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Ohio Mortgage Rates

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Use SmartAsset's mortgage rate comparison tool to compare mortgage rates from the top lenders and find the one that best suits your needs.

Overview of Ohio Mortgages

Buckeye State mortgage rates have historically fluctuated just slightly above and below nationwide marks. Ohio counties’ conforming loan and FHA limits are nearly entirely at the standard limits. Ohio homebuyers can check SmartAsset’s mortgage calculator to see if monthly payments will be within their budget.

Today's Mortgage Rates in Ohio

Product Today Last Week Change
30 year fixed 3.79% 3.80% -0.02
15 year fixed 3.27% 3.29% -0.02
5/1 ARM 2.54% 2.54% 0.00
30 yr fixed mtg refi 4.13% 3.75% +0.38
15 yr fixed mtg refi 3.56% 3.56% 0.00
7/1 ARM refi 9.13% 4.75% +4.38
15 yr jumbo fixed mtg refi 3.13% 3.50% -0.38

National Mortgage Rates

Source: Freddie Mac Primary Mortgage Market Survey, SmartAsset Research
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Historical Mortgage Rates in Ohio

Photo Credit: ©iStock.com/David Rigg

Ohio Mortgage Rates Quick Facts

  • Median Home Value: $135,100 (U.S. Census Bureau)
  • Loan Funding Rate: 53.8% (CFPB)
  • Average Mortgage Rate: 4.59% (FHFA)
  • Homeownership Rate: 67.3% (St. Louis Fed)
  • Median Monthly Homeownership Costs: $1,269 (U.S. Census Bureau)

From Cleveland’s Rock and Roll Hall of Fame to Cincinnati’s baseball roots and the Columbus Museum of Art, Ohio is a hub for cultural, artistic and outdoor fun. There are plenty of unique cities to choose from for a home base. Additionally, Ohio is one of the most populous states in the country.

Ohio mortgage rates hover above and below the national average.

A financial advisor in Ohio can help you plan for the homebuying process. Financial advisors can also help with investing and financial plans, including tax, retirement and estate planning, to make sure you are preparing for the future.

Ohio Historic Mortgage Rates

YearOhio RateU.S. Rate
198214.3414.73
198312.1912.26
198412.2411.99
198511.3611.17
19869.889.79
19879.258.95
19889.338.98
19899.869.81
19909.759.74
19919.019.07
19927.977.83
19937.146.93
19947.657.31
19958.007.69
19967.737.58
19977.547.52
19986.986.97
19997.217.14
20008.027.86
20017.036.94
20026.536.44
20035.665.67
20045.675.68
20055.905.85
20066.486.54
20076.376.42
20085.976.06
20095.075.05
20104.774.81
20114.534.56
20123.703.65
20133.973.84
20144.214.13
20154.013.88
20163.793.73
20174.154.03
20184.594.56

Ohio Mortgages Overview

Ohio homes are priced well below the rest of the nation, with a median sale price of $145,100. This is considerably cheaper than the U.S. median of $237,000, according to Zillow data. That makes the state one of the more affordable places to settle down.

The conforming limits for Ohio counties are all at the standard $510,400. Again this reflects the overall affordability of real estate in the state. The standard FHA limit is $331,760 in most Ohio counties. However 10 counties have an FHA limit of $373,750. These counties are Delaware, Fairfield, Franklin, Hocking, Licking, Madison, Morrow, Perry, Pickaway and Union.

Conforming and FHA Loan Limits by County

CountyConforming LimitFHA Limit
Adams$510,400$331,760
Allen$510,400$331,760
Ashland$510,400$331,760
Ashtabula$510,400$331,760
Athens$510,400$331,760
Auglaize$510,400$331,760
Belmont$510,400$331,760
Brown$510,400$331,760
Butler$510,400$331,760
Carroll$510,400$331,760
Champaign$510,400$331,760
Clark$510,400$331,760
Clermont$510,400$331,760
Clinton$510,400$331,760
Columbiana$510,400$331,760
Coshocton$510,400$331,760
Crawford$510,400$331,760
Cuyahoga$510,400$331,760
Darke$510,400$331,760
Defiance$510,400$331,760
Delaware$510,400$373,750
Erie$510,400$331,760
Fairfield$510,400$373,750
Fayette$510,400$331,760
Franklin$510,400$373,750
Fulton$510,400$331,760
Gallia$510,400$331,760
Geauga$510,400$331,760
Greene$510,400$331,760
Guernsey$510,400$331,760
Hamilton$510,400$331,760
Hancock$510,400$331,760
Hardin$510,400$331,760
Harrison$510,400$331,760
Henry$510,400$331,760
Highland$510,400$331,760
Hocking$510,400$373,750
Holmes$510,400$331,760
Huron$510,400$331,760
Jackson$510,400$331,760
Jefferson$510,400$331,760
Knox$510,400$331,760
Lake$510,400$331,760
Lawrence$510,400$331,760
Licking$510,400$373,750
Logan$510,400$331,760
Lorain$510,400$331,760
Lucas$510,400$331,760
Madison$510,400$373,750
Mahoning$510,400$331,760
Marion$510,400$331,760
Medina$510,400$331,760
Meigs$510,400$331,760
Mercer$510,400$331,760
Miami$510,400$331,760
Monroe$510,400$331,760
Montgomery$510,400$331,760
Morgan$510,400$331,760
Morrow$510,400$373,750
Muskingum$510,400$331,760
Noble$510,400$331,760
Ottawa$510,400$331,760
Paulding$510,400$331,760
Perry$510,400$373,750
Pickaway$510,400$373,750
Pike$510,400$331,760
Portage$510,400$331,760
Preble$510,400$331,760
Putnam$510,400$331,760
Richland$510,400$331,760
Ross$510,400$331,760
Sandusky$510,400$331,760
Scioto$510,400$331,760
Seneca$510,400$331,760
Shelby$510,400$331,760
Stark$510,400$331,760
Summit$510,400$331,760
Trumbull$510,400$331,760
Tuscarawas$510,400$331,760
Union$510,400$373,750
Van Wert$510,400$331,760
Vinton$510,400$331,760
Warren$510,400$331,760
Washington$510,400$331,760
Wayne$510,400$331,760
Williams$510,400$331,760
Wood$510,400$331,760
Wyandot$510,400$331,760

