Updated: December 13, 2024
Advertising & Editorial Disclosure
Today's 30-year mortgage rate in Ohio averages 6.35%, lower than the national average of 6.83%. Ohio homebuyers can access programs like the OHFA Homebuyer Program and YourChoice! Down Payment Assistance, which reduce the financial burden of homebuying.
MoneyGeek uses publicly available data from Zillow for the rates on this page. Mortgage rates shift daily, and we take a snapshot of rates to analyze rate information for Ohio. We update the data frequently to ensure you have access to the most recent rates, but the values may differ slightly between reporting sources. Unless specifically noted otherwise, rates featured in the content are annual percentage rates (APRs).
This data was last updated in December 2024.
In December 2024, the current rate in Ohio for a 30-year fixed mortgage is 6.35%, down from the previous month's 6.64%. For a $250,000 loan with a 20% down payment, this rate drop could save you around $6,201 in interest over the life of the loan, excluding property taxes or HOA fees.
Rates shift frequently due to changing economic conditions and Federal Reserve actions. The line chart below shows Ohio's mortgage rate trends over the past several months, giving you a clear picture of the market's dynamics.
Even small changes in rates can significantly impact your finances. Understanding the current mortgage rates in Ohio guides your budgeting plans.
Knowing today's mortgage interest rates in Ohio can benefit first-time homebuyers and seasoned investors, especially given the shifts in the housing market.
First-time homebuyers in Ohio can use current mortgage rates to compare offers and spot competitive rates.
Homeowners in Ohio can consider a mortgage refinance if current rates are lower than what they currently pay.
Ohio's mortgage rates for purchasing a home and refinancing can differ. For a 30-year fixed loan, the current rate for homebuyers is 6.35%, while refinancing has a slightly higher average APR of 6.42%.
A 30-year fixed-rate mortgage usually has a higher interest rate than a 15-year mortgage. Lenders charge more for longer terms due to the increased risk of rate fluctuations and defaults. Shorter-term loans have lower rates because the loan period is shorter, reducing lender risk.
As you explore mortgage types in Ohio, a mortgage calculator can help you understand how different rates will impact your payments.
| 5.77% | 5.96% |
The interest rate on a mortgage is the percentage you pay each year to borrow money from a lender. Ohio's average mortgage interest rate for a 30-year fixed-rate mortgage is 6.28%.
The APR (annual percentage rate) includes the interest rate and any additional costs or mortgage points the lender requires. The average APR for a 30-year fixed-rate mortgage in Ohio is 6.35%, which reflects the full cost of borrowing over a year.
In Ohio, if you have a credit score of 740 or higher and a down payment of 5% to 20%, the average APR for a 30-year fixed mortgage is 6.95%. If your credit score drops below 680, the APR increases to 7.69%.
Your credit score directly impacts the mortgage rates you may qualify for. Explore the table below for the rates you might get based on your credit score and down payment:
| 10-year Fixed | 6.19% |
| 15-year Fixed | 6.33% |
| 20-year Fixed | 7.08% |
| 30-year Fixed | 6.95% |
| 5-year ARM | 8.03% |
| 7-year ARM | 7.70% |
In December 2024, VA loans have the lowest average APR for 30-year fixed-rate mortgages in Ohio at 6.28%. Knowing your mortgage options can help you make an informed decision and may influence your monthly payments and total loan cost. Check the table below for the mortgage types in Ohio:
Mortgage Type | Definition | Impact on Rates | 30-Year Rates in Ohio |
|---|---|---|---|
Conventional loans | A conventional loan, a standard option among borrowers, isn't insured by the government. | Rates vary based on credit score and down payment size. | 6.35% |
FHA loans | An FHA loan is backed by the Federal Housing Administration for those with lower credit scores. | Rate may be higher due to government insurance and lower credit requirements. | 8.21% |
VA loans | A VA loan is guaranteed by the Department of Veterans Affairs, supporting veterans and service members. | Rates are competitive due to government backing and no down payment requirement. | 6.28% |
USDA loans | A USDA loan supports rural homebuyers with financing options guaranteed by the U.S. Department of Agriculture. | Rates are low rates due to government backing, benefiting qualifying rural homebuyers. | currently unavailable |
Jumbo loans | A jumbo loan is a non-conforming loan that exceeds the limits set by Fannie Mae and Freddie Mac. | Rates may be higher due to the larger loan amounts and increased lender risk. | 6.42% |
Mortgage rates come in two types: fixed and adjustable.
