Updated: November 12, 2024
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Today's 30-year fixed-rate mortgage rate in Oklahoma is 6.7%, lower than the national average of 7.15%. To reduce mortgage costs, Oklahoma homebuyers can find assistance through programs like OHFA Homebuyer Down Payment and/or Closing Cost Assistance and Special Interest Rates for Public Servants.
MoneyGeek used 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 Oklahoma. 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.
In November 2024, the average APR for a 30-year fixed mortgage in Oklahoma is 6.7%, up from 6.08% the previous month. This increase could add $32,135 in total interest for a $250,000 loan with a 20% down payment, excluding property taxes or HOA fees.
The line chart graphically represents the movement of rates over recent months, underscoring how even small changes can significantly impact financial planning.
Understanding the current mortgage rates in Oklahoma helps you budget effectively by giving you insight into potential monthly payments. Rates can change daily due to factors like economic health and decisions from the Federal Reserve.
First-time homebuyers and seasoned investors can benefit from understanding today's mortgage interest rates in Oklahoma, especially with shifts in the housing market:
First-time homebuyers
First-time homebuyers in Oklahoma can review current mortgage rates to understand what lenders might offer and gauge rate competitiveness.
Homeowners with mortgages
Homeowners in Oklahoma can check current mortgage rates to evaluate if a mortgage refinance could be beneficial when rates decrease below their own.
Purchase and refinance rates often differ. The average APR for a 30-year fixed-rate mortgage in Oklahoma is 6.7% if you buy a home. However, the average rate increases to 6.87% if you're looking to refinance.
A 30-year fixed-rate mortgage typically has a higher rate than a 15-year one. The longer term increases the lender's risk from potential market fluctuations and loan defaults over time.
Use a mortgage calculator to see how these rates might affect your payments. This tool will help you understand monthly expenses for different mortgage types in Oklahoma.
| 5.23% | 5.45% |
The interest rate represents the yearly cost of borrowing money for a mortgage. Oklahoma's average mortgage interest rate for a conforming 30-year fixed loan is 6.62%.
The APR (annual percentage rate) covers the interest rate and other fees tied to the loan. The average APR for a 30-year fixed mortgage in Oklahoma is 6.7%.
In Oklahoma, if you have a credit score of 740 or higher and put down 5% to 20% on your home purchase, the average APR for a 30-year fixed mortgage is 7.5%. A credit score below 680 raises the average APR to 7.91%.
Your credit score and down payment directly impact your mortgage rate. Check out the table below for the rates you might get based on your credit score and down payment.
| 10-year Fixed | 6.49% |
| 15-year Fixed | 6.61% |
| 20-year Fixed | 6.73% |
| 30-year Fixed | 7.50% |
| 5-year ARM | 8.13% |
| 7-year ARM | 7.87% |
In November 2024, VA loans have the lowest average APR for 30-year fixed-rate mortgages in Oklahoma at 6.37%. Knowing your mortgage options can make a difference in your payments and financial flexibility. Here's what you need to know about the different types of mortgages in Oklahoma:
Mortgage Type | Definition | Impact on Rates | 30-Year Rates in Oklahoma |
|---|---|---|---|
Conventional loans | Conventional loans aren't insured by the government and adhere to Fannie Mae and Freddie Mac guidelines. | Credit score, down payment and loan amount affect rates. | 6.7% |
FHA loans | FHA loans are government-backed mortgages requiring lower down payments and are more accessible to various borrowers. | FHA loans commonly have lower interest rates for borrowers with less-than-perfect credit or lower down payments. | 7.57% |
VA loans | VA loans cater to service members, veterans and eligible spouses, offering favorable terms without a down payment. | VA loans often feature competitive rates due to government backing and the absence of mortgage insurance requirements. | 6.37% |
USDA loans | USDA loans are for rural homebuyers, offering zero down payment and are guaranteed by the U.S. Department of Agriculture. | USDA loans can offer lower rates due to government backing, benefiting borrowers in designated rural areas. | currently unavailable |
Jumbo loans | Jumbo loans are larger than most conventional mortgages and accommodate borrowers looking to finance pricier properties. | Jumbo loan rates can be higher due to the increased risk lenders take on with larger loan amounts. | 6.58% |
Mortgage rates are either fixed or adjustable.