Ohio state law requires home sellers to provide buyers with a disclosure form listing details on the property. This list should include information on wiring and electrical, water damage and any environmental hazards. The purpose of these disclosures is to protect buyers, but a home inspection is always a smart idea to help you avoid uncovering big problems down the line.

30-Year Fixed Mortgage Rates in Ohio

If you are looking for a home loan in Ohio, more likely than not you will end up with a 30-year fixed-rate mortgage. This reliable home loan option is especially popular for buyers who plan to stay in their home for a long time, as you have three decades to pay off the loan. Over that time, the interest rate remains the same which makes it easier to budget those monthly payments.

The average Ohio rate for a fixed 30-year mortgage is 3.80%.

Ohio Jumbo Loan Rates

Ohio county conforming loan limits are all $510,400. That means that if you take out a home loan anywhere in the state that is equal to or less than $510,400, you will have what is considered a conforming loan. This means that the loan is eligible for normal interest rates and can be resold on the secondary mortgage market.

On the flip side, if you decide to take out a loan that exceeds $510,400 in order to pay for your new Ohio house, you will have a “jumbo loan.” Jumbo loans are subject to higher interest rates. So you may want to reconsider whether it’s a better idea for you to find a home that fits more comfortably within your budget.

The average jumbo loan rate in Ohio is 4.03%.

Ohio ARM Loan Rates

An adjustable-rate mortgage (ARM) might be a good idea if you are not planning to stay in your new home long term. With an ARM, you will be given a lower interest rate for a period of one, three, five, seven or 10 years, depending on the loan’s terms. Once that period has ended, the interest rate can increase (or decrease). It is worth noting that the interest rate is capped at a certain level in the terms, which means you do know what you are getting into when you choose an ARM.

Even if you think you will be out of the home long before the introductory period ends, it is still a smart idea to check what the interest rate cap is and to see if it something that you would be able to pay if your plans were to change.

The average rate for an ARM in Ohio is 4.25%.

Ohio Mortgage Resources

Buckeye buyers have a couple assistance options to help fund their home purchase.

The Ohio Housing Finance Agency offers homeowner incentives for first-time buyers. The down payment assistance program applies 2.5% or 5% of the home’s purchase price toward the down payment, closing costs or other pre-closing costs. This down payment assistance is forgiven after seven years, unless you sell or refinance your home within that time period.

A Mortgage Tax Credit offers additional income for first-time homebuyers by cutting down on the amount of federal income tax liability that the borrower owes. With this credit, part of the mortgage interest is a tax credit up to $2,000.

Available Resources

ResourceProblem or IssueWho Qualifies
Ohio Housing Finance AgencyDown payment assistance and mortgage tax credit.First-time homebuyers who meet income, credit and other requirements.
USDA Rural Development - Single family loansOffers payment assistance to increase an applicant’s repayment ability.Applicants must be without decent, safe and sanitary housing; Be unable to obtain a loan from other resources on terms and conditions that can reasonably be expected to meet; Agree to occupy the property as your primary residence; Have the legal capacity to incur a loan obligation; Meet citizenship or eligible noncitizen requirements; Not be suspended or debarred from participation in federal programs.

The United States Department of Agriculture Rural Development offers a program in rural Ohio communities which helps residents secure housing. If you qualify, loans and grants are available to help you purchase a new home or repair your current home.

Ohio Mortgage Taxes

Ohio charges taxes on real estate transfers. The taxes in Ohio are 0.1%, and there is an additional local option of 0.3%. Ohio sellers typically pay this fee.

If you are an Ohio homeowner who also makes itemized deductions on your federal taxes, you should be aware that you can deduct the mortgage interest that you pay from your taxable income. Ohio is one of 10 states that does not allow itemized deductions so unfortunately you cannot make this deduction on your state income taxes as well.

Best Places To Get A Mortgage

SmartAsset’s interactive mortgage map highlights the best counties in the country (and in each state) for securing a mortgage. Hover over counties and states to see data points for each region, or use the map’s tabs to view the top counties for each of the factors driving our analysis.

Worst
Better
Rank County Loan Funding Rate 5 Year Borrowing Costs Property Tax Annual Mortgage Payment

Methodology For many people buying a house means securing a mortgage. To determine the best places in the country to get a mortgage we looked at four factors: overall borrowing costs, ease of securing a mortgage, cheap property taxes and cheap annual mortgage payments.

To calculate the overall borrowing costs, we looked at the expected costs over the first five years of a $200,000 mortgage with a 20% down payment, including closing costs. We calculated the ease of getting a mortgage as the ratio of mortgage applications to actual mortgage originations (secured mortgages) in each county. We based annual mortgage payments on the annual principal and interest payments for a $200,000 loan in that location, using average mortgage rates in each county.

Finally, we ranked locations based on these four factors, and then averaged those rankings, giving equal weight to each factor. The areas with the lowest average rankings are the best places to get a mortgage.

Sources: Mortgage Bankers Association, US Census Bureau 2017 5-Year American Community Survey, Informa, Bankrate, government websites, SmartAsset