Whether you’re buying your first home, upgrading to a larger space, or considering refinancing, understanding Oklahoma mortgage rates is essential. These rates significantly impact your monthly payments and the overall cost of your home.
Mortgage rates are influenced by a variety of factors, including economic conditions, inflation, and the Federal Reserve’s monetary policies.
This article provides an overview of current Oklahoma mortgage rates and important considerations for potential homeowners and those looking to refinance their existing mortgages.
Current Mortgage Rate Landscape in Oklahoma
What are Oklahoma mortgage rates looking like right now? Let’s take a look at the current landscape.
National vs. Oklahoma Mortgage Rates
As of August 5, 2025, here’s how Oklahoma mortgage rates compare to the national average:
- National average 30-year fixed mortgage APR: 6.773%
- National average 15-year fixed mortgage APR: 5.717%
- National average 5-year ARM APR: 7.258%
- Oklahoma 30-year fixed mortgage rate: 6.773%
- Oklahoma 15-year fixed mortgage rate: 5.717%
- Oklahoma 5-year ARM rate: 7.258%
As you can see, Oklahoma rates are currently smack dab in line with the national averages.
Different Types of Mortgages
Let’s quickly break down the different types of mortgages mentioned above:
- 30-year fixed-rate mortgages: These offer long-term stability because your interest rate stays the same for the entire 30-year loan term.
- 15-year fixed-rate mortgages: With these, you’ll pay off your loan in half the time. This means lower overall interest payments and you’ll build equity much faster.
- 5-year Adjustable-Rate Mortgages (ARMs): ARMs have an interest rate that’s fixed for a certain period (in this case, 5 years), and then it adjusts based on market conditions. This can be risky if rates go up, but rewarding if they go down.
What influences Oklahoma mortgage rates?
A number of economic factors can affect Oklahoma mortgage rates, from the overall economic climate to the local housing market.
Economic Conditions
The economy as a whole has a big effect on mortgage rates. Factors like GDP growth, unemployment levels, and inflation can all influence whether mortgage rates are high or low. And the Federal Reserve plays a big role too. The Fed’s monetary policy decisions, like raising or lowering interest rates, can have a direct impact on mortgage rates.
Inflation
Inflation is another key factor. When inflation is high, mortgage rates tend to be higher as well. Lenders want to protect their returns, so they charge more when the cost of goods and services is rising.
Oklahoma Housing Market Dynamics
The demand for housing in Oklahoma itself can also influence mortgage rates. If there’s a lot of demand, that can push rates up. Local economic factors that affect the Oklahoma housing market, such as job growth or new construction, can also play a role.
Choosing a Mortgage Lender in Oklahoma
Getting the best mortgage rate starts with comparison shopping. Don’t settle for the first rate you see. It pays to get quotes from several different lenders.
Comparing Lenders
Consider getting quotes from different types of lenders, too, such as:
- Banks
- Credit unions
- Online lenders
Each has its pros and cons. When you’re making your decision, factor in the different lenders’ loan product availability, pricing, customer service, and online accessibility.
Key Considerations Beyond Interest Rates
The interest rate is a big deal, but there’s more to a mortgage than just the rate.
Consider these factors, too:
- Loan options. Do they offer a range of loan programs, like FHA, VA, and conventional loans? FHA loans are insured by the government and have lower credit score requirements, while VA loans are available to veterans and active-duty military members.
- Customer service. Do they answer your questions promptly and thoroughly?
- Fees and closing costs. Do they fully explain all the fees you’ll be charged?
Understanding mortgage terminology
As you shop for a mortgage, you’ll run across a few unfamiliar terms. Here are some definitions to get you started:
- APR (Annual Percentage Rate): The APR is the annual cost of a loan to a borrower, including fees. It’s expressed as a percentage. Unlike the interest rate, the APR includes other charges or fees, such as mortgage insurance, discount points, and loan origination fees.
- Basis Points: A basis point is one one-hundredth of one percent. For example, if you hear that interest rates have risen 25 basis points, that means rates have risen by one-quarter of one percent.
- FHA (Federal Housing Administration): The FHA insures mortgages, making it easier for first-time homebuyers and those with lower credit scores to get a loan.
- VA (Department of Veterans Affairs): The VA helps veterans, active-duty military personnel, and eligible surviving spouses become homeowners.
- Home equity loans: A home equity loan is a type of loan in which your home equity is used as collateral.
- HELOCs: A HELOC (home equity line of credit) is a line of credit secured by your home.
Final Thoughts
Understanding Oklahoma mortgage rates is crucial to getting the best deal on a home loan. So, shop around and compare offers from different lenders.
If you’re feeling overwhelmed, consider talking to a qualified mortgage broker or financial advisor. They can help you navigate the process and find the right mortgage for your needs.
Finally, remember that mortgage rates are constantly changing. The rates discussed here were current as of a specific date and may be different now.