In November 2024, Oklahoma's average APR for a 30-year fixed mortgage is 6.7% and 7.49% for a seven-year ARM.
Better, LoanDepot and Rocket Mortgage are solid mortgage lenders in Oklahoma, chosen based on their accessibility, Better Business Bureau (BBB) accreditation and homeowner assistance programs. This list isn't exhaustive — other lenders may fit your needs.
Mortgage rates can vary depending on the lender, as each offers different loan options and terms. Comparing rates from multiple lenders helps you find the best deal.
Better offers a range of mortgage options, including fixed-rate and adjustable-rate loans. The application process is entirely online, eliminating the need for in-person visits. Credit score requirements are 700 for jumbo loans, 620 for conventional loans and 580 for FHA loans. Down payments range from 3% to 5% for conventional loans, with higher down payments required for lower credit scores.
Better’s customer service via phone or email is available Monday to Friday, 8 a.m. to 9 p.m. ET and weekends from 9 a.m. to 9 p.m. ET. It also offers a discount program through Better Real Estate.
Pros
Cons
LoanDepot provides online and in-person services, with various loan options like fixed-rate and adjustable-rate mortgages. FHA loans require a minimum credit score of 580, and down payments can be as low as 3.5% for home purchases.
Customer service is available via phone and email Monday through Friday, 10 a.m. to 9 p.m. ET. LoanDepot also provides loss mitigation assistance to homeowners, showing its commitment to helping during the loan process and after purchase.
Pros
Cons
Rocket Mortgage offers various loans, including FHA and conventional loans. Conventional loans require a minimum credit score of 620, while FHA loans need a score of 580. Down payments start at 3.5% for FHA loans and 3% for conventional loans, with VA loans offering no down payment for qualifying veterans.
Customer service is available via phone or chat Monday through Friday, 8:30 a.m. to 9 p.m. ET and Saturday, 9 a.m. to 4 p.m. ET. Rocket Mortgage also provides homeowner assistance programs such as the ONE+ program, HomeReady, and HomePossible.
Pros
Cons
Owning a home brings hidden costs that might affect your budget more than you expect. You can turn to the Oklahoma Housing Finance Agency for mortgage programs designed to help you.
Program | Description |
|---|---|
Grants new homebuyers 3.5% of the total loan amount to cover down payments and closing costs. Applicants need a 640 minimum credit score and U.S. residency. Purchased properties must be in Oklahoma and become primary residences within 60 days after closing. | |
Enables teachers, firefighters and law enforcement officers access to favorable mortgage rates. Eligibility requires Oklahoma residency and moving into the property within 60 days. OHFA 4Teachers and OHFA Shield cater specifically to educators and first responders, easing homebuying costs. |
Today's mortgage rates in Oklahoma can be confusing, especially for first-time homebuyers. We addressed common questions to guide you through securing a mortgage and finding favorable rates.
Current average APRs vary by loan type in Oklahoma. As of November 2024, a 30-year fixed conforming loan has an average APR of 6.7%, and a seven-year adjustable-rate mortgage (ARM) jumbo averages 7.28%.
Mortgage rates in Oklahoma are competitive with national averages. As of November 2024, a 30-year fixed-rate mortgage has a state average APR of 6.7% compared to 7.15% nationally. Similarly, a five-year ARM is at 7.44% in Oklahoma, whereas the national average is 7.97%.
Your credit score is key in determining the rates you qualify for. A higher credit score generally leads to lower mortgage rates.
Oklahoma offers special mortgage programs such as OHFA Homebuyer Down Payment and/or Closing Cost Assistance and Special Interest Rates for Public Servants to assist homebuyers.
Getting a lower mortgage rate in Oklahoma can involve several strategies: compare rates from multiple lenders, improve your credit score and make a larger down payment.
Today's average refinance rates in Oklahoma for November 2024 are 6.87% for a 30-year fixed and 6.09% for a 15-year fixed rate loan.
To calculate your mortgage payments, use a mortgage calculator for Oklahoma. It will consider your 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.
