Current 30 year-fixed mortgage refinance rates are averaging: 7.37% Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners over the past seven days 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.
The current average rate for a 15-year fixed mortgage refinance is: 6.68% Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners over the past seven days 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.The current mortgage rates forecast predicts that interest rates will remain roughly where they are for much of 2025, with little possibility of falling. Lower rates would help unlock some much-needed housing stock and reinvigorate the overall housing market, so affordability is unlikely to improve throughout the year if neither rates nor inflation fall.
Several factors determining mortgage rates are beyond your control; however, you can take steps to get the best mortgage rate. Here’s how:
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.
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.
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.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.
Borrowers must:
Work in one of the following professions:
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 are only available to Ohioans purchasing homes in disadvantaged areas, where the economy is struggling or median household incomes are low.
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. People who have never owned a home
People who haven’t owned real estate in the last three years
→ 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 VA 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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