Ohio Mortgage and Refinance Rates

Current mortgage rates in Ohio

As of Monday, September 15, 2025, current interest rates in Ohio are 6.31% for a 30-year fixed mortgage and 5.75% for a 15-year fixed mortgage.

Ohio mortgage rates, like mortgage rates nationally, have fallen from recent highs — but they still remain far above pandemic-era lows. Experts expect rates to maintain their current position, between 6 and 7 percent, for the rest of 2025. It's unlikely that they'll dip below 5 percent anytime soon. 

Refinance rates in Ohio

Similar to the rates for purchase mortgages, refinance rates in Ohio are expected to stay within the 6 to 7 percent range through 2025. If you bought your home when rates were at their peak — around 8 percent — it may be worth refinancing now. On the other hand, if you're one of the more than 50 percent of mortgage-holders with a rate below 4 percent — according to Realtor.com — it's unlikely that refinancing will get you a lower rate. 

That said, property values in Ohio are increasing, which means that even if you bought relatively recently, you may have more equity than you think. In this situation, a cash-out refinance can help you meet financial goals or fund a home renovation project.

National mortgage rates by loan type

While the 30-year fixed-rate mortgage is the most common option for homebuyers, there are plenty of other ways to finance a new property. Here’s how national averages for mortgage rates vary by different loan types:

Ohio housing market statistics and trends

Although home prices in Ohio are increasing, the median is still well below the national median. And other meaningful metrics, like the number of homes for sale and median number of days a home sits on the market are going up, leading to an easier market for homebuyers. 

• Median home sales price, Feb. 2025: $235,000
• Median home value, Feb. 2025: $230,734
• Median down payment, Feb. 2025: $26,000
• Median days on market, May 2025: 34
• Percentage of homes sold above list price, May 2025: 37.1%
• Percentage of homes with price drops, May 2025: 26.4%
• Homeownership rate, Q1 2025: 70.0%

Sources: ATTOM, Redfin, U.S. Census Bureau

Mortgage options in Ohio

If you’re in need of a mortgage to buy or refinance a home in Ohio, explore these options:

• Ohio conventional mortgages: To qualify for a conventional mortgage, you’ll need a minimum credit score of 620 and a debt-to-income (DTI) ratio of no more than 43 percent. If you make a down payment of less than 20 percent, you’ll need to pay private mortgage insurance (PMI) as well.
• Ohio FHA loans: If your credit history disqualifies you from a conventional mortgage, you might be able to obtain a loan insured by the Federal Housing Administration (FHA). If you have a credit score of at least 580, you could make a down payment of as little as 3.5 percent.
• Ohio VA loans: If you’re a veteran or active-duty member of the military, you might qualify for a mortgage backed by the Department of Veterans Affairs (VA). A VA loan doesn’t typically require a down payment or mortgage insurance, but you do need to pay a funding fee, which starts at 1.25 percent of the loan amount for homebuyers.
• Ohio USDA loans: Plenty of land in Ohio falls under the “rural” classification, which means you may be able to qualify for a USDA loan. If you can meet the eligibility standards, which include an income cap based on the county’s median income, you may be able to enjoy a lower interest rate than you would with other loan options.

First-time homebuyer programs in Ohio

The Ohio Housing Finance Agency (OHFA) works with mortgage lenders to offer a variety of loans for first-time homebuyers including:

• OHFA Homebuyer programs: The OHFA offers conventional, FHA, VA and USDA loan options, all of which come with income and purchase price limits that vary by county. You’ll need to meet debt-to-income ratio requirements, which vary by loan, along with credit score requirements: a minimum of 640 for conventional, VA and USDA loans and a minimum of 650 for FHA loans.
• OHFA Ohio Heroes program: Depending on the type of work you do, you might be able to take advantage of OHFA’s Ohio Heroes homebuyer program, which offers a discount on your mortgage rate. This offering applies to repeat homebuyers as well as first-timers.
• OHFA YourChoice! Down Payment Assistance: OHFA’s YourChoice! Down Payment Assistance offers 2.5 percent to 5 percent for a down payment, closing costs or other expenses. Borrowers don’t have to repay the funds, provided they do not sell or refinance the property for seven years.
• OHFA Grants for Grads: OHFA’s Grants for Grads program is for first-time homebuyers who have completed an associate’s, bachelor’s, master’s, doctorate or other post-graduate degree within the last two years. It offers forgivable down payment assistance worth 2.5 percent to 5 percent and a discounted mortgage rate. Borrowers don’t have to repay the down payment assistance if they live in Ohio for at least five years.
• Mortgage Tax Credit: After you buy your first home, OHFA’s Mortgage Tax Credit program can help when you file your taxes. If you obtain a loan through OHFA’s first-time homebuyer program, you can score a tax credit of up to 40 percent of your mortgage interest, up to a maximum of $2,000, although you might pay a “slightly higher interest rate,” according to OHFA’s website. If your loan is not via OHFA, you can still apply for the tax credit, but it will be smaller: either 20 percent for a property located in a target area or 15 percent for all other properties.

Additional Ohio mortgage resources

• Ohio loan limits by county: Learn the conforming loan limit for your city or town.
• Ohio mortgage lenders: Compare rates from lenders across the state.
• How to buy a house in Ohio: Get more help becoming a homeowner.
• Best Ohio homeowners insurance companies: Compare policies from a variety of providers.
• Ohio housing market: Get the lowdown on the local real estate scene.