Today's 30-year mortgage rate in Ohio averages 6.64%, below the national average of 7.15%. Ohio homebuyers can benefit from programs like the OHFA Homebuyer Program and Grants for Grads, which reduce the financial burden of homebuying.
Mortgage
Today's Mortgage Rates in Ohio (November 2024)
Updated: November 12, 2024
Advertising & Editorial Disclosure
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 November 2024.
Current Mortgage Rates in Ohio
The current rate in Ohio for a 30-year fixed mortgage is 6.64% as of November 2024, up from the previous month's 5.81% by 83 basis points. For a $250,000 loan with a 20% down payment, this rate increase could add about $42,699 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.
Who Needs to Know Current Mortgage Rates in Ohio?
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
First-time homebuyers in Ohio can use current mortgage rates to compare offers and spot competitive rates.
Homeowners with mortgages
Homeowners in Ohio can consider a mortgage refinance if current rates are lower than what they currently pay.
In Ohio, mortgage rates for purchasing a home and refinancing can differ. For a 30-year fixed loan, the current rate for homebuyers is 6.64%, while refinancing with the same loan type has a slightly lower average APR of 6.56%.
SEE CURRENT MORTGAGE RATES IN NEIGHBORING STATES
Current Mortgage Rates in Ohio by Loan Type
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.
Data filtered by:Results filtered by:
Loan Type:
Loan Type:10-Year Fixed
| 4.95% | 5.10% |
INTEREST RATE VS. APR: WHAT'S THE DIFFERENCE?
The interest rate on a mortgage is the percentage you pay each year to borrow money from a lender. In Ohio, the average mortgage interest rate for a 30-year fixed-rate mortgage is 6.56%.
APR stands for annual percentage rate, which incorporates both the interest rate and any additional costs or mortgage points required by the lender. The average APR for a 30-year fixed-rate mortgage in Ohio is at 6.64% — this reflects the full cost of borrowing over a year.
Current Mortgage Rates in Ohio by Credit Score
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 7.09%. If your credit score drops below 680, the APR increases to 8.14%.
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:
Data filtered by:Results filtered by:
Credit Score Range:
Credit Score Range:740 or higher
Down Payment:
Down Payment:5% to 20%
| 10-year Fixed | 6.19% |
| 15-year Fixed | 6.30% |
| 20-year Fixed | 6.97% |
| 30-year Fixed | 7.09% |
| 5-year ARM | 8.02% |
| 7-year ARM | 7.70% |
Mortgage Types in Ohio
In November 2024, VA loans have the lowest average APR for 30-year fixed-rate mortgages in Ohio at 6.26%. Knowing your mortgage options can help you make an informed decision and may influence your monthly payments and total loan cost. Look at the following table to see the mortgage types in Ohio:
Mortgage Type | Definition | Impact on Rates | 30-Year Rates in Ohio |
|---|---|---|---|
Conventional loans | Conventional loans aren't insured by government agencies. | Conventional loans may offer competitive rates based on creditworthiness and market conditions. | 6.64% |
FHA loans | FHA loans are government-backed and cater to low-to-moderate-income borrowers. | FHA loans typically have lower minimum credit score requirements, affecting interest rates offered. | 7.81% |
VA loans | VA loans are guaranteed by the Department of Veterans Affairs for eligible veterans. | VA loans often have lower rates due to government backing reducing lender risk. | 6.26% |
USDA loans | USDA loans are government-backed to support rural and suburban homebuyers. | USDA loans can offer lower rates as they're designed to help rural homebuyers. | currently unavailable |
Jumbo loans | Jumbo loans exceed the conforming loan limits set by Fannie Mae and Freddie Mac. | Jumbo loans sometimes have higher rates as they involve larger loan amounts and increased risk. | 6.51% |
MORTGAGE RATE STRUCTURES IN OHIO
Mortgage rates come in two types: fixed and adjustable.
- Fixed-rate mortgages lock in your rate, keeping monthly mortgage payments stable. This consistency helps with budgeting.
- Adjustable-rate mortgages (ARM) may start at lower rates than fixed rates, potentially reducing your initial monthly costs, but they can change over time.
As of November 2024, average APRs in Ohio are 6.64% for a 30-year fixed-rate loan and 7.34% for a seven-year ARM. These rates impact monthly mortgage payments and your overall borrowing experience.
Mortgage Lenders in Ohio
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
- 6Number of Mortgage Options
- YesOnline Application
- NRBBB Rating
- Monday to Friday, 7 am to 8 pm CT Saturday, 8 am to 2 pm CTCustomer Service Hours
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
- Online prequalification available
- Specialized loan options offered
- Mortgage calculators for payment breakdown
Cons
- BBB rating absent even with accreditation
- Limited branches across the U.S., only 27 states
- Truist
- 4Number of Mortgage Options
- YesOnline Application
- A+BBB Rating
- Monday to Friday, 8 am to 8 pm ET Saturday, 8 am to 5 pm ETCustomer Service Hours
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
- Unique mortgages like doctor loan programs
- Online calculator with amortization table
- Affordable loans with payment assistance options
Cons
- Sparse mortgage details without professional consultation
- Lacks mortgage payment relief options
- Bank of America
- 6Number of Mortgage Options
- YesOnline Application
- ABBB Rating
- Monday to Friday, 8 am to 10 pm ET Saturday 8 am to 6:30 pm ETCustomer Service Hours
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
- Wide range of unique mortgage options
- Client assistance program available
- Online financial calculators for planning
Cons
- Online profile required for prequalification
- Credit requirement not transparent
- Phone call from loan advisor needed
Mortgage Programs in Ohio
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. |
FAQ: Mortgage Rates in Ohio
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 your mortgage.
What are the current mortgage rates in Ohio?
Current average APRs in Ohio vary by loan type. As of November 2024, a 30-year fixed conforming loan has an average APR of 6.64%, while a government loan with the same term averages 7.81%.
How do mortgage rates in Ohio compare to national rates?
The current average APR for a five-year adjustable-rate mortgage in Ohio is 7.55%, compared to 7.97% nationally in November 2024. The state's 15-year fixed-rate mortgage has an average APR of 5.99%, slightly lower than the national average of 6.28%.
How does my credit score impact the mortgage rates I get in Ohio?
Your credit score significantly influences the rates you receive. Higher scores often qualify for lower mortgage rates due to perceived lower risk to lenders.
Are there any special mortgage programs in Ohio to help homebuyers?
Ohio homebuyers can use several mortgage programs such as the OHFA Homebuyer Program, Grants for Grads, and Mortgage Tax Credit.
How can I get the best possible mortgage rate in Ohio?
To secure the best mortgage rate in Ohio, consider a larger down payment, maintain a high credit score and compare offers from multiple lenders.
What are today's mortgage refinance rates in Ohio?
Today's refinance rates in Ohio as of November 2024 have an average of 6.56% for a 30-year fixed and 5.95% for a 15-year fixed.
How do I calculate my mortgage payments?
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.
sources
- Ohio Housing Finance Agency (OHFA). "Grants for Grads." Accessed November 12, 2024.
- Ohio Housing Finance Agency (OHFA). "OHFA Homebuyer Program." Accessed November 12, 2024.
- Ohio Housing Finance Agency (OHFA). "Ohio Heroes." Accessed November 12, 2024.
- Ohio Housing Finance Agency (OHFA). "Mortgage Tax Credit." Accessed November 12, 2024.
- Ohio Housing Finance Agency (OHFA). "Next Home." Accessed November 12, 2024.
- Ohio Housing Finance Agency (OHFA). "YourChoice! Down Payment Assistance." Accessed November 12, 2024.