Today's Mortgage Rates in Ohio

Today's 30-year mortgage rate in Ohio averages at 6.76%, implying that homebuyers are offered rates close to the national average of 6.90% for the same mortgage type. In Ohio, homebuyers can take advantage of programs such as the OHFA Homebuyer Program and YourChoice! Down Payment Assistance, which aims to lessen the financial burden of acquiring a home.

We discuss details of today's average 30-year mortgage rate in Ohio. Further, you'll get insights into interest rates, APRs and how rates fluctuate according to credit scores and the variety of mortgage types available in Ohio. Knowing the mortgage rates, the lenders in the state and detailed information on helpful mortgage programs will equip you to navigate home financing with confidence.

The current mortgage rate in Ohio for a 30-year fixed mortgage is 6.76% as of July 2024. This represents a small uptick from the 6.60% rate in June — an increase of 16 basis points. On a $250,000 loan with a 20% down payment, this movement in rates translates to an additional $7,634 in total cost, which clearly shows how even slight changes in interest rates can significantly impact your overall payment obligations, not including other fees like property taxes or HOA fees.

Our line chart displays the trend of mortgage rates in Ohio over the past several months, giving you a clear picture of the market's dynamics.

Understanding the current mortgage rate in Ohio guides your budgeting plans as rates may vary daily due to economic indicators and Federal Reserve actions.

Familiarity with today's mortgage interest rates in Ohio benefits two kinds of audience in light of the ever-shifting housing market:

Purchase rates and refinance rates for mortgages often differ. If you're looking to buy a home in Ohio, the current mortgage rate for a 30-year fixed loan is 6.76% — while refinancing your existing home with the same type of loan might have a higher average APR of 8.16%.

A 30-year fixed-rate mortgage in Ohio typically carries a higher interest rate than a 15-year fixed-rate mortgage. Longer-term loans like 30-year mortgages come with more risk for lenders and they account for this by setting higher rates. Shorter-term loans, such as 15-year mortgages, usually have lower rates because lenders face less uncertainty and a shorter timeframe for financial changes or defaults.

As you explore mortgage loan types in Ohio, a mortgage calculator can be a helpful tool to understand how different rates will impact your payments. By entering different scenarios, you can see how changing the length of your loan or the interest rate could influence your monthly mortgage costs.

If you're in Ohio with a credit score of 740 or more and you're putting down 5% to 20%, the average APR for a 30-year fixed mortgage stands at 7.43%. Slide below a 680 credit score, and that rate rises to 8.22%.

Your credit score directly impacts the mortgage rates you may qualify for in Ohio. Explore the interactive table below to see what rates you might get based on your credit score and down payment:

In July 2024, 30-year fixed-rate VA loans have the lowest average APR for 30-year fixed-rate mortgages in Ohio at 6.42%. 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 range of mortgage loan types available in Ohio:

U.S. Bank, Bank of America and Truist are good choices for securing a mortgage in Ohio. These lenders were handpicked considering their availability in the state, Better Business Bureau accreditation and homeowner assistance programs. Keep in mind that our list is not exhaustive — there are additional lender choices in Ohio that could also meet your financial requirements.

The mortgage rate you get in Ohio can be influenced by the lender you select, as they each offer unique mortgage solutions and terms. By comparing different lenders in Ohio, you can find the best mortgage deal for your situation.

Owning a home comes with hidden costs of homeownership 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.

Understanding today's mortgage rates in Ohio is a common concern for homebuyers in the area. We've addressed frequently asked questions to help you take the next steps in securing your mortgage.