokie Federal Credit Union | 7.0% |
| Consumers Credit Union | 7.3% |
HELOC rates today can vary among lenders in the same city. Use the table below to filter by city and compare APRs to find the best rate in your area.
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City:Oklahoma City
| Allegiance Federal Credit Union | Credit Union | 7.0% |
| Weokie Federal Credit Union | Credit Union | 7.0% |
| The Focus Federal Credit Union | Credit Union | 7.8% |
| NBC Oklahoma | Commercial Bank | 7.8% |
| BancFirst | Commercial Bank | 7.8% |
| True Sky Federal Credit Union | Credit Union | 7.9% |
| Sooner State Bank | Commercial Bank | 8.0% |
| U.S. Employees O.C. Federal Credit Union | Credit Union | 8.0% |
| Oklahoma's Credit Union | Credit Union | 8.0% |
| BOKF | Commercial Bank | 8.1% |
| Mabrey Bank | Commercial Bank | 8.3% |
| First Oklahoma Bank | Commercial Bank | 8.3% |
| Arvest Bank | Commercial Bank | 8.3% |
| BMO BANK NATIONAL ASSOCIATION | Commercial Bank | 8.3% |
| Busey Bank | Commercial Bank | 8.4% |
| First Fidelity Bank | Commercial Bank | 8.5% |
| InterBank | Commercial Bank | 8.5% |
| INTRUST Bank | Commercial Bank | 8.5% |
| Kirkpatrick Bank | Commercial Bank | 8.5% |
| The City National Bank and Trust Company of Lawton, Oklahoma | Commercial Bank | 8.5% |
| Simmons Bank | Commercial Bank | 9.2% |
| Farmers Insurance Group Federal Credit Union | Credit Union | 9.5% |
| Commerce Bank | Commercial Bank | 9.9% |
COMPARING HELOC RATES IN OKLAHOMA: BANKS VS. CREDIT UNIONS
HELOC rates in Oklahoma vary between banks and credit unions. Commercial banks typically have higher rates, with the best HELOC rate in Oklahoma for commercial banks averaging 8.6%. In contrast, credit unions, which are not-for-profit institutions, offer an average APR of 8.2%.
When choosing between the two, consider more than just rates. Banks might offer more convenience, but credit unions often provide better customer service and lower fees. Also, check membership requirements for credit unions and any hidden fees or rate adjustment clauses with both lenders.
Ask the experts:
How do changes in the Federal Reserve’s interest rates impact HELOC rates, and what should homeowners expect if rates rise or fall?
Credit & Mortgage Expert
The current Federal Fund rate has a direct impact on the rate you get or have on a HELOC. So if rates increase or decrease, your HELOC rate will follow. Recently the Federal Reserve decreased the Federal Fund rate by 0.5%, and about a week or two later, the rate on my HELOC decreased by 0.5%.
HELOC Payment Calculator
HELOCs have become a popular tool for homeowners across the U.S. looking to tap into their home equity. Use our Oklahoma HELOC payment calculator to estimate your monthly payments based on your amount drawn, APR and loan terms. It also provides an amortization schedule, detailing how payments divide between principal and interest over time. This insight can help you manage your HELOC more effectively and plan your finances.
Oklahoma HELOC Payoff Calculator
This HELOC payment calculator assumes that you take out one lump sum at the start of your interest-only period. Your actual payoff schedule will vary depending on your interest rate and market conditions.
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How to Get the Best HELOC Rates in Oklahoma
Finding the best HELOC rates in Oklahoma can save you a lot over the life of your loan. A lower rate can reduce monthly payments, easing financial strain. Use these five strategies to secure competitive rates:
Maintain a strong credit score
The average credit score in Oklahoma is 696. Improving your score can help you secure more competitive HELOC rates.
Compare offers from multiple lenders
Shopping around for offers can help you find better HELOC rates and terms.
Reduce your debt-to-income (DTI) ratio
Lower debt-to-income ratios attract better rates. Paying off credit card debt can help.
Increase your home equity
More equity reduces lender risk, leading to lower rates. Consider paying down your mortgage or making home improvements.
Review closing costs and rate caps
Closing costs affect loan expenses. Understanding rate caps helps manage HELOC adjustments.
HELOC Loan Rates vs. Home Equity Loan Rates in Oklahoma
HELOC interest rates in Oklahoma average 8.4%, while home equity loan rates are at 7.8%. This difference stems from the variable rate structure of HELOCs, which can lead to higher rates compared to the fixed rates of home equity loans.
HELOCs offer a flexible, revolving credit line with variable interest rates that can increase in rising interest rate environments. This variability can affect homeowners' finances over time.
Home equity loans provide a lump sum at a fixed rate, offering stability in payments. They are suitable for those who prefer consistent payments or need funds for a specific project.
When deciding between these options, consider whether you value the flexibility of a HELOC or the predictability of a home equity loan. Assess your financial situation and goals to determine which product aligns best with your needs and how it affects your equity in your home.
CONSIDERING A HELOC ALTERNATIVE? TRY A CASH-OUT REFINANCE
Cash-out refinance is a HELOC alternative that replaces your primary mortgage with a new, larger loan, providing cash access. It's different from HELOCs or home equity loans, as it creates a new primary mortgage.
For example, if you have a loan backed by the Federal Housing Administration (FHA), an FHA cash-out refinance could provide $50,000 in cash from a $200,000 loan on a $300,000 home.
FAQ: Best HELOC Rates in Oklahoma
What are the current HELOC rates in Oklahoma and how do they compare to national rates?
Oklahoma's HELOC rates average 8.4%, slightly higher than the national average of 8.3%.
What fees are commonly associated with HELOCs in Oklahoma?
Common fees include application, appraisal, annual, and early closure fees, but specifics vary by lender.
How do HELOC rates in Oklahoma compare to home equity loan rates?
Oklahoma's HELOC rates average 8.4%, while home equity loan rates are lower at 7.8%, which may be beneficial for those with bad credit.
How do HELOC Rates in Oklahoma vary between banks and credit unions?
Commercial banks in Oklahoma offer HELOC rates averaging 8.6%, while credit unions offer lower rates at 8.2%.
What's the best HELOC rate in Oklahoma City? How does it compare to the current HELOC rate in Oklahoma?
Oklahoma City's rates average 8.2%, which is slightly lower than the state average of 8.4%.
MoneyGeek examined 49 different banks and credit unions in Oklahoma using S&P Global's SNL Depository Rates dataset to stay current on the latest home equity line of credit rates.
This data is accurate as of December 13, 2024.
49Lenders Analyzed
About Zachary Romeo, CBCA
Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.
Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.