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Mortgage Rates in Ohio — Plus Stats, First-Time Homebuyer Programs and Mortgage Refinancing

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The average mortgage interest rate in Ohio is 3.40%, just 1% above the national average of 3.37%. That puts Ohio at No. 21 in the U.S. for average mortgage interest rate.

At $154,700, the Buckeye State’s median home values are 35.3% lower than the median home value of $239,100 across the U.S.

Let’s take a closer look at mortgage rates in Ohio and other key facts around buying a home in the state’s biggest cities and towns, plus what their first-time homebuyer programs look like.

Mortgage rates in Ohio, plus more stats on the Buckeye State

How Ohio mortgages compare to the rest of the U.S.
U.S. Ohio Difference Difference % Rank among states
Average borrower credit score 734 728 -6 -0.8% 35
Average mortgage size $284,152 $212,906 -$71,246 -25.1% 40
Average mortgage monthly payment $1,252 $944 -$308 -24.6% 42
Average mortgage interest rate 3.37% 3.40% 0.03% 1.0% 21
Average mortgage APR 3.61% 3.74% 0.13% 3.6% 33

Source: LendingTree internal data.
Note: Includes 30-year mortgages closed in 2020. State rankings go from high (1) to low (50) for credit score, mortgage size and monthly payment. State rankings go from low (1) to high (50) for interest rate and APR.

How Ohio mortgage-holders compare to the rest of the U.S.
U.S. Ohio Difference Difference % Rank among states
Median home value $239,100 $154,700 -$84,400 -35.3% 46
Median household income $93,884 $84,821 -$9,063 -9.7% 32
Median monthly housing costs $1,595 $1,282 -$313 -19.6% 38
Median real estate taxes (annual) $2,750 $2,485 -$265 -9.6% 23

Source: American Community Survey (2019 5-Year Estimates), U.S. Census Bureau.
Note: Real estate taxes are for homes with active mortgages. Home values are estimated by surveyed owners. State rankings go from high (1) to low (50).

Low mortgage rates in Ohio are just the start for homebuyers looking for affordability. Despite median home values that put the state at No. 46 nationwide, Ohio homeowners have one of the lowest average mortgage monthly payments at $944, 24.6% lower than the national average of $1,252.

Meanwhile, median monthly housing costs in the state are $1,282, lower than the national average of $1,595.

Although not at the top of the national rankings, homebuyers in Ohio are in good shape financially for purchasing a home, with an average credit score of 728 — just 6 points lower than the national average credit score of 734. Also, the median income among households with a mortgage in Ohio is $84,821, 9.7% lower than the U.S. median of $93,884.

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Mortgage facts in Ohio’s biggest cities and towns, from Akron to Youngstown

The experience of buying a home in Ohio varies depending on the city or town in which you’re shopping. Researchers at LendingTree reviewed Ohio’s biggest cities and towns with at least 50,000 residents to get a clearer picture around the homebuying experience across the state.

For instance, Cleveland and Dayton are almost identical on many factors. These include median homeowner costs — $998 for Cleveland and $977 for Dayton — and median owner-estimated value of the home — $78,500 for Cleveland and $76,100 for Dayton.

Elyria and Lorain also share similar characteristics, too. For example, the median homeowner costs in these cities are almost identical at $1,062 in Elyria and $1,061 in Lorain. The same is true for median homeowner income, which is $66,389 in Elyria and $65,859 in Lorain.

