Compare Today’s Mortgage Rates in Ohio
Looking to explore home purchase or refinance options in Columbus, Cleveland, Cincinnati, Toledo, Akron, or nearby Ohio cities? Start by checking today’s mortgage rates. With a wide range of loan programs available, you can find the rate, terms, and monthly payment that align with your homeownership goals.
Get a quoteThese rates, APRs, and monthly payments are current as of today and may change at any time. They are based on a FICO® Score of 780+, specific down payment assumptions, and a single-family primary residence. Each example assumes up to one mortgage discount point purchased to reduce the interest rate. Connect with a Midwest Mortgage loan officer to learn more about points, loan types, and rate options tailored to your needs.
Compare Today’s Mortgage Rates and Refinance Mortgage Options in Ohio with Midwest Mortgage
Purchase rates
Conventional Fixed Rate Loans
Conventional fixed-rate mortgages provide stability with consistent monthly payments over 15, 20, or 30 years. Borrowers typically make a 3%–20% down payment and may need to pay private mortgage insurance (PMI) if putting down less than 20%. Credit score, closing costs, and property value are key factors in rate determination.
Conforming Adjustable Rate Mortgage (ARM) Loans
Adjustable-rate mortgages start with a lower introductory rate compared to fixed-rate options. After the initial period, the rate adjusts based on market conditions. ARMs can be a great choice for borrowers planning to sell, refinance, or relocate within a few years before rate adjustments occur.
Federal Housing Administration (FHA) Loans
FHA loans, backed by the Federal Housing Administration, are designed for buyers with smaller down payments or lower credit scores. With a down payment as low as 3.5%, FHA loans make homeownership accessible while requiring mortgage insurance premiums (MIP) to protect lenders.
Veteran Affairs (VA) Loans
VA loans, supported by the U.S. Department of Veterans Affairs, offer no down payment, no PMI, and competitive rates for eligible military service members, veterans, and surviving spouses. This program helps qualified borrowers secure affordable home financing with flexible credit requirements.
Jumbo Loans
Jumbo loans are designed for high-value properties that exceed conventional loan limits. They generally require strong credit, larger down payments, and additional documentation to qualify. Jumbo loans suit buyers in Ohio’s luxury housing markets or those purchasing high-end real estate.
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Refinance rates
Conventional Fixed rate loans
A fixed-rate refinance offers steady payments for the life of the loan and protection from future interest rate increases. Homeowners with at least 20% equity can avoid PMI. Your credit score, property appraisal, and loan amount all influence the final rate.
Conforming Adjustable Rate Mortgage (ARM) Loans
A conforming ARM refinance provides lower initial payments and can reduce short-term costs. However, because rates may rise later, ARMs are most suitable for borrowers expecting to refinance again or sell before the adjustable period begins.
Federal Housing Administration (FHA) Loans
FHA refinance programs allow homeowners to lower monthly payments, switch from an ARM to a fixed-rate loan, or take advantage of better market conditions. These loans require mortgage insurance premiums but offer flexible qualification standards and low equity requirements.
Veteran Affairs (VA) Loans
VA refinance options, including the Interest Rate Reduction Refinance Loan (IRRRL), help eligible borrowers reduce their interest rates or shorten loan terms. VA refinancing features no PMI, no down payment, and streamlined approval, making it a top choice for qualified veterans.
Jumbo Loans
Jumbo refinance loans cater to homeowners with large loan balances seeking to reduce rates, change loan terms, or tap home equity. Due to higher loan amounts, lenders often require excellent credit, low debt ratios, and substantial equity.
Frequently asked questions about mortgage rates
1. What factors influence mortgage rates in Ohio?
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2. How can I qualify for the best mortgage rate in Ohio?
3. Should I choose a fixed-rate or adjustable-rate mortgage?
4. When is refinancing a good idea?
5. Are jumbo loans common in Ohio?
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