Oklahoma Mortgage and Refinance Rates

Current mortgage rates in Oklahoma

As of Monday, September 15, 2025, current interest rates in Oklahoma are 6.25% for a 30-year fixed mortgage and 5.46% for a 15-year fixed mortgage. 

Mortgage rates in Oklahoma, like mortgage rates nationally, started 2025 around 7 percent. As the year has gone on, however, economic uncertainty and concerns about tariffs have caused rates to decrease, and they now hover between 6 and 7 percent. Experts believe rates will remain in this range, perhaps decreasing modestly, for the rest of the year and into 2026. 

Refinance rates in Oklahoma

Refinance rates aren't ideal for homeowners who scored their current rate during the pandemic. More than half of mortgage-holders have a rate below 4 percent, according to Realtor.com. 

However, if you recently bought a home and locked in a rate between 7 and 8 percent, now might be a good time to refinance. In fact, refinance rates are up in Oklahoma, increasing more than 28 percent year-over-year, as of April, according to ATTOM Data Solutions. 

Home values are also up in Oklahoma, so even if you bought relatively recently, you may have more equity than you think. If you need money for a larger financial goal, such as home improvements or education, a cash-out refinance might meet your needs for a lower rate than other forms of borrowing. 

National mortgage rates by loan type

Oklahoma housing market statistics and trends

Oklahoma’s relatively low cost of living can be an attractive feature for new residents. According to the Missouri Economic Research and Information Center, the state had the lowest cost of living in the U.S. in the first quarter of 2025. And despite an increase in the state’s median home sales price, the cost of a home in Oklahoma remains well below the national median.

• Median home sales price, April 2025: $245,000
• Median home value, April 2025: $203,314
• Median down payment, April 2025: $27,412
• Median days on market, May 2025: 37
• Percentage of homes sold above list price, May 2025: 21.9%
• Percentage of homes with price drops, May 2025: 27.9%
• Homeownership rate, Q1 2025: 67.2%

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

Mortgage options in Oklahoma

If you're planning to buy a home in Oklahoma and will need to finance your purchase, consider these mortgage options:

• Oklahoma 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 45 percent. With a down payment of less than 20 percent, you’ll need to pay private mortgage insurance (PMI) as well.
• Oklahoma 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 qualify for a down payment of as little as 3.5 percent.
• Oklahoma VA loans: If you’re a veteran or active-duty member of the military, you might qualify for a mortgage guaranteed 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 ranges from 1.25 percent to 3.3 percent of the loan amount for purchases.
• Oklahoma USDA loans: If you’re buying a rural property in Oklahoma, you might be eligible for a mortgage guaranteed by the U.S. Department of Agriculture (USDA). These loans don’t require a down payment, but you’ll need to purchase in a designated rural area and meet the area’s income limits.
• Oklahoma jumbo loans: While most of Oklahoma’s housing stock costs much less than the national average, there are plenty of high-priced properties, too. If you’re hoping to buy a sprawling estate or a megamansion, you may need to look into jumbo loans. These require a larger down payment — typically at least 10 percent — and excellent credit.

First-time homebuyer programs in Oklahoma

The Oklahoma Housing Finance Agency (OHFA) offers two main options to help buyers who need financial assistance to purchase a home:

• Homebuyer Down Payment and Closing Cost Assistance: This down payment assistance loan offers up to 3.5 percent of the home’s purchase price. It doesn’t charge interest or fees, but it must be repaid when you pay off your mortgage, refinance, sell or move out of the home.
• Reduced interest rates for public servants: Eligible public employees, including employees of state agencies, firefighters, law enforcement, EMTs and teachers, can receive an OHFA loan with a special reduced interest rate.

How to find the best mortgage rate in Oklahoma

Additional Oklahoma mortgage resources

• Oklahoma loan limits by county: Learn the conforming loan limit for your city or town.
• Oklahoma mortgage lenders: Explore mortgage lenders in your state.
• Homeowners insurance in Oklahoma: Compare policies from a variety of providers.
• Mortgage calculator: Estimate your monthly payments to get an idea of what to expect when buying a home. 
• Closing costs in Oklahoma: See how much closing costs are in the state and who pays for what.
• Oklahoma housing market: Learn more about the current state of the housing market.
• How to sell a house by owner in Oklahoma: Follow these steps to sell a home without a real estate agent.