Mortgage-holder facts in Ohio's biggest cities and towns

City/town% with active mortgageMedian owner-estimated value of homeMedian homeowner costsMedian rentMedian homeowner incomeMedian renter incomeMedian property tax
Akron50.10%$85,700 $985 $759 $61,674 $42,850 $1,779
Canton47.90%$75,400 $883 $671 $55,502 $37,686 $1,163
Cincinnati37.80%$145,600 $1,336 $738 $84,761 $56,313 $2,588
Cleveland41.60%$78,500 $998 $719 $56,866 $35,369 $1,644
Columbus44.70%$157,100 $1,337 $961 $82,241 $53,160 $2,872
Dayton46.50%$76,100 $977 $706 $63,326 $35,884 $1,630
Elyria59.30%$104,800 $1,062 $741 $66,389 $46,243 $1,786
Hamilton54.50%$110,200 $1,079 $809 $68,613 $46,574 $1,479
Kettering62.40%$133,500 $1,216 $807 $81,879 $58,605 $2,950
Lakewood43.10%$162,400 $1,431 $797 $100,672 $59,505 $4,336
Lorain56.10%$97,500 $1,061 $697 $65,859 $41,035 $1,643
Parma71.70%$115,500 $1,164 $865 $75,326 $47,373 $2,774
Springfield48.70%$83,700 $902 $730 $57,254 $43,060 $1,274
Toledo50.40%$87,300 $1,037 $725 $63,489 $40,274 $1,790
Youngstown54.90%$58,000 $765 $662 $48,960 $30,661 $1,013

Source: American Community Survey (2019 5-Year Estimates), U.S. Census Bureau.
Note: Limited to occupied homes with active mortgages, except for renter data. Limited to cities and towns with at least 50,000 residents.

Top 5 and bottom 5 in Ohio

Moving away from Ohio’s largest cities means a rise in active mortgages, including in Parma, Kettering and Elyria.

Here’s a closer look at active mortgage rates in those biggest towns and cities, as well as lowest and highest median property taxes.

3 first-time homebuyer programs in Ohio

The Ohio Housing Finance Agency (OHFA) offers several first-time homebuyer programs — with help ranging from mortgages to down payment assistance to interest rate discounts — for those looking to achieve their dream of homeownership.

OHFA Homebuyer Program

Through the OHFA Homebuyer Program, first-time homebuyers can apply for 30-year, fixed-rate mortgages designed specifically for low- and moderate-income homebuyers. Qualified buyers must complete a free homebuyer education class.

Who qualifies?

Eligible applicants include homebuyers who haven’t had an ownership interest in their primary residence for the past three years and honorably discharged veterans.

Homebuyers must purchase a home in a qualified target area and have a minimum credit score of 640 or 650, depending on the type of mortgage they’re seeking.

Ohio Heroes

Ohio Heroes offers a mortgage interest rate discount on mortgage loans for residents who serve the public. This can be combined with the Your Choice! Down Payment Assistance (see below).

Who qualifies?

Eligible applicants include homebuyers who are:

  • U.S. veterans
  • Active duty military and reservists
  • Teachers
  • Licensed or certified direct patient caregivers
  • Police officers
  • Firefighters
  • Emergency medical technicians (EMTs)

Homebuyers must have a minimum credit score of 640 or 650, depending on the type of mortgage, and must meet income and purchase price limits.

Your Choice! Down Payment Assistance

Eligible homebuyers could receive 2.5% or 5% of the home’s purchase price in assistance through Your Choice! Down Payment Assistance. The funds can be used for the down payment, closing costs or pre-closing expenses. After seven years, the assistance amount is forgiven.

Who qualifies?

Eligible applicants include homebuyers who haven’t had an ownership interest in their primary residence for the past three years.

Homebuyers must have a minimum credit score of 640 or 650, depending on the type of mortgage they’re seeking, and must meet the income and purchase price limits.

How to refinance your mortgage in Ohio

When mortgage rates in Ohio drop, it could be a good time for you to refinance your mortgage to save money. When refinancing your mortgage, you’ll receive a new loan to pay off your current home loan. If the mortgage rate is substantially lower than your current loan, the new loan could have lower monthly payments or a shorter loan term.

However, deciding to refinance your mortgage depends on more than just the mortgage rates in Ohio. You also need to determine:

  • How much interest you will save over the loan term
  • How much the loan’s closing costs will be

These amounts could exceed how much you save with the new loan.

To determine if you should refinance your mortgage, shop around with at least three lenders to compare interest rates, closing costs and loan terms. These factors will help in deciding if refinancing your mortgage is the right move for your financial future.

Sources

  • LendingTree proprietary and anonymized 2020 customer data
  • U.S. Census Bureau American Community Survey, 2019 5-year estimates (latest available)
 

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