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Oklahoma Mortgage Rates

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Use SmartAsset's mortgage comparison tool to compare mortgage rates from the top banks and find the one that best suits your needs.

Overview of Oklahoma Mortgages

With its wide array of landscapes, it’s no wonder so many call Oklahoma home. Mortgage rates in the Sooner State tend to be higher than the national average rates. Oklahoma counties’ conforming loan and FHA limits hold steady at the standard limits.

Today's Mortgage Rates in Oklahoma

Product Today Last Week Change

National Mortgage Rates

Source: Freddie Mac Primary Mortgage Market Survey, SmartAsset Research
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Oklahoma Mortgage Rates Quick Facts
  • Average Home Value: $114,100 (zillow.com)
  • Loan Funding Rate: 61.6%
  • Average Mortgage Rate: 3.96%
  • Homeownership Rate: 67.4% (St. Louis Fed)
  • Average Annual Mortgage Payment: $5,203

Historical Mortgage Rates in Oklahoma

Home to plains, mountains, forests and lakes, Oklahoma is full of stunning vistas. Oklahoma’s capital, Oklahoma City, houses the National Cowboy & Western Heritage Museum, along with a vibrant dining and nightlife scene.

Oklahoma mortgage rates are, historically, above the national average. However, current 2017 mortgage rates are just a bit below the national average.

Oklahoma Historic Mortgage Rates

YearOklahoma RateU.S. Rate
198214.8514.73
198312.6612.26
198411.4811.99
198510.4911.17
19869.999.79
19878.758.95
19889.208.98
19899.509.81
19909.789.74
19919.409.07
19928.317.83
19937.666.93
19948.007.31
19958.157.69
19967.837.58
19977.997.52
19987.056.97
19997.397.14
20008.197.86
20017.016.94
20026.596.44
20035.945.67
20046.005.68
20056.045.85
20066.656.54
20076.576.42
20086.286.06
20095.215.05
20104.794.81
20114.724.56
20123.673.65
20133.863.84
20144.144.13
20153.873.88

Oklahoma Mortgages Overview

Oklahoma homes are priced below the rest of the nation, with the average home price of $142,100. This is cheaper than the nation’s average of $236,450, according to Zillow.

Oklahoma Mortgage Rates

Single-Family Homes
Percentage of Homes92.70%
Average Property Value$81,563.47
Condominiums
Percentage of Homes1.40%
Average Property Value$114,762.99
PUD Homes
Percentage of Homes4.00%
Average Property Value$114,861.27
Townhomes
Percentage of Homes1.90%
Average Property Value$94,471.90

The conforming limits for Oklahoma counties are all at the standard $417,000. FHA limits are also at the average $271,050. This is an indication of the affordability of the state’s real estate market.

