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Oklahoma Mortgage Rates

Oklahoma Mortgage Rates
Betsalel Cohen
By Betsalel Cohen
2017-09-03T12:06:46

Comparing Oklahoma

In order to help you see how Oklahoma mortgage rates compare with National rates, check out the following rate table from the industry website mortgagenewsdaily.com. These rates represent national averages and are based on specific loan assumptions.

Shopping for Best Mortgage Rates in Oklahoma

It is important to shop around for the best terms. Make sure that you compare rates, lender fees and learn about third party fees. When comparing mortgage offers check out the term (length), interest rate (fixed vs. variable), and if applicable the cost of mortgage insurance. Get more information about mortgage rates and mortgage fees. Also, FHA loans, which always require mortgage insurance, differ from conventional loans, which require Private Mortgage Insurance (PMI) if your loan to value ratio (LTV) is over 80%. Make sure that you use all of your costs when comparing loans.

Qualifying for a Mortgage in Oklahoma

In order to qualify for the best mortgage rates in Oklahoma it is important to have an excellent credit score. Also, you want to make sure that your debt to income ratio (DTI) and your downpayment or equity position , your loan to value ratio (LTV) are sufficient to qualify. Read this Bills.com article about qualifying for a mortgage.

Mortgage Resources for Oklahoma

Oklahoma is the twenty eighth most populous US state. According to the US census, as of 2017, there is an estimated population of over 3.9 million residents, which represents 1.2% of the US population.

According to Wikipedia, "Oklahoma is host to a diverse range of sectors including aviation, energy, transportation equipment, food processing, electronics, and telecommunications. Oklahoma is an important producer of natural gas, aircraft, and food. The state ranks third in the nation for production of natural gas, is the 27th-most agriculturally productive state, and also ranks 5th in production of wheat."

According to the FHFA May 2017 Refinance Report, only 0.3% of all HARP loans were from Oklahoma. Overall, unemployment rates during the great recession were considerably lower than the US rate.

Based on 2015 HMDA data, Oklahoma compared to National loan program distribution, had a much higher percentage of purchase loans (62% vs 51% national) and smaller share of refinance loans (35% vs 46% nationally). Conventional loans were only 60% vs 69% nationally. FHA loans (24% vs 20% nationally), and VA loans (13% vs 10% nationally) were considerably higher.

Here are some outside resources that can help you understand the Oklahoma mortgage environment:

  1. FHA loan amounts in Oklahoma: (note:set the table to Oklahoma). There are 77 counties in the state of Oklahoma of which none of the single family units meet the Highest loan limit, currently at $636,150. All of the counties are at the Standard loan limit, currently at $275,665.
  2. FHFA Conventional Loan Amounts: Check the pdf from FHFA for all states and search for Oklahoma and your county or check out the FHFA conforming limit map. Since the FHFA has higher base limits than the FHA, currently at $424,100, all of the counties meet this limit.
  3. Oklahoma Mortgage Programs: The Oklahoma Housing Finance Agency (OHFA) operates in all 77 Oklahoma counties, aiming to assist renters and homebuyers. Among their programs is the OHFA Advantage loan, which is "Designed for low-to-moderate income individuals and families, OHFA Advantage offers home loans through participating lenders all across Oklahoma. Key features of an OHFA Advantage loan: 3.5% down payment grant assistance. 5.0% down payment grant assistance." There are special OHFA Advantage loans for police officers, firefighters, and teachers. In addition the "OHFA MCC (Mortgage Credit Certificate) is a product that allows borrowers to reduce the amount of federal taxes they owe by claiming 40% of their mortgage interest as a tax credit on their tax return. The maximum tax credit claimed can be up to $2,000 per year for the life of the loan."
  4. Check out the Hud’s website for more information about homeowner programs and homeowner education programs.

Mortgage Trends and Statistics for Oklahoma

Mortgage rates, loan amounts, LTV, (etc) vary based on areas. The FHFA provides a useful insight into differences in conventional loans. We are providing historical data based on State based information for 2002 - 2015.

Source of Data: FHFA Historical Table - (TERMS ON CONVENTIONAL HOME MORTGAGES) Table 15 - By State and Table 12 Fixed-Rate Mortgages

Check out some differences between Oklahoma and the US:

  • Mortgage Rates for Conventional Loans in Oklahoma
  • Mortgage Fees for Conventional Loans in Oklahoma
  • Loan Amount for Conventional Loans in Oklahoma

Mortgage Rates for Conventional Loans in Oklahoma vs USA

Mortgage Fees for Conventional Loans in Oklahoma

Purchase Price for Conventional Loans in Oklahoma vs USA