Oklahoma Mortgage Rates
Compare Oklahoma mortgage rates and choose the best option for your needs.
Purchase
- 2024 FHA Loan tools and resources
- Find answers to your mortgage questions
- Easy to qualify, no obligation
- Premier resource for one-stop lender shopping
- Get personalized purchase & refinance options
- Find out what you're eligible for fast
- Minimum 620 credit score needed to prequalify
- 0% down USDA loan for rural homebuyers
- 97% of borrowers would recommend to friends or family
Today's Mortgage Rates Trends in Oklahoma
| Product | Rate | 1w change | APR | 1w change |
|---|---|---|---|---|
| 30-year fixed | 7.633 | 100% | 7.656 | 100% |
| 20-year fixed | 7.5 | 100% | 7.529 | 100% |
| 15-year fixed | 6.857 | 100% | 6.893 | 100% |
| 10-year fixed | 6.838 | 100% | 6.888 | 100% |
| 30-year fixed-rate FHA | 7.258 | 100% | 8.376 | 100% |
| 30-year fixed-rate VA | 7.207 | 100% | 7.451 | 100% |
- 30 Year Fixed
- 20 Year Fixed
- 15-Year Fixed
Mortgage in Oklahoma: Top Lenders in 2024
Willing to buy a home in Oklahoma State? Utilizing a mortgage loan is often the most efficient method, regardless of whether you're eyeing a residential property or an apartment. However, it's crucial to note that the terms of home loans can differ significantly among various lenders (use our mortgage calculator to estimate your future expenses). Additionally, we'll provide insights into important factors to consider when choosing a lender, such as interest rates, loan terms, and customer service quality, to assist you in making an informed decision tailored to your needs.
OK Mortgage Lenders Comparison
Each of the lenders under review is reputable, offering reasonable rates and boasting solid track records. To provide you with comprehensive information, we'll compare them based on several key criteria, including APR, minimum down payment, minimum requirements, and other relevant factors. This detailed analysis will empower you to make an informed decision tailored to your financial needs and preferences.
Change Home Mortgage
Founded in 1994, Change Home Mortgage specializes in catering to non-traditional, low-income borrowers, such as immigrants and individuals employed on a temporary basis. This focus is underscored by its certification as a Community Development Financial Institution (CDFI). In addition to offering conventional options and a comprehensive range of government-backed loans, including FHA, VA, and USDA loans, the brokerage provides an alternative to the FHA program: a conventional loan requiring only a 3% down payment. Change Home Mortgage also offers jumbo and reverse mortgages, along with remortgaging options. While the interest rates, fee schedule, and borrower eligibility criteria are not publicly disclosed, the brokerage aims to serve a diverse clientele with tailored mortgage solutions.
| Pros: | Cons: |
|---|---|
| Perfect for low- to moderate-income borrowers. | Not licensed in Massachusetts, Missouri and New York. |
| A good choice of government-backed plans available. | Doesn't disclose the exact terms and requirements. |
| A close-to-nationwide coverage. |
Quicken Loans Mortgage
Quicken Loans is the previous brand name of Rocket Mortgage, the US-wide leader in capitalization across consumer lenders, adopted in 1999. Offering a comprehensive array of options, terms, and services identical to those provided by Rocket Mortgage, Quicken Loans caters to a broad spectrum of borrowers. These offerings span from straightforward conventional mortgages featuring both fixed and adjustable rates to jumbo loans, home equity products, HELOCs (Home Equity Lines of Credit), and federally-insured programs such as FHA and VA loans, catering to both purchase and refinancing needs.
For conventional loans, a minimum credit score of 620 is required. However, it's noteworthy that the advertised APR for a 30-year fixed-rate mortgage stands at 7.199%, which positions it on the higher end compared to similar offerings in the market. Operating across all states and Washington D.C., Quicken Loans provides nationwide accessibility to its services, ensuring widespread availability for prospective borrowers.
| Pros: | Cons: |
|---|---|
| High availability. | No construction loans. |
| Easy application process. | Rates above the market average. |
| Plethora of experience. |
AmeriSave
AmeriSave has established itself as a nationwide lender since its foundation in 2002. While it serves clients across the country, residents of Georgia often receive some of its most enticing offers. AmeriSave's credibility is underscored by its impressive ratings from reputable sources such as BBB (A+) and Trustpilot (4.3/5).
