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Mortgage term Average mortgage interest rate Average refinance interest rate






















This information has been provided by
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mortgage rates on Zillow

Buying a home in Ohio

According to Zillow, the typical home value in Ohio is lower than the typical value of $356,026 across the US. The typical home value in Ohio is $213,335, and home values have increased 13.1% over the past year.

Historic mortgage rates for Ohio

By looking at the average mortgage rates in Ohio since 2010, you can see trends for 30-year fixed mortgages, 15-year fixed mortgages, and 7/1 adjustable mortgages:

Seeing how today’s rates compare to historic Ohio mortgage rates may help you decide whether you’d be getting a good deal by getting a mortgage or refinancing now.

Mortgage calculator

Use our free mortgage calculator to learn about how today’s rates will affect your monthly payments.

Mortgage Calculator

Your estimated monthly payment

  • Paying a 25% higher down payment would save you $8,916.08 on interest charges
  • Lowering the interest rate by 1% would save you $51,562.03
  • Paying an additional $500 each month would reduce the loan length by 146 months

Use our free mortgage calculator to learn about how today’s rates will affect your monthly payments.

Ohio first-time homebuyer programs

The Ohio Housing Finance Agency offers financial assistance if you get a mortgage through a participating lender. Here are your options:

  • YourChoice! Down Payment Assistance: Receive either a 2.5% or 5% loan for down payment assistance or closing costs. The loan is forgiven after seven years as long as you still live in the home and haven’t refinanced. 
  • Grants for Grads: This program is similar to the YourChoice! program, except the loan may be forgiven after five years if you’ve graduated from school in the last 48 months.
  • Ohio Heroes: You can get a discounted mortgage rate if you are an active military member, military veteran, firefighter (professional or volunteer), paramedic, EMT, police officer, nurse, nurse practitioner, physician, STNA, teacher (pre-K through grade 12), counselor, or administrator.
  • Mortgage Tax Credit: Claim up to 40% of the interest you pay on your mortgage on your federal taxes, up to $2,000 per year. You can combine this program with the YourChoice! or Grant for Grads program, if you choose the 2.5% down payment assistance option.
  • Target Area Search: You may qualify for a low-interest mortgage if you’re buying a home in certain parts of Ohio.
  • Federal Housing Administration mortgageYou can get a down payment of 3.5% with a credit score of at least 580, or get a mortgage with a credit score between 500 and 580 with 10% down using this loan, which is also called an FHA loan. 
  • United States Department of Agriculture mortgage: These loans, also called USDA loans, can be useful if you are a low-to-moderate income borrower looking to buy a home in a rural or suburban area.
  • Veterans Affairs mortgage: These mortgages, also called VA loans, are for active-service military members or veterans, or spouses of members who have died and can provide lower interest rates than conventional mortgages.

Refinancing your mortgage in Ohio

Mortgage refinance rates are at all-time lows right now, so it could be a good idea to switch your current mortgage for one with a better interest rate — especially if the new rate would be significantly lower.

You may decide to refinance with the same lender that gave you your initial mortgage, but it’s not always the best idea. A different lender may offer you a better deal the second time around. Shop around for a company that will offer the best interest rate and charge relatively low fees.

How to get a low interest rate on your mortgage

Here are some tips for landing a good interest rate on your mortgage:

  • Save more for a down payment. With a conventional loan, you may be able to put down as little as 3%. But lenders reward a higher down payment with a better interest rate. Mortgage rates should stay low for a while, so you may have time to save a bigger down payment.
  • Increase your credit score. Many lenders require a minimum credit score of 620 to receive a mortgage. But you can land a better interest rate with a higher score. The most important factor for boosting your score is to pay all your bills on time.
  • Lower your debt-to-income ratio. Your DTI is the amount you pay toward debts each month, divided by your gross monthly income. Most lenders want to see a DTI of 36% or less for a conventional mortgage, but a lower DTI can result in a lower rate. To improve your DTI, pay down debts or consider opportunities to increase your income.
  • Choose a federally backed mortgage. If you’re eligible, you might consider a USDA loan (for low-to-moderate-income borrowers buying in a rural area), a VA loan (for military members and veterans), or an FHA loan (not designated for any particular group). These loans typically come with lower interest rates than conventional mortgages. As a bonus, you won’t need a down payment for USDA or VA loans.

Improving your financial situation and choosing the right type of mortgage for your needs can help you get the best interest rate possible.

Mortgage and refinance rates by state

New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Rhode Island
South Carolina
South Dakota
Washington DC
West Virginia

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