Today's Mortgage Rates in Oklahoma

Today's 30-year fixed-rate mortgage rate in Oklahoma is 7.18%, while the national average is 6.90%. 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.

We'll help you understand today's 30-year mortgage rate in Oklahoma by exploring various loan types and how rates shift based on credit scores. You'll also learn about different mortgage rate structures, the difference between interest rate and APR and the range of mortgage lenders available.

In Oklahoma, the average APR for a 30-year fixed mortgage rose to 7.18% in July 2024, up from 6.67% in June, marking an increase of 51 basis points. A mere half a percent difference in your mortgage rate — such as the change from June to July — can significantly impact your pocket.

For a $250,000 loan with a 20% down payment, the latest increase translates to spending an additional $24,586 over the life of the loan, not including expenses like property taxes or HOA fees. The line chart displays the rate trends over the last few months, showing the pattern of these changes.

Understanding the current mortgage rate in Oklahoma helps you budget effectively by giving you insight into potential monthly payments. Rates can change every day due to factors like economic health and decisions from the Federal Reserve.

First-time homebuyers and seasoned investors alike can benefit from understanding today's mortgage interest rates in Oklahoma, especially with shifts in the housing market:

Purchase rates and refinance rates often differ — this is true for the current mortgage rate in Oklahoma. If you're aiming to buy a home, you'll find the average APR for a 30-year fixed-rate mortgage is 7.18%. However, if you're looking to refinance, the average rate increases to 8.09%.

A 30-year fixed-rate mortgage in Oklahoma often has a higher rate than a 15-year fixed-rate mortgage. This reflects the longer time frame and the increased risk to the lender for changes in the financial market and the possibility of loan default over an extended period.

Use a mortgage calculator to see how these rates might affect your payments. This tool will help you get a clearer picture of monthly expenses for different mortgage loan types in Oklahoma.

In Oklahoma, if you are sporting 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 7.30%. Drop below a 680 credit score and this average APR goes up to 8.08%.

Your credit score, alongside the down payment you make, directly impacts your mortgage rate in Oklahoma. Check out the interactive table 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 Oklahoma at 6.56%. Knowing your mortgage options can make a real difference in your payments and financial flexibility. Here's what you need to know about the different types of mortgage loans available in Oklahoma:

Better, Rocket, and Loan Depot are solid options if you want a mortgage in Oklahoma. We picked these lenders for you since they're accessible in your state, hold Better Business Bureau accreditation and offer homeowner assistance programs. This list isn't exhaustive — other lenders may fit your needs in Oklahoma.

The mortgage rate you get in Oklahoma can differ based on the lender you choose. Lenders have a variety of mortgage options and loan terms that influence the rates they offer. By comparing rates from several lenders, you make sure you're getting the most favorable deal.

Owning a home brings hidden costs that might affect your budget more than you expect. In Oklahoma, you can turn to the Oklahoma Housing Finance Agency for mortgage programs designed to help you.

Understanding today's mortgage rates in Oklahoma can be confusing, especially for first-time homebuyers. We've addressed common questions to guide you through securing a mortgage and finding favorable rates.