Conforming and FHA Loan Limits by County

CountyConforming LimitFHA Limit
Adair$417,000$271,050
Alfalfa$417,000$271,050
Atoka$417,000$271,050
Beaver$417,000$271,050
Beckham$417,000$271,050
Blaine$417,000$271,050
Bryan$417,000$271,050
Caddo$417,000$271,050
Canadian$417,000$271,050
Carter$417,000$271,050
Cherokee$417,000$271,050
Choctaw$417,000$271,050
Cimarron$417,000$271,050
Cleveland$417,000$271,050
Coal$417,000$271,050
Comanche$417,000$271,050
Cotton$417,000$271,050
Craig$417,000$271,050
Creek$417,000$271,050
Custer$417,000$271,050
Delaware$417,000$271,050
Dewey$417,000$271,050
Ellis$417,000$271,050
Garfield$417,000$271,050
Garvin$417,000$271,050
Grady$417,000$271,050
Grant$417,000$271,050
Greer$417,000$271,050
Harmon$417,000$271,050
Harper$417,000$271,050
Haskell$417,000$271,050
Hughes$417,000$271,050
Jackson$417,000$271,050
Jefferson$417,000$271,050
Johnston$417,000$271,050
Kay$417,000$271,050
Kingfisher$417,000$271,050
Kiowa$417,000$271,050
Latimer$417,000$271,050
Le Flore$417,000$271,050
Lincoln$417,000$271,050
Logan$417,000$271,050
Love$417,000$271,050
McClain$417,000$271,050
McCurtain$417,000$271,050
McIntosh$417,000$271,050
Major$417,000$271,050
Marshall$417,000$271,050
Mayes$417,000$271,050
Murray$417,000$271,050
Muskogee$417,000$271,050
Noble$417,000$271,050
Nowata$417,000$271,050
Okfuskee$417,000$271,050
Oklahoma$417,000$271,050
Okmulgee$417,000$271,050
Osage$417,000$271,050
Ottawa$417,000$271,050
Pawnee$417,000$271,050
Payne$417,000$271,050
Pittsburg$417,000$271,050
Pontotoc$417,000$271,050
Pottawatomie$417,000$271,050
Pushmataha$417,000$271,050
Roger Mills$417,000$271,050
Rogers$417,000$271,050
Seminole$417,000$271,050
Sequoyah$417,000$271,050
Stephens$417,000$271,050
Texas$417,000$271,050
Tillman$417,000$271,050
Tulsa$417,000$271,050
Wagoner$417,000$271,050
Washington$417,000$271,050
Washita$417,000$271,050
Woods$417,000$271,050
Woodward$417,000$271,050

Oklahoma is a non-recourse state. This means that if your home were to go into foreclosure, your lender is not allowed to come after your assets or savings for any difference between your home’s worth and the amount you have left on your mortgage. While you are probably not searching for a home with the intention of later going into foreclosure, it is still useful to know you would stand were your circumstances to change.

Oklahoma state law requires home sellers to provide buyers with a disclosure form listing details on the property. The list should come from the Oklahoma Real Estate Commission form. The purpose of these disclosures is to protect buyers, but you should always get a quality home inspection regardless of the law.

30-Year Fixed Mortgage Rates in Oklahoma

The most common type of home loan is a 30-year fixed rate mortgage. With this mortgage, your interest rate remains the same for the duration of the loan’s life. This makes it a very dependable home loan and it’s easier to budget for your monthly payments as they will stay the same (unless you refinance, of course). Over the course of paying off this mortgage, more of your money will go toward paying equity and less toward paying interest.

You can also get a 15-year fixed-rate mortgage which will have a lower interest rate. Your monthly payments will be higher with a 15-year loan though, as you are paying off the same amount of money in less time. 40-year fixed-rate mortgages also exist but buyers often think it takes too long to pay off this loan and you will pay more interest with this loan.

The average Oklahoma mortgage rate for fixed-rate 30-year mortgages is 4.25%.

Oklahoma Jumbo Loan Rates

Oklahoma county conforming loan limits are all $417,000, a nod to the affordability of buying real estate in the state. That means that if you need to take out a home loan that is bigger than $417,000, anywhere in the state, you will be taking on what is known as a jumbo loan. If you are weighing whether a jumbo loan is right for you, it is important to be aware that they are accompanied by higher interest rates as compared to standard or “conforming” loans (loans which are equal to or less than $417,000 in Oklahoma).

The average jumbo loan rate in Oklahoma is 3.62%.

Oklahoma ARM Loan Rates

An ARM or adjustable-rate mortgage is what its name implies. That is, it is a mortgage which has an interest rate that can adjust or change over the life of the loan. An adjustable-rate mortgage usually comes with a lower interest rate than a fixed-rate mortgage for an introductory period. That initial period lasts for one, three, five, seven or 10 years, depending on the loan’s terms. After that timeframe, the interest rate is free to change, meaning it typically increases. It is not hard to see how a buyer might fall behind on payments with an ARM.


It is important to note however, that an ARM’s terms will list an interest rate cap, meaning it will specify the highest possible level that the interest rate can reach. This protects you from having your interest rate jump to sky-high levels overnight. It is very important to assess the interest rate cap on an ARM to make sure that it is something you can afford to pay.

