Ponca City, OK Mortgage Rates today
Oklahoma's affordable housing market, welcoming communities, and low cost of living make it an attractive destination for homebuyers. Its strong job market and cultural attractions add to the appeal. To make your Oklahoma home dreams a reality, remember to compare our current rates and secure a mortgage that suits your budget and lifestyle.
If you have any questions about securing the best mortgage rates in Oklahoma, please contact us today. We are here to assist you in finding the mortgage rates that best suit your needs.
Compare today's mortgage rates for Ponca City, OK
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5.625% RATE
6.386% APR
$2,965/mo
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6.500% RATE
6.951% APR
$2,275/mo
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5.875% RATE
6.937% APR
$2,316/mo
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6.000% RATE
7.481% APR
$2,158/mo
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5.875% RATE
6.503% APR
$2,156/mo
infoLatest revision - July 26 2024 12:30pm EST.We update the table twice every day with the current mortgage rates.
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Frequently Asked Questions
What is the average mortgage rate in Oklahoma?
Oklahoma mortgage rates determine the percentage of interest lenders charge for home loans or refinancing within the Sooner state. These rates fluctuate depending on the economic climate, directly impacting homeowners' borrowing expenses.
What are the current mortgage rates in Oklahoma?
View the most current mortgage rates in Oklahoma for each of our loan products above. We refresh our rates twice daily to ensure you receive an accurate representation of today's lending environment.
How do Oklahoma interest rates affect mortgages in the state?
Interest rates in Oklahoma affect the buying capacity and decisions of prospective individuals. Exaggerated rates bring about higher monthly obligations and total borrowing costs, while reduced rates facilitate homeownership and make it more cost-effective for state inhabitants.
Where can Oklahoma residents find the best mortgage rates?
Oklahoma residents can compare important factors like interest rates, annual percentage rates, and monthly costs across mortgage products to make an informed choice. It's crucial to consider your qualifications for each option and associated expenses.
How can Oklahoma borrowers lock in a favorable home interest rate?
Oklahoma homeowners can protect themselves from potential rate changes during the home search by discussing rate-locking options with their loan officer. Freezing the quoted percentage for a set time allows borrowers to secure a favorable home loan rate.
How does the Oklahoma real estate market impact mortgage rates?
The state of the property market significantly impacts the available rates. Elements like local home values, housing demand, and financial situations considerably affect the prevalent mortgage rates. The prices of houses, demand for new homes, and economic climate all sway the rates offered. Some sentences are intricate, while others are straightforward.
How long does a mortgage rate lock last?
The specific lock-in period may widely differ, but typically, homebuyers can lock in a home loan rate for thirty to sixty days. Yet once the lock expires, if the lender does not agree to extend it, the originally secured rate is no longer assured. Variations in things like credit rating, loan total, debt-to-income percentage, or the property appraisal during the locking interval could invalidate the initial rate lock.
How are interest rates determined?
Lenders establish average mortgage rates in Oklahoma, which are impacted by factors like the actions of the Federal Reserve, economic conditions, and consumer demand. Alterations in short-term rates by the Federal Reserve can motivate lenders to change mortgage rates. Individual factors, such as credit score, down payment amount, and earnings, along with the varying degrees of risk and operational expenditures for lenders, can further affect mortgage rates.
Oklahoma first-time homebuyer programs
OHFA Gold Program
The OHFA GOLD program is focused on first-time home buyers in Oklahoma only, meaning those who have not procured a home within the last three years are eligible. Nonetheless, repeat buyers may qualify in select areas. This particular first-time home buyer program in Oklahoma offers both conventional loans and government-backed options. Maximum purchase prices of $349,525 (non-targeted regions) or $427,198 (targeted regions) apply based on location, along with income limits that fluctuate between counties. Additionally, your middle credit score across the three major bureaus must be at least 640.
OHFA Dream Program
The OHFA Dream Program is available for first-time home buyers and repeat purchasers alike. The notable variance is an elevated income threshold of $150,000 or less, irrespective of county. The maximum purchase price is $356,362.
If you can independently cover your down payment and closing costs, consider the Dream Zero DPA program, which offers OHFA's most favorable Oklahoma mortgage rates.
Teachers, law enforcement, firefighters, and Oklahoma State employees are qualified for a lower interest rate (usually 0.125% lower) within any of the programs.
Oklahoma down payment assistance
Apart from 30-year fixed-rate mortgages, OHFA extends up to 3.5 percent in down payment & closing cost aid to complement all of its loan programs. This aid is structured as a zero-interest loan, which becomes due for repayment when you settle the mortgage or opt for refinancing.
REI Home100
REI Oklahoma offers numerous options to assist home buyers financially. Eligible applicants can enjoy down payment assistance in Oklahoma up to 5 percent of the purchase price. This is a first-time home buyer Oklahoma no-down payment program that can be given as a non-repayable grant, a forgivable seven-year secondary mortgage, or a ten-year second loan carrying an affordable 5 percent interest rate.
While such programs commonly focus on first-time home buyers in Oklahoma, they are not mandatory. Certain criteria must be satisfied regarding borrowers' credit scores, debt-to-income ratios, and income levels relative to the Oklahoma first-time home buyer programs.
Specifically, a minimum 640 credit rating is necessary alongside a debt-to-income percentage below 45 percent or up to 50 percent for scores of 680 or higher. Income must also fall beneath thresholds set by REI Oklahoma, depending on the loan.
Other Oklahoma Homebuyer Programs
Stillwater Homebuyers Assistance Program
First-time buyers, as well as those with lower or average earnings searching for homes in Stillwater, may qualify for the down payment and closing cost aid up to $5,000. First-timers purchasing a property at a cost of at most $250,000 are eligible. The assistance is excused after living on the premises for seven years.
VA and FHA Loans in Oklahoma
With only a 3.5% deposit and a credit rating of 580 or above, you may be eligible for FHA loans in Oklahoma. 10% down is needed if your credit score is between 500 and 579. Current or former military personnel, along with eligible spouses, often turn to VA loans requiring no minimum payment. While credit isn't a factor, individual lenders set borrower standards.
USDA Loans
Those purchasing homes in designated rural areas have an additional affordable option—USDA loans require no down payment. The United States Department of Agriculture backs these mortgages to help meet the needs of qualifying communities.
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Mortgage rates are volatile and subject to change without notice. All rates shown are for 30-day rate locks with two and a half points for a single family owner-occupied primary residence with 750 or higher FICO and 80 LTV over a 30-year loan term except where otherwise noted and are subject to mortgage approval with full documentation of income. The APR for a 30-year and 15-year conventional fixed-rate mortgage loans are calculated using a loan amount of $360,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, a $10 flood certification fee, and a $82 credit report fee.* 15-year conventional mortgage rates are calculated with a 15-year loan term.* The APR for jumbo mortgage rates is calculated using a loan amount of $500,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, $10 flood certification fee, and a $82 credit report fee.* The APR for FHA mortgage rates is calculated using a loan amount of $360,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, $10 flood certification fee, and a $82 credit report fee. Some rates and fees may vary by state.* The APR for adjustable rate mortgages (ARMs) is calculated using a loan amount of $360,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, $10 flood certification fee and a $82 credit report fee. Some rates and fees may vary by state. Products are subject to availability on a state-by-state basis. By refinancing your existing loan, your total finance charge may be higher over the life of the loan.
