Today's Mortgage Rates in Ohio

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What Affects Mortgage Rates in Ohio

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The rates on this page are a starting point, but your mortgage interest rate in Ohio will reflect both market conditions and your personal situation. It's also worth noting that the interest rate and APR aren't the same. The interest rate affects your monthly principal and interest payment, while the APR includes certain fees.

Some of the factors that will affect your mortgage rate in Ohio include:

Federal Reserve policy and inflation: Fed policy has an indirect effect on mortgage rates. Rates tend to rive when inflation is high, or when the Fed signals it plans to get borrowing costs tight. The Fed tends to be less aggressive when inflation slows, and rates can fall.
The broader economy: Other economic factors also play a role in influencing investor expectations and lender pricing, like the housing market, unemployment, and wage growth.
Your situation: Your loan type, down payment amount, credit score, and other factors based on your unique financial situation all affect your final APR.

You can connect with an experienced loan officer to get a personalized mortgage rate based on your circumstances.

Types of Mortgages Available in Ohio

Different mortgage types have different pros and cons based on your situation and financial needs. Whether you're using an FHA loan to purchase a home in a rural southeast Ohio community or financing your first home with a conventional loan in Columbus, you have access to a wide range of options to meet your unique needs.

Some common mortgage options include:

Conventional Fixed-Rate Mortgages: Having a fixed interest rate means principal and interest payments are predictable throughout the life of the loan, commonly 15 or 30 years. Conventional mortgages are generally underwritten to Fannie Mae and Freddie Mac standards based on credit score and debt-to-income ratios. That usually means a down payment of 5%, although it can be as low as 3% for qualifying borrowers, including many first-time homebuyers. Private mortgage insurance (PMI) is typically required if your down payment is less than 20%, but it can generally be canceled once you pay down your loan and gain enough equity.
FHA Loans: FHA loans generally have more flexible down payment and credit score requirements than conventional loans, but you'll be required to pay a mortgage insurance premium (MIP) regardless of your down payment size. That includes both an upfront premium and ongoing monthly payments. If your down payment is less than 10%, MIP typically lasts for the life of the loan unless you refinance into a conventional mortgage. If you make a down payment of 10% or more, MIP generally lasts 11 years.
VA Loans: VA loans are open to eligible veterans, active-duty service members, and surviving spouses. They generally don't require down payments or private mortgage insurance, but do require a VA funding fee. That fee can be financed, and qualifying veterans can have the fee waived.
Adjustable-Rate Mortgages (ARMs): Adjustable-rate mortgages generally start off with a fixed interest rate for an initial period, followed by regular adjustments based on a benchmark index and a margin set by the lender. A 7/1 ARM, for example, would have a fixed rate for seven years followed by annual adjustments. Payments can change based on those adjustments, although ARMs typically have rate caps that limit how much they can change. Like fixed-rate conventional loans, PMI might be required if your down payment is less than 20% and can be canceled once you reach sufficient equity.
Jumbo Loans: These are mortgages that are higher than conforming loan limits. Most counties in Ohio use a baseline conforming loan limit set by the FHFA. Jumbo loans typically require stricter underwriting, and rates may be higher or lower than conforming loans depending on market conditions and borrower qualifications.

Refinancing a Mortgage in Ohio

Refinancing means replacing your existing home loan with a new mortgage. Ohioans have access to several different refinancing options to lower their rate, shorten their loan term, and more. Here are two common types of refinances in the Buckeye State:

Rate-and-term refinance: This refinance replaces an existing mortgage with a new loan. If you bought a home when rates were higher, for example, you might refinance to get a lower rate. Alternatively, you could also shorten your loan term to pay off your loan faster.
Cash-out refinances: A cash-out refinance will replace your loan with a new, larger mortgage. This refinance lets you take a portion of your equity as cash.

Does credit score affect mortgage rates?

Credit score has a major impact on your mortgage rates, with higher credit scores generally meaning lower interest rates.

Your credit score isn't the only thing that affects your mortgage rate, however. Your downpayment, debt-to-income ratio, loan term, and other factors will also affect your rate.

Broader factors, like inflation and the broader economy, also have a major impact on your rate.

How will property taxes and insurance in Ohio
affect my mortgage payment?

Property taxes are often included in your mortgage payment as part of an escrow account. If that's the case, it means your lender will collect property tax payments each month and pay the tax bill for you. Some loan types, like FHA and VA loans, sometimes require escrow accounts.

Ohio has higher effective property tax rates than most other states, according to the Tax Foundation.

Keep in mind property tax can vary significantly within a state, with urban areas generally higher than those in rural areas.

Homeowners insurance can also affect your mortgage payment if it's bundled into your premium with an escrow account. Your home's location, and whether it's in an area that is affected by natural disasters like floods, plays a major impact on your insurance cost. Details about your home, like its size, age, and condition can also affect your payment.

Loan Officers in Ohio

Abigail Shields

Sr. Mortgage Advisor

NMLS ID# 1413565

Today's Mortgage Rates in Ohio

Current Ohio Mortgage and Refinance Rates

Legal Disclosures

Get your personalized rate

What Affects Mortgage Rates in Ohio

Tell The Reader More

Types of Mortgages Available in Ohio

Refinancing a Mortgage in Ohio

Ohio Mortgage FAQs

Loan Officers in Ohio

Abigail Shields

Tyler Marton

Kreg King

Ira Hines

Brandon Hartley

Angellise Irizarry

Graham Nadler

Leah Severt

Sam Liberatore

Matthew S Devadan, MBA

Lauren Walton

Marco Aledia