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Oklahoma Mortgage Rates

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

Overview of Oklahoma Mortgages

With its wide array of landscapes, it’s no wonder so many call Oklahoma home. Mortgage rates in the Sooner State tend to be higher than the national average rates while home prices are generally well below the national average. Oklahoma counties’ conforming loan and FHA limits hold steady at the standard limits.

Today's Mortgage Rates in Oklahoma

Product Today Last Week Change
30 year fixed 4.66% 4.68% -0.02
15 year fixed 4.27% 4.27% 0.00
5/1 ARM 4.44% 4.35% +0.08
30 yr fixed mtg refi 4.66% 4.68% -0.02
15 yr fixed mtg refi 4.27% 4.27% 0.00
7/1 ARM refi 4.56% 4.56% 0.00
15 yr jumbo fixed mtg refi 4.39% 4.34% +0.05

National Mortgage Rates

Source: Freddie Mac Primary Mortgage Market Survey, SmartAsset Research
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Oklahoma Mortgage Rates Quick Facts
  • Median Home Value: $119,500 (Zillow)
  • Loan Funding Rate: 61.6% (CFPB)
  • Average Mortgage Rate: 3.96% (Freddie Mac)
  • Homeownership Rate: 68.5% (St. Louis Fed)
  • Median Monthly Homeownership Costs: $1,156 (U.S. Census Bureau)

Historical Mortgage Rates in Oklahoma

Home to plains, mountains, forests and lakes, Oklahoma is full of stunning vistas. Oklahoma’s capital, Oklahoma City, houses the National Cowboy & Western Heritage Museum, along with a vibrant dining and nightlife scene.

Homebuyers will find that Oklahoma mortgage rates are historically above the national average.

Oklahoma Historic Mortgage Rates

YearOklahoma RateU.S. Rate
198214.8514.73
198312.6612.26
198411.4811.99
198510.4911.17
19869.999.79
19878.758.95
19889.208.98
19899.509.81
19909.789.74
19919.409.07
19928.317.83
19937.666.93
19948.007.31
19958.157.69
19967.837.58
19977.997.52
19987.056.97
19997.397.14
20008.197.86
20017.016.94
20026.596.44
20035.945.67
20046.005.68
20056.045.85
20066.656.54
20076.576.42
20086.286.06
20095.215.05
20104.794.81
20114.724.56
20123.673.65
20133.863.84
20144.144.13
20153.873.88
20163.803.73

Oklahoma Mortgages Overview

Oklahoma homes are priced well below the rest of the nation, with $179,900 as the median home list price compared to the nation’s median list price of $268,500, according to Zillow.

The conforming limits for Oklahoma counties are all at the standard $453,100. FHA limits are also at the average $294,515. This is an indication of the affordability of the state’s real estate market.

Conforming and FHA Loan Limits by County

CountyConforming LimitFHA Limit
Adair$453,100$294,515
Alfalfa$453,100$294,515
Atoka$453,100$294,515
Beaver$453,100$294,515
Beckham$453,100$294,515
Blaine$453,100$294,515
Bryan$453,100$294,515
Caddo$453,100$294,515
Canadian$453,100$294,515
Carter$453,100$294,515
Cherokee$453,100$294,515
Choctaw$453,100$294,515
Cimarron$453,100$294,515
Cleveland$453,100$294,515
Coal$453,100$294,515
Comanche$453,100$294,515
Cotton$453,100$294,515
Craig$453,100$294,515
Creek$453,100$294,515
Custer$453,100$294,515
Delaware$453,100$294,515
Dewey$453,100$294,515
Ellis$453,100$294,515
Garfield$453,100$294,515
Garvin$453,100$294,515
Grady$453,100$294,515
Grant$453,100$294,515
Greer$453,100$294,515
Harmon$453,100$294,515
Harper$453,100$294,515
Haskell$453,100$294,515
Hughes$453,100$294,515
Jackson$453,100$294,515
Jefferson$453,100$294,515
Johnston$453,100$294,515
Kay$453,100$294,515
Kingfisher$453,100$294,515
Kiowa$453,100$294,515
Latimer$453,100$294,515
Le Flore$453,100$294,515
Lincoln$453,100$294,515
Logan$453,100$294,515
Love$453,100$294,515
McClain$453,100$294,515
McCurtain$453,100$294,515
McIntosh$453,100$294,515
Major$453,100$294,515
Marshall$453,100$294,515
Mayes$453,100$294,515
Murray$453,100$294,515
Muskogee$453,100$294,515
Noble$453,100$294,515
Nowata$453,100$294,515
Okfuskee$453,100$294,515
Oklahoma$453,100$294,515
Okmulgee$453,100$294,515
Osage$453,100$294,515
Ottawa$453,100$294,515
Pawnee$453,100$294,515
Payne$453,100$294,515
Pittsburg$453,100$294,515
Pontotoc$453,100$294,515
Pottawatomie$453,100$294,515
Pushmataha$453,100$294,515
Roger Mills$453,100$294,515
Rogers$453,100$294,515
Seminole$453,100$294,515
Sequoyah$453,100$294,515
Stephens$453,100$294,515
Texas$453,100$294,515
Tillman$453,100$294,515
Tulsa$453,100$294,515
Wagoner$453,100$294,515
Washington$453,100$294,515
Washita$453,100$294,515
Woods$453,100$294,515
Woodward$453,100$294,515

Oklahoma is a non-recourse state. This means that if your home were to go into foreclosure, your lender is not allowed to come after your assets or savings for any difference between your home’s worth and the amount you have left on your mortgage. While you are probably not searching for a home with the intention of later going into foreclosure, it is still useful to know you would stand were your circumstances to change.