The average rate for an ARM in Oklahoma is 3.75%.

Oklahoma Mortgage Resources

Some Okies, whether first-time homebuyers or not, may be eligible for financial assistance in the mortgage process.

The Oklahoma Housing Finance Agency offers Advantage Loans that include 3.5% or 5.0% down payment grant assistance and Mortgage Credit Certificates (MCC.) A MCC reduces how much a borrower owes in federal taxes so that they can claim a percentage of their mortgage interest (up to $2,000 per year) as a tax credit on their tax return.

Available Resources

ResourceProblem or IssueWho QualifiesWebsite
Oklahoma Housing Finance AuthorityDown payment/closing cost assistance.OHFA loans are available for first- and non-first-time homebuyers that fall under the eligibility requirements. https://www.ok.gov/ohfa/
USDA Rural Development - Single family loansOffers payment assistance to increase an applicant’s repayment ability. Applicants must be without decent, safe and sanitary housing; Be unable to obtain a loan from other resources on terms and conditions that can reasonably be expected to meet; Agree to occupy the property as your primary residence; Have the legal capacity to incur a loan obligation; Meet citizenship or eligible noncitizen requirements; Not be suspended or debarred from participation in federal programs.http://www.rd.usda.gov/programs-services/all-programs/single-family-housing-programs
Home Affordable Refinance ProgramRefinancing.Single family homes and condos that fit within lending loan limits.http://www.harp.gov/

Rural Oklahoma communities are also served by the United States Department of Agriculture Rural Development. The USDA offers nationwide programs that provide grants and loans for qualifying residents in rural areas who want to buy a new home or repair their current home.

Oklahoma Mortgage Taxes

Oklahoma charges taxes on real estate transfers. The Deed stamp tax in Oklahoma is $0.75/$500, or 0.15%. The mortgage registration tax is $0.02-$0.10/$100 depending on the term of the mortgage. The seller typically covers this fee in Oklahoma.


You are probably aware that homeowners can deduct the mortgage interest that they pay from their taxable income when filing federal income taxes. In Oklahoma, homeowners can double this deduction by including it on state income taxes as well.

Oklahoma Mortgage Refinance

Sooner State homeowners who want to refinance can look into the state’s Home Affordable Refinance Program. If you qualify you will have access to interest and principal payment reductions and low closing costs.


If you don’t qualify for HARP or a similar program, you still have options. You can work with the lender who issued your current mortgage to come up with a new plan that works better for your particular situation. On the other hand, you are not obligated to work with this lender, meaning that you are free to look around and compare rates from other lenders to find a solution you are comfortable with.

Best Places To Get A Mortgage

SmartAsset’s interactive mortgage map highlights the best counties in the country (and in each state) for securing a mortgage. Hover over counties and states to see data points for each region, or use the map’s tabs to view the top counties for each of the factors driving our analysis.

Worst
Better
Rank County Loan Funding Rate 5 Year Borrowing Costs Property Tax Annual Mortgage Payment

Methodology For many people buying a house means securing a mortgage. To determine the best places in the country to get a mortgage we looked at four factors: overall borrowing costs, ease of securing a mortgage, cheap property taxes and cheap annual mortgage payments.

To calculate the overall borrowing costs, we looked at the expected costs over the first five years of a $200,000 mortgage with a 20% down payment, including closing costs. We calculated the ease of getting a mortgage as the ratio of mortgage applications to actual mortgage originations (secured mortgages) in each county. We based annual mortgage payments on the annual principal and interest payments for a $200,000 loan in that location, using average mortgage rates in each county.

Finally, we ranked locations based on these four factors, and then averaged those rankings, giving equal weight to each factor. The areas with the lowest average rankings are the best places to get a mortgage.

Sources: Mortgage Bankers Association, US Census Bureau 2015 5-Year American Community Survey, Informa, Bankrate, government websites, SmartAsset