The advertised rate of 4.899% is based on a FICO score of 740 and a 20% down payment. However, it's important to note that actual rates may exceed the advertised ones. Conventional loans typically require a credit score of 620, while government-insured plans can be accessible with a score as low as 600. AmeriSave's diverse range of offerings caters to a broad spectrum of borrowers, ensuring accessibility and flexibility in securing mortgage financing.
| Pros: | Cons: |
|---|---|
| Highly lucrative mortgage rates. | Not all of the lender fees included in the closing costs are transparently disclosed at the lender’s website. |
| Diversity of loan types offered. This includes purchase and refinancing with fixed and adjustable rates, as well as the three main kinds of government-backed loans (FHA, VA and USDA). | |
| Easy and convenient, mobile-friendly application process. |
Average Mortgage Rate in Oklahoma from 1978 to 2018
The chart shows average conventional mortgage 30-Year Fixed Rates in Oklahoma.
Source: Federal Housing Finance Agency Monthly Interest Rate Survey
Information about the Housing Market and Real Estate Prices in Oklahoma
| Criteria | Amount, $ |
|---|---|
| The median home value in Oklahoma | $172,359 |
| The income required to buy the median priced home in Oklahoma | $28,240 |
| The monthly mortgage payment required to buy the median priced home in Oklahoma | $654 |
| The median household income for Oklahoma | $58,754 |
Things to Consider When Choosing a Mortgage Lender
Securing a mortgage loan entails a substantial commitment lasting between 15 and 30 years, necessitating careful consideration before finalizing an agreement with any lender. There are several fundamental aspects to contemplate when choosing a lending institution.
Type of Lender
Essentially, there are two popular options: traditional banks and online mortgage lenders. Banks often present appealing rates, but they typically conduct rigorous credit checks. The approval process tends to be lengthier, and meeting eligibility criteria can be challenging. On the other hand, online lenders operate more swiftly, with less stringent requirements for prospective homebuyers.
APR and Fees
Every loan comes with associated costs, and mortgages are no exception. These costs extend beyond just the interest rate and encompass additional fees like the origination fee, mortgage insurance fee, closing costs, and more. As of the current time, for a fixed-rate 30-year loan, the average mortgage rate in Oklahoma stands at 6.58%.
Terms and Conditions
Here, you need to consider the minimum size of a down payment, which often varies from 0% to 20% depending on the loan type and your current status (whether you're military, employed, self-employed, etc.). Another important parameter is the lifespan of the loan, which refers to its total length. Common options are 15 and 30 years.
What Mortgage Lender is the Number One in Oklahoma?
The list of reliable OK mortgage lenders is extensive, so it's hard to give an unambiguous answer to this question. Everything depends. For example, one of the industry leaders is Rocket Mortgage with a loan volume of $11.5 billion for the year 2021. To take your pick wisely, check our list of recommended lenders.
First-Time Homebuyer Programs in Oklahoma
Buying a home for the first time presents considerable challenges. Fortunately, residents of Oklahoma can avail themselves of various governmental programs aimed at enhancing mortgage affordability.
- One such program is the Federal Housing Administration (FHA) loan program, which offers insurance from the federal government to buyers. The insurance fee is integrated into the total loan cost. In return, homebuyers receive significant benefits, including a low interest rate and minimal credit requirements. With this program, individuals with a FICO score as low as 500 and a debt-to-income ratio of just 50% can qualify.
- Another option is the USDA loan program, designed for those residing in rural areas. Participants in this program can secure a mortgage loan with no down payment required. However, their annual income must not surpass 115% of the average income in their region.
- Additionally, there are VA loan programs, insured by the Department of Veterans Affairs, available to former military personnel or their spouses.
Pre-Approval: What Does It Mean?
Preliminary approval is a sort of confirmation of a prospective homebuyer’s credibility. It lets home sellers know that lenders are ready to approve a mortgage loan to the buyer. To get a pre-approval one needs to provide documentary evidence of his paying capacity. A typical document set includes earning statements, account statements, a W2 form, or an alternative proof of income for at least 2 years. Additionally, it’s necessary to fill in the Uniform Residential Loan Application form.