Best Ohio Mortgage and Refinance Rates for September 2020

The state of Ohio has many inexpensive cities with reasonably-priced, good quality housing, and thanks to current mortgage rates and government programs, getting a mortgage in Ohio is very affordable.

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Current Ohio Mortgage and Refinance Rates

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

Product Rate Rate Last Week
30-Year Fixed Rate2.880%2.990%
15-Year Fixed Rate2.460%2.500%
5/1 ARM Rate3.330%3.980%
30-Year Jumbo Mortgage Rate2.850%3.000%
30-Year Fixed Refinance Rate2.910%3.060%

Rates data based on Elyria, Ohio as of 9/18/2020

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.

Both new and long-time Ohio residents dream of finding a home that meets their unique needs. Whether you’re moving for a new job, needing a larger home or are just in search of a better interest rate on your existing mortgage, the current mortgage rates in Ohio make it a no-brainer to buy or refinance a home.

Getting a mortgage in Ohio

When you’re ready to become a homeowner, or if you’re ready to make a move to a new home, Ohio is a great place to be. Buying a home is an attainable goal for the majority of Ohio residents, with 66% of homes being owner-occupied, according to U.S. Census Bureau data. 

The median home price in Ohio is $140,000, which is lower than the national average on $204,900. Additionally, fixed-rate 30-year mortgages were just above 3% as of Aug. 17. Given the affordable house prices and great rates, it’s unsurprising that two-thirds of Ohio residents are homeowners.

Having a good credit score is important for obtaining a mortgage in Ohio with a low interest rate, just as it is in any other state in the nation. Generally, the higher your credit score, the lower your interest rate will be, though lenders take into account other factors, too.

The state of Ohio also offers financial assistance to many homebuyers to help them get the home of their dreams.

  1. Median home price: $140,000
  2. Average 30-year fixed rate: 3.77%
  3. Median monthly mortgage cost: $1,269
  4. Homeownership rate: 66%

Ohio mortgage rate trends

Mortgage rates in Ohio have mostly trended downward since 2009, with rates for 30-year mortgages staying under 5% for the last decade. Some adjustable-rate mortgages dipped under 3% at points historically, but with the lower rate comes the risk of them adjusting to a higher interest rate after the term is up.

Mortgage rates in Ohio are currently at some of their lowest in the last half-century, though. Rates for 30-year fixed-rate mortgages were over 16% in 1981 but have been trending downward since, and now hover just above 3% on average. In the early 1990s, they dropped below 10%, and have remained there for nearly two decades.

Ohio current mortgage rates

Current mortgage rates for Ohio are very low, and are even slightly below national averages, with many lenders offering refinance rates or mortgage rates in the 3% range. It’s best to first decide which type of loan or refinance you qualify for first, though, and then shop around for rates.

While current mortgage rates in Ohio are now some of the lowest they’ve been in the last 50 years, they do fluctuate regularly based on the economy, the demand, and the type of mortgage or refinance you’re getting.

It’s hard to know how long rates will stay low. With the COVID-19 virus causing so much economic turmoil in the United States, it’s possible that interest rates will remain low to encourage spending. For those who already have a mortgage, refinancing now is a great idea that may save thousands of dollars in interest payments over the term of the loan.

Most and least expensive places to live in Ohio

As with many states, Ohio has pockets of areas that are more expensive than others. The more expensive counties tend to be the ones with major cities and colleges and higher incomes. In Ohio, the counties with high expenses also tend to be the ones to the northwest and along the interstate.

Rural areas generally offer a lower cost of living, along with lower home prices and incomes. Many of Ohio’s least expensive counties are in the southern and eastern parts of the state and along the borders with Kentucky and West Virginia.

As an example of the disparity in pricing, median home prices in Delaware County are $293,900 versus $89,800 in Harrison County. Monthly rent costs and mortgage payments are also significantly cheaper in Harrison County.

5 most expensive

  1. Delaware County: Near the middle of Ohio, this county boasts some of the highest home prices in the state.
  2. Warren County: This is one of the few southern counties that are on the most expensive list.
  3. Geauga County: Geauga County is in the northeastern part of Ohio, not far from Pennsylvania.
  4. Union County: Next to Delaware County, Medina is in a pocket of the state that’s relatively costly.
  5. Medina County: Another county in the northeast quadrant, Medina County is one of the most expensive in Ohio.

5 least expensive

  1. Harrison County: Only 15,000 people live in this county on the northeast side of the state.
  2. Noble County: Along with Monroe and Belmont Counties, Noble is also on the eastern side of Ohio.
  3. Monroe County: Just over 14,000 people call Monroe County home.
  4. Meigs County: Closer to the southern border of the state, Meigs has a medium-sized population of around 23,000.
  5. Belmont County: Belmont County is more densely populated than the neighboring counties that also boast a low cost of living.

Ohio mortgage resources and intricacies

For Ohio residents and those looking to make the Buckeye State their next home, the Ohio Housing Finance Agency (OHFA) offers a wealth of resources for all homeowners and prospective ones. Programs include the Ohio Heroes program, which provides assistance to those in public service careers, and Grants for Grads, which offers down payment assistance to new college grads who plan to make Ohio their home post-college. Residents can also find out if they qualify for the mortgage tax credit.

The Ohio Department of Taxation website offers valuable information on the state’s oldest tax, the real property tax. It’s based on appraisals done every six years on real property. You can find instructions on how to claim the homestead exemption, find the appraisal value of your home and other property statistics on this website.

The final word

Mortgage rates and refinance rates in Ohio are great, and when paired with affordable housing make this a great time to buy property in Ohio. Refinancing in Ohio can lead to even lower interest rates, and new home buyers can enjoy great rates on purchases of properties as well.

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Charlotte Edwards

Contributing Finance Writer

Charlotte Edwards is an educator-turned-freelance writer based in Beijing, China. She writes personal finance and parenting content for both digital and print publications around the world. You will find her work on sites including The Penny Hoarder, Money Under 30, Work and Money, Incomes Abroad, Hawaii Parent and Tianjin Today. When not writing, you can find her spending time with her husband and two kids, or using her education degree to teach English as a Second Language.