Current 30 year-fixed mortgage refinance rates are averaging: 7.09% Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners over the past seven days for each combination of loan program, loan term and loan amount. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree’s Terms of Use for more details.
The current average rate for a 15-year fixed mortgage refinance is: 6.53% Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners over the past seven days for each combination of loan program, loan term and loan amount. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree’s Terms of Use for more details.
See whether refinancing makes sense for you using our mortgage refinance calculator.The current mortgage rates forecast is for rates to remain fairly steady but, over the course of the year, trend downward. LendingTree market expert Jacob Channel expects 30-year rates to end the year closer to 6% than 7%, and wouldn’t be surprised if they dipped below that threshold into the high 5s.
However, he also warns that slightly lower rates aren’t enough to create a big change in affordability. Reduced inflation and lower rates could, however, unlock some new housing stock by enticing more homeowners to sell their homes. That could help ease the upward pressure on home prices and reinvigorate the housing market.
Although each lender gets to determine exactly how it will assess you as a borrower, there are several factors determining mortgage rates that almost all lenders use. Here are a few tips to help you move those factors in the right direction, so that you can get the best mortgage rate:
When should I lock in my mortgage rate?If you’ve applied for a mortgage with several lenders and chosen the one with the best terms for you, your next step should be to request that the lender give you a mortgage rate lock. The lock means that you can head to your closing date without worrying whether your interest rate will increase.
Oklahoma first-time homebuyers and repeat buyers who need assistance getting into a home have several good options. Here are a few to consider:
The Oklahoma Housing Finance Agency (OHFA) offers GOLD home loans to first-time homebuyers, but repeat buyers purchasing in targeted areas may also apply. The loans come with down payment and closing cost assistance of up to 3.5% of your mortgage amount. The assistance funds must be repaid, and come in the form of a second mortgage.
Borrowers must:
Have a minimum 640 credit score
Purchase a home in Oklahoma
Purchase a home within the program’s price limit of $349,525 in non-targeted areas, or $427,198 in targeted areas
Earn within the program’s income limits (there are distinct conventional loan limits and government-backed loan limits)
Move into the home within 60 days of closing
People who have never owned a home
People who haven’t owned real estate in the last three years
DREAM is OHFA’s program for repeat homebuyers, and allows borrowers who own another home to qualify as long as the home they purchase with OHFA will be their primary residence. Like the GOLD program, it offers 3.5% of the mortgage amount to be used for closing costs or a down payment.
Borrowers must:
Have a minimum 640 credit score
Purchase a home in Oklahoma
Purchase a home within the program’s price limit of $356,362 for government-backed loans or $453,100 for conventional loans
Earn within the program’s income limits (there are different income limits for conventional and government-backed loans)
Move into the home within 60 days of closing
Oklahomans can access home loans and a variety of down payment assistance loans through REI Oklahoma. REI works with 30-year fixed-rate conventional, FHA, VA and USDA loans. Depending on your mortgage type, you may qualify for assistance funds that:
In all cases, the total amount of the assistance funds can’t exceed 5% of your purchase loan amount.
Borrowers must:
Have a 640 credit score or higher
Earn within the program’s income limits for your loan type:
→ Oklahoma conventional loans. Conventional loans are the traditional choice of borrowers with decent credit. However, they may not be within reach for all, as the minimum requirements are fairly strict — only borrowers with at least a 620 credit score can qualify.
→ Oklahoma FHA loans. FHA loan requirements are more forgiving, and borrowers with credit scores as low as 500 can qualify; that said, you’ll have to put 10% down to qualify when your score is between 500 and 579. If making a smaller down payment is your priority, you’ll need at least a 580 credit score to access FHA loans that require only 3.5% down.
→ Oklahoma VA loans. VA loan requirements are designed to put homeownership in reach for active duty service members and veterans. Qualified military borrowers with a qualifying service record can purchase or refinance without making a down payment or paying for mortgage insurance.
→ Oklahoma streamline refinances are loans — like an FHA streamline refinance loan or VA interest rate reduction refinance loan (IRRRL) — that let you refinance with less paperwork and documentation. That’s why these loans are called “streamline”: They’re typically faster and easier to qualify for than standard refinances. However, you can only access them if you’re refinancing from an FHA loan into another FHA loan, or from a VA loan into another VA loan.
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