Best Oklahoma Mortgage and Refinance Rates for March 2024

Mortgages in Oklahoma can offer you extremely low rates and home prices that are lower than the national average. If you’re looking for a place to call home, the Oklahoma Housing Finance Agency can also help you make homeownership a reality in this state.

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Current Oklahoma Mortgage Rates

Compare today’s average mortgage rates in the state of Oklahoma, based on an aggregated pool of rates from multiple sources.

Product Rate Rate Last Week
30-Year Fixed RateN/AN/A
15-Year Fixed RateN/AN/A
5/1 ARM RateN/AN/A
30-Year Jumbo Mortgage RateN/AN/A
30-Year Fixed Refinance RateN/AN/A

Rates data based on as of

Mortgage Rates Trends

In this graph:

On , the APR was for the 30-year fixed rate, for the 15-year fixed rate, and for the 5/1 adjustable-rate mortgage rate. These rates are updated almost every day based on Bankrate’s national survey of mortgage lenders. Toggle between the three rates on the graph and compare today’s rates to what they looked like in the past days.

Note: Not sure how much house you can afford? Use our mortgage calculator to find out.

If you’re thinking about buying or refinancing a home in Oklahoma, you could be in for a good deal. According to the 2018 Annual Average Cost of Living Index, Oklahoma is the second most affordable state in the country. Therefore, your money can go a long way when you settle down in the Sooner State.

Mortgage rates in the U.S. are near-historic lows — at an average of 3.24% currently — and Oklahoma’s interest rates are even lower, and could possibly be under 3% if you qualify. Refinance rates are even lower than the average mortgage rates currently. The housing market in Oklahoma is scorching right now as well, so you can expect prices and demand to rise in the coming years.

Getting a mortgage in Oklahoma

Although qualifying for a mortgage or refinance in any state has gotten trickier during the COVID pandemic, Oklahoma’s low home prices make it an enticing option. The average home price across the nation is $204,900, and Oklahoma comes in around $115,000 below that. You could save a boatload of money by pursuing a mortgage in this state. With these lower house prices, it will be easier to qualify for a mortgage or a refinancing plan in Oklahoma than in many other states.

Mortgage rates in Oklahoma are also lower than the national average, making homeownership in the state higher than the national average. While 63.8% of people across the U.S. own homes, 65.6% of Oklahomans are homeowners.

  1. Median home price: $130,900
  2. Average 30-year fixed rate: 3.73% 
  3. Median monthly mortgage cost: $1,214
  4. Homeownership rate: 65.6%

Oklahoma state mortgage rate trends

Oklahoma’s mortgage rates have trended downward for the past few years. If you had gotten a 30-year fixed loan in Oklahoma in 2018, you may have received an interest rate of around 4.75%.  For a 15-year fixed mortgage, it would have been approximately 4.15% at the highest. The same would have applied if you had made a down payment of less than 5%. Compare that with 2020, when the rates for a 30-year mortgage are around 3.45%, and a 15-year loan hovers around 2.75%.

If you refinanced instead, you would find an even wider disparity between 2018 and 2020. In 2018, your refinance rate would have been almost 5% for a 30-year fixed loan and as high as 4.25% for a 15-year mortgage. Meanwhile, if you had waited two or so years, your refinance rates for a 30-year loan would be around 3.25%. For a 15-year mortgage, it would be about 2.7%.

Oklahoma state current mortgage rates

Given the current mortgage climate, you can expect Oklahoma’s rates to be between 2.63% and 3.38% currently. Thus, the rates in Oklahoma are typically lower than the national average — and the rates are almost lower than they have ever been. Because the mortgage rate is so low, you can expect a lot of people out trying to buy houses in the state.

Also, many experts think that the rates will continue to decline for the next year or two. Once we emerge from the coronavirus pandemic, we could witness historic lows across the nation, and Oklahoma will likely be leading the pack.

Most and least expensive places to live in Oklahoma

Oklahoma provides an affordable cost of living across the board, but specific areas are more expensive than others to live in the state. The affordability of living in an area relies heavily on home prices compared to the income you can expect to make.

5 most expensive

  1. Payne County — Based on it having the highest home price to income ratio in Oklahoma, Stillwater and the surrounding area is the most expensive place to live. 
  2. Delaware County — The city of Grove has the second-highest home price to income ratio in Oklahoma.
  3. Rogers County — Claremore is located here, which is just outside of Tulsa, and its home price to income ratio is the 13th-highest in the state.
  4. Cherokee County — This county holds the city of Tahlequah and has the fourth-highest home price to income ratio in Oklahoma.
  5. Custer County — This area houses the city of Weatherford and has the third-highest home price to income ratio statewide.

5 least expensive

  1. Woods County — This county in the northwestern part of the state houses the small city of Alva and has the fifth-lowest home price to income ratio statewide.
  2. Hughes County — Residents of this county, which is less than 100 miles from Oklahoma City, enjoy the second-lowest house price to income ratio in Oklahoma.
  3. Caddo County — Native Americans make up the majority of the population in the city of Anadarko, which has the fourth-best home price to income ratio across the state.
  4. Kay County — Here residents can visit the small city of Blackwell while also enjoying having the best home price to income ratio in the state.
  5. Seminole County — This county is to the east of Oklahoma City and has the second-lowest home price to income ratio in Oklahoma.

Oklahoma state mortgage resources and intricacies

The Oklahoma Housing Finance Agency is an excellent resource for help with affording a home in the state, and the Oklahoma Homebuyer Education Association can provide you with assistance as well. The U.S. Department of Housing and Urban Development also has further resources worth checking out.

Oklahoma lands right in the middle of the nation in terms of property tax, so keep that in mind when you’re considering how affordable your monthly payment will be. On the other hand, the application process in Oklahoma compares to the rest of the nation when you’re buying a home. Plus, refinancing in Oklahoma maintains a similar process as the other states.

The final word

The current mortgage and refinance rates Oklahoma provides are even lower than the rest of the nation. Plus, the most expensive places to live in the state are relatively affordable. The median home price to income ratio across the U.S. is 2.6, and Oklahoma’s is, at most, 5.4. It’s still higher than the national average, but when compared to many other states, it’s more reasonable across the board.

Tiffany Verbeck

Personal Finance Contributor

Tiffany Verbeck is a personal finance expert. She uses her storytelling skills gained from a master’s degree in writing to run a freelancing business focused on helping people make and manage their money.