Current Ohio Mortgage and Refinance Rates

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LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
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Current 30-year fixed mortgage rates are averaging: 7.28%

Current 15-year fixed mortgage rates are averaging: 6.77%

Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners on the previous day for each combination of loan program, loan term and loan amount. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree’s Terms of Use for more details.

Compare OH mortgage rates today

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 Refinance rates in Ohio

  • Rate-and-term refinancing provides the flexibility to modify either your interest rate, loan term or both. Extending the loan term or decreasing the interest rate can result in a reduction of your monthly mortgage payment. In Ohio today, refinance rates are roughly equal to purchase mortgage rates when looking across all loan types. However, conventional loans show a larger spread, with purchase loans coming in around 0.36 percentage points lower than their refinance counterparts.
  • Cash-out refinancing provides an opportunity to replace your existing home loan with a new mortgage while also allowing you to tap into a portion of your home equity. However, these loans usually come with higher rates than regular refinances.
  • Conventional refinances are refinance loans that aren’t part of a government loan program. Judging by current mortgage rates in Ohio, you can expect them to come with higher rates than government-backed refinances.
  • FHA refinances, which are backed by the Federal Housing Administration (FHA), are generally more accessible for first-time homebuyers, especially when compared to conventional loans. Their rates are also typically lower than conventional refinance rates. Right now in Ohio, the difference is about 0.78 percentage points.
  • VA refinances are backed by the U.S. Department of Veterans Affairs (VA), and their flexible requirements allow for a wide range of borrowers to qualify. In Ohio’s current rates environment, a VA refinance loan can be around a full percentage point lower than a conventional refinance.

Current 30-year-fixed mortgage refinance rates are averaging: 7.45%

The current average rate for a 15-year fixed mortgage refinance is: 6.87%

Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners on the previous day for each combination of loan program, loan term and loan amount. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree’s Terms of Use for more details.
See whether refinancing makes sense for you using our mortgage refinance calculator.

 What is the current mortgage rates forecast for 2024?

The current mortgage rates forecast offers potential homebuyers a bit of positivity as we leave 2023 behind. Our market expert predicts that interest rates will remain roughly where they are or continue to decrease throughout 2024, with a possibility that 30-year rates could finish the year around 6% or even dip lower. Although this won’t dramatically increase affordability, lower rates may help unlock some much-needed housing stock and reinvigorate the overall housing market.

How do I get the best mortgage rate for my Ohio home loan?

Several factors determining mortgage rates are beyond your control; however, you can take steps to get the best mortgage rate. Here’s how:

  1. Boost your credit. The mortgage rates lenders offer you hinge largely on your credit score, with a higher score usually translating to a more favorable rate.
  2. Lower your debt-to-income (DTI) ratio. Lenders consider your DTI ratio, which measures the weight of your financial obligations, when approving you for a loan. You can reduce your DTI and access better rates by increasing your income, paying off some debts or getting a cosigner.
  3. Buy a single-family, site-built home. You’ll get lower interest rate offers if you avoid buying a manufactured home, a property with more than one unit, a vacation home or an investment property.
  4. Pay mortgage points. Using mortgage points to “buy down” your interest rate typically allows you to reduce your rate by up to 0.25 percentage points per mortgage point. Making an upfront interest payment like this can be a cost-effective choice in the long term, as long as it fits within your budget.
  5. Compare offers from multiple lenders. One of the simplest ways to save money on a mortgage is to gather loan estimates from three to five lenders. Evaluate and compare the loan offers they send you before settling on one. Shopping for the best rate in this way can result in savings of thousands, or even tens of thousands, of dollars, according to LendingTree data.
 Read more about our picks for the best mortgage lenders.
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 When should I lock in my mortgage rate?

After you settle on a lender and loan offer, consider asking the lender to give you a mortgage rate lock. This will safeguard your interest rate, preventing any potential increases before you reach the closing stage.

2024 Ohio home loan programs

YourChoice! loans with down payment assistance

This program from the Ohio Housing Finance Agency (OHFA) offers all of the standard loan types — conventional, FHA, VA and USDA — to borrowers who need help with down payment funds or closing costs. Borrowers can then access either 2% or 5% of their first mortgage loan amount to put toward these expenses. The funds don’t have to be repaid as long as you remain in the home for at least seven years.

 Who qualifies?

Borrowers must:

 Minimum 640 credit score (conventional, VA and USDA loans) or 650 credit score (FHA loans)
 Earn annual income within the program’s income limits
 Purchase a home within the program’s price limits
 Complete a homebuyer education course

 It’s simple to look up your county’s price limits and income limits online at the OHFA website.

Ohio Heroes

This program offers low-interest mortgage loans to Ohioans working in public service. And since it’s also administered by the OHFA, it shares many requirements with the YourChoice! program we covered above. This loan program can also be used in conjunction with those down payment assistance funds.

 Who qualifies?

Borrowers must:

 Work in one of the following professions:

  • Veterans, active duty military members or members of reserve components (including surviving spouses)
  • Police officers, firefighters, volunteer firefighters, EMTs and paramedics
  • Physicians, nurse practitioners, nurses (registered nurses and licensed practical nurses) and state tested nurse aides
  • Teachers (pre-K through grade 12), administrators and counselors

 Minimum 640 credit score (conventional, VA and USDA loans) or 650 credit score (FHA loans)
 Earn annual income within the program’s income limits
 Purchase a home within the program’s price limits
 Complete a homebuyer education course

OHFA Target Area loans

OHFA Target Area loans are only available to Ohioans purchasing homes in disadvantaged areas, where the economy is struggling or median household incomes are low.

 Who qualifies?

Borrowers must:

 Live in a target area in the state of Ohio
 Have a minimum 640 credit score (conventional, VA and USDA loans) or 650 credit score (FHA loans)
 Have a maximum 41% to 45% DTI ratio, depending on loan type
 Earn annual income within the program’s income limits
 Purchase a home within the program’s price limits
 Complete a homebuyer education course

 Explore more programs for Ohio first-time homebuyers at our Ohio first-time homebuyer page.

 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

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Learn about different types of OH mortgage loans

  Ohio conventional loans. Conventional loans are a popular choice with Ohioans, especially those who have good credit. The minimum requirements are at least a 620 credit score and 3% down payment.

  Ohio FHA loans. FHA loan requirements are a little more accessible for borrowers with lower credit. You can qualify with a credit score as modest as 500 if it’s accompanied by a 10% down payment. Alternatively, for a smaller down payment — as low as 3.5% — FHA loans require a minimum score of 580.

  Ohio VA loans. VA loan requirements are the most accessible of the options we’ve covered so far. They allow qualified military borrowers to get into a home loan with no minimum credit score and no required mortgage insurance payments. And as long as you have full entitlement, you also won’t have to make a down payment.

  Ohio streamline refinances are a special option for borrowers who want to refinance from an FHA loan into another FHA loan, or from a VA loan into a new VA loan. To do this, you’ll use either an FHA streamline refinance loan or VA interest rate reduction refinance loan (IRRRL). Because you’re staying with the same loan program, your refinance will require less time and paperwork.

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