Current Oklahoma Mortgage and Refinance Rates
Mortgage interest rates currently average 6.06% for 30-year fixed loans and 5.22% for 15-year fixed loans.
Refinance rates in Oklahoma
30-year FIXED
Current refinance rates are averaging:
6.48%
15-year FIXED
Current refinance rates are averaging:
6.06%
- Rate-and-term refinances allow borrowers to change either their interest rate or loan term (or both). Right now in Oklahoma, refinance rates are slightly higher than purchase mortgage rates.
- Cash-out refinances are a method of refinancing where you not only replace your current home loan, but also access a portion of your home equity. They almost always come with higher rates than regular refinances, since they involve taking out extra cash.
- Conventional refinances aren’t a part of a government loan program. Expect them to come with higher rates than government-backed refinances.
- FHA refinances are insured by the Federal Housing Administration (FHA), and because of that lenders can offer them to borrowers with lower credit scores than conventional loans allow. FHA interest rates are typically lower than conventional refinance rates — in the current rates environment in Oklahoma, you’re likely to save around 0.83 percentage points by going with an FHA loan.
- VA refinance rates are lower than both conventional and FHA rates, since these loans are backed by the U.S. Department of Veterans Affairs (VA). Today in Oklahoma qualified military borrowers may see rates around 0.33 percentage points lower than FHA loan rates, and 1.16 percentage points lower than conventional refinance rates.
See whether refinancing makes sense for you using our mortgage refinance calculator.
What is the current mortgage rates forecast?
The current mortgage rates forecast is for rates to remain around 6.0% in early 2026, even after a third rate cuts by the Federal Reserve in late 2025.
But slightly lower rates aren’t enough to create a big change in home affordability. If inflation does start to go down, it could unlock some new housing stock by enticing more homeowners to sell their homes. That could help ease the upward pressure on home prices and reinvigorate the housing market.
How do I get the best mortgage rate for my Oklahoma home loan?
Although each lender gets to determine exactly how it will assess you as a borrower, there are several factors determining mortgage rates that almost all lenders use. Here are a few tips to help you move those factors in the right direction, so that you can get the best mortgage rate:
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Boost your credit
Your credit score signals to lenders whether you’re a low- or high-risk borrower. In general, the higher your score, the lower the rates lenders are likely to offer you. -
Lower your debt-to-income (DTI) ratio
Your DTI ratio is also a way for lenders to assess risk: In this case, it’s based on how heavy of a debt load you carry. If you can lower your DTI — for instance by increasing your income, paying off some debts or getting a cosigner — you’re more likely to see low rate offers. -
Buy a single-family, site-built home
Lenders also associate certain home types with increased risk. If you’re looking for the best rates, avoid buying a manufactured home, a multifamily property, a vacation home or an investment property. -
Pay for mortgage points
Mortgage points are a way to “buy down” your interest rate. Typically you’ll make a payment of 1% of your loan amount in exchange for an interest rate reduction of up to 0.25 percentage points. It can help to think of this as an upfront interest payment that reduces your total interest charges over the long haul. -
Compare offers from multiple lenders
A very simple way to save money is to shop for your best rate. That means gathering loan estimates from three to five lenders, and comparing the loan terms they offer you. This straightforward method can help you choose the loan with the lowest rate and save you thousands of dollars, according to LendingTree data.
Read more about our picks for the best mortgage lenders.
If you’ve applied for a mortgage with several lenders and chosen the one with the best terms for you, your next step should be to request that the lender give you a mortgage rate lock. The lock means that you can head to your closing date without worrying whether your interest rate will increase.
Oklahoma home loan programs
Oklahoma first-time homebuyers and repeat buyers who need assistance getting into a home have several good options. Here are a few to consider:
GOLD loan program
The Oklahoma Housing Finance Agency (OHFA) offers GOLD home loans to first-time homebuyers, but repeat buyers purchasing in targeted areas may also apply. The loans come with down payment and closing cost assistance of up to 3.5% of your mortgage amount. The assistance funds must be repaid, and come in the form of a second mortgage.
Who qualifies
Borrowers must:
- Have a minimum 640 credit score
- Purchase a home in Oklahoma
- Purchase a home within the program’s price limit of $349,525 in non-targeted areas, or $427,198 in targeted areas
- Earn within the program’s income limits (there are distinct conventional loan limits and government-backed loan limits)
- Move into the home within 60 days of closing
Who qualifies as a first-time homebuyer
- People who have never owned a home
- People who haven’t owned real estate in the last three years
DREAM loan program
DREAM is OHFA’s program for repeat homebuyers, and allows borrowers who own another home to qualify as long as the home they purchase with OHFA will be their primary residence. Like the GOLD program, it offers 3.5% of the mortgage amount to be used for closing costs or a down payment.
Who qualifies
Borrowers must:
- Have a minimum 640 credit score
- Purchase a home in Oklahoma
- Purchase a home within the program’s price limit of $356,362 for government-backed loans or $453,100 for conventional loans
- Earn within the program’s income limits (there are different income limits for conventional and government-backed loans)
- Move into the home within 60 days of closing
REI Home100 program
Oklahomans can access home loans and a variety of down payment assistance loans through REI Oklahoma. REI works with 30-year fixed-rate conventional, FHA, VA and USDA loans. Depending on your mortgage type, you may qualify for assistance funds that:
- Don’t have to be repaid
- Only have to be repaid if you sell or refinance the home within the first seven years
- Have to be repaid in monthly installments over 10 years
- In all cases, the total amount of the assistance funds can’t exceed 5% of your purchase loan amount.
Who qualifies
Borrowers must:
- Have a 640 credit score or higher
- Earn within the program’s income limits for your loan type:
Learn about different types of OK mortgage loans
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Oklahoma conventional loans
Conventional loans are the traditional choice of borrowers with decent credit. However, they may not be within reach for all, as the minimum requirements are fairly strict — only borrowers with at least a 620 credit score can qualify. -
Oklahoma FHA loans
FHA loan requirements are more forgiving, and borrowers with credit scores as low as 500 can qualify; that said, you’ll have to put 10% down to qualify when your score is between 500 and 579. If making a smaller down payment is your priority, you’ll need at least a 580 credit score to access FHA loans that require only 3.5% down. -
Oklahoma VA loans
VA loan requirements are designed to put homeownership in reach for active duty service members and veterans. Qualified military borrowers with a qualifying service record can purchase or refinance without making a down payment or paying for mortgage insurance. -
Oklahoma streamline refinances
are loans — like an FHA streamline refinance loan or VA interest rate reduction refinance loan (IRRRL) — that let you refinance with less paperwork and documentation. That’s why these loans are called “streamline”: They’re typically faster and easier to qualify for than standard refinances. However, you can only access them if you’re refinancing from an FHA loan into another FHA loan, or from a VA loan into another VA loan.