As of December 2024, average APRs in Ohio are 6.35% for a 30-year fixed-rate loan and 7.31% for a seven-year ARM.
U.S. Bank, Truist and Bank of America are solid mortgage lenders in Ohio, chosen for their state availability, Better Business Bureau (BBB) accreditation and homeowner assistance programs. However, other lenders might also offer competitive terms that suit your financial situation.
Rates can vary by lender, so comparing options is essential to finding the best deal for your financial situation.
U.S. Bank offers various mortgage options, including conventional, FHA, jumbo and adjustable-rate mortgages (ARMs). FHA loans require a minimum credit score of 640, while jumbo and ARMs need a 660 score. Conventional loans start with a 3% down payment, and FHA loans require at least 3.5%. VA loans offer no down payment.
Customer service is available from 7 a.m. to 8 p.m. CT on weekdays and 8 a.m. to 2 p.m. CT on Saturdays, with video, phone and in-person support. U.S. Bank also offers assistance programs like forbearance, repayment plans and loan modifications. It's the top HELOC lender for bad credit in many states.
Pros
Cons
Truist offers various mortgage options, including conventional and VA loans. The minimum down payment starts at 3%, though the credit score requirement isn't publicly disclosed.
Customer service is available from 8 a.m. to 8 p.m. ET on weekdays and 8 a.m. to 5 p.m. ET on Saturdays via phone, social media and in-person consultations. Truist also provides special programs like doctor loans, construction-to-permanent loans and affordable lending options to help borrowers achieve homeownership.
Pros
Cons
Bank of America provides various mortgage options, including fixed-rate, adjustable-rate, FHA and VA loans. The affordable loan solution requires a minimum down payment of just 3%, while VA loans require no down payment.
Customer service is available Monday to Friday from 8 a.m. to 10 p.m. ET and Saturday from 8 a.m. to 6:30 p.m. ET, accessible via virtual, phone or in-person meetings. Bank of America also provides America’s Home Grant® and down payment grant programs to assist homeowners.
Pros
Cons
Owning a home comes with hidden costs that may affect your budget. In Ohio, you can explore assistance from the Ohio Housing Finance Agency (OHFA), which provides mortgage programs tailored for homebuyers in the state.
Program | Description |
|---|---|
Offers fixed-rate loans for those meeting income and purchase price limits. Lenders across Ohio are part of this network, catering to first-time buyers, veterans and target area purchasers. | |
Helps low and moderate-income buyers with down payment and closing costs, providing 2.5% to 5% assistance on the home price, forgivable after seven years. | |
For recent graduates, it includes discounts on mortgage interest rates and down payment assistance that's forgiven after five years, provided they stay in Ohio. | |
Honors public servants with discounted mortgage rates. Veterans, police, firefighters, paramedics, medical staff and educators benefit from tailored assistance. | |
Offers a federal tax credit reducing mortgage interest, influencing savings up to $2,000 annually, complementing existing IRS deductions. |
Understanding today's mortgage rates in Ohio is a common concern for homebuyers. We addressed common questions to help you take the next steps in securing a mortgage.
Current average APRs in Ohio vary by loan type. As of December 2024, a 30-year fixed conforming loan has an average APR of 6.35%, while a seven-year adjustable-rate mortgage (ARM) jumbo averages at 7.24%.
Ohio's current average APR for a 30-year fixed-rate mortgage is 6.35%, below the national average of 6.83%. A five-year ARM averages 7.24%, also lower than 7.79% nationally.
Your credit score significantly influences the rates you receive. Higher scores often qualify for lower mortgage rates due to perceived lower risk to lenders.
Ohio homebuyers can take advantage of several mortgage programs, such as the OHFA Homebuyer Program, Grants for Grads, and the Mortgage Tax Credit.
To secure the best mortgage rates in Ohio, improve your credit score, shop around for the best loan offers and make a larger down payment.
Today's refinance rates in Ohio as of December 2024 have an average of 5.94% for a 15-year fixed and 6.42% for a 30-year fixed-rate loan.
To calculate your mortgage payments, use a mortgage calculator for Ohio, which considers variables such as home price, down payment, loan term and interest rate.
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.
