Oklahoma Mortgage Rates

Compare Oklahoma mortgage rates and choose the best option for your needs.

By Myfin Team
Updated May 17, 2024
Loan Type
State
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Purchase Price
$
Down payment
$
%
Loan term
  • 10-Year Fixed
  • 15-Year Fixed
  • 20-Year Fixed
  • 30-Year Fixed
  • 40-Year Fixed
  • 1-Year ARM
  • 3-Year ARM
  • 5-Year ARM
  • 7-Year ARM
  • 10-Year ARM
  • 3-Year ARM I/O
  • 5-Year ARM I/O
  • 7-Year ARM I/O
  • I/O = Interest only
Credit score
  • 740-850
  • 720-739
  • 700-719
  • 680-699
  • 660-679
  • 640-659
  • 620-639
  • 350-620
EMPTY
More options
Points
  • Up to 3
  • 0
  • 0-1
  • 1-2
Property type
  • Single Family
  • Condo (Less than 4 stores)
  • Condo (More than 4 stores)
  • 41 - 2 units
  • 42 - 3 units
  • 43 - 4 units
Property use type
  • Primary Residence
  • Second Home
  • Investment
EMPTY
EMPTY
Showing 4 mortgages
NMLS#1835285
APR
6.500%
Payment
$2,023/mo
Rate
6.500%
Fees
$3
Includes 0.001 Points ($3)
Details
30-Year Fixed;
Purchase
On partner's site
Get details
NMLS#Not a Lender
  • Premier resource for one-stop lender shopping
  • Get personalized purchase & refinance options
  • Find out what you're eligible for fast
On partner's site
Get details
NMLS#491986
  • Minimum 620 credit score needed to prequalify
  • 0% down USDA loan for rural homebuyers
  • 97% of borrowers would recommend to friends or family
On partner's site
Get details
NMLS#Not a Lender
  • 2024 FHA Loan tools and resources
  • Find answers to your mortgage questions
  • Easy to qualify, no obligation
On partner's site
Get details
Data provided by Icanbuy. Payments do not include amounts for taxes and insurance premiums. The actual payment obligation will be greater if taxes and insurance are included. More information on rates and product details.
For example, if you apply for a 15-year $400,000 mortgage with an interest rate of 6.15% and a down payment of 10% you would receive $360,000 and make 180 payments of $3,067.14. The total amount paid would be $552,084.

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.

FAQ

Whether I Qualify for a Mortgage in Oklahoma or Not?

Qualification requirements for mortgage borrowers can slightly vary in different lending entities, but in most cases, they include a credit score of 620 and higher, and a debt-to-income ratio of at least 50%. Also, you need to provide evidence of your paying capacity and credibility: tax and account statements, employment status, credit reports, etc. Finally, you must be able to make the required down payment.

What is the maximum mortgage duration in OK?

The maximum length of a mortgage loan in the US is 30 years. There can be some exceptions with unqualified mortgages where the term can reach 40 years. However, these cases are very rare, and the terms of such loans are far from being favorable.

What is the mortgage rate right now in Oklahoma?

There is no simple answer to this question, as the final APR is defined individually for each borrower. However, there are average values for every US state. In Oklahoma, the current average mortgage rate for a 30-year period is 6.58%. For the term of 15 years, it is 5.98%.