Oklahoma state law requires home sellers to provide buyers with a disclosure form listing details on the property. The list should come from the Oklahoma Real Estate Commission form. The purpose of these disclosures is to protect buyers, but you should always get a quality home inspection regardless of the law.

30-Year Fixed Mortgage Rates in Oklahoma

The most common type of home loan is a 30-year fixed rate mortgage. With this mortgage, your interest rate remains the same for the duration of the loan’s life. This makes it a very dependable home loan and it’s easier to budget for your monthly payments as they will stay the same (unless you refinance, of course). Over the course of paying off this mortgage, more of your money will go toward paying equity and less toward paying interest.

You can also get a 15-year fixed-rate mortgage which will have a lower interest rate. Your monthly payments will be higher with a 15-year loan, though, as you are paying off the same amount of money in less time. Longer terms, such as 40-year fixed-rate mortgages also but the downside is you’ll pay more interest with this loan.

The average Oklahoma mortgage rate for fixed-rate 30-year mortgages is 4.7%.

Oklahoma Jumbo Loan Rates

Oklahoma county conforming loan limits are all $453,100, a nod to the affordability of buying real estate in the state. That means that if you need to take out a home loan that is bigger than $453,100, you will be taking on what is known as a jumbo loan. If you are weighing whether a jumbo loan is right for you, it is important to be aware that they are accompanied by higher interest rates as compared to standard or “conforming” loans (loans which are equal to or less than $453,100 in Oklahoma).

The average jumbo loan rate in Oklahoma is 4.5%.

Oklahoma ARM Loan Rates

An ARM or adjustable-rate mortgage is what its name implies. That is, it is a mortgage which has an interest rate that can adjust or change over the life of the loan. An adjustable-rate mortgage usually comes with a lower interest rate than a fixed-rate mortgage for an introductory period. That initial period lasts for one, three, five, seven or 10 years, depending on the loan’s terms. After that timeframe, the interest rate is free to change, meaning it typically increases. It is not hard to see how a buyer might fall behind on payments with an ARM.

It is important to note however, that an ARM’s terms will list an interest rate cap, meaning it will specify the highest possible level that the interest rate can reach. This protects you from having your interest rate jump to sky-high levels overnight. It is very important to assess the interest rate cap on an ARM to make sure that it is something you can afford to pay.

The average rate for an ARM in Oklahoma is 4.4%.

Oklahoma Mortgage Resources

Some Okies, whether first-time homebuyers or not, may be eligible for financial assistance in the mortgage process.

The Oklahoma Housing Finance Agency offers Advantage Loans that include 3.5% or 5.0% down payment grant assistance and Mortgage Credit Certificates (MCC). An MCC reduces how much a borrower owes in federal taxes so that they can claim a percentage of their mortgage interest (up to $2,000 per year) as a tax credit on their tax return.

Available Resources

Resource Problem or Issue Who Qualifies Website
Oklahoma Housing Finance Authority Down payment/closing cost assistance. OHFA loans are available for first- and non-first-time homebuyers that fall under the eligibility requirements. https://www.ok.gov/ohfa/Homebuyers/
USDA Rural Development - Single family loans Offers 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. http://www.rd.usda.gov/programs-services/all-programs/single-family-housing-programs
Home Affordable Refinance Program Refinancing. Single family homes and condos that fit within lending loan limits. http://www.harp.gov/

Rural Oklahoma communities are also served by the United States Department of Agriculture Rural Development. The USDA offers nationwide programs that provide grants and loans for qualifying residents in rural areas who want to buy a new home or repair their current home.

Oklahoma Mortgage Taxes

Oklahoma charges taxes on real estate transfers. The deed stamp tax in Oklahoma is $0.75/$500, or 0.15%. The mortgage registration tax is $0.02-$0.10/$100 depending on the term of the mortgage. The seller typically covers this fee in Oklahoma.

Homeowners can deduct the mortgage interest that they pay from their taxable income when filing federal income taxes. In Oklahoma, homeowners can double this deduction by including it on state income taxes as well.

Oklahoma Mortgage Refinance

Sooner State homeowners who want to refinance can look into the state’s Home Affordable Refinance Program. If you qualify you will have access to interest and principal payment reductions and low closing costs.

If you don’t qualify for HARP or a similar program, you still have options. You can work with the lender who issued your current mortgage to come up with a new plan that works better for your particular situation. On the other hand, you are not obligated to work with this lender, meaning that you are free to look around and compare rates from other refinance lenders to find a solution you are comfortable with.

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 2016 5-Year American Community Survey, Informa, Bankrate, government websites, SmartAsset