Ohio Mortgage Rates
Find the best Ohio mortgage rates and Columbus home loan options. Compare current OH mortgage rates, explore local lenders, and calculate your payments with our Ohio-specific tools.
Ohio Mortgage Calculator
Calculate your monthly mortgage payment using current Ohio rates and local market data. Factor in Ohio property taxes and insurance costs for accurate estimates.
Ohio Mortgage Calculator
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Current Ohio Mortgage Rates by Loan Type
30-Year Fixed Conventional
stable15-Year Fixed Conventional
downFHA 30-Year Fixed
stableVA 30-Year Fixed
downUSDA Rural Development
stable5/1 ARM
upOhio Housing Market Overview
Statewide Market Stats
Columbus
Franklin County
Cleveland
Cuyahoga County
Cincinnati
Hamilton County
Toledo
Lucas County
Akron
Summit County
Dayton
Montgomery County
Top Mortgage Lenders in Ohio
Huntington National Bank
Special Programs:
- Ohio Dream Down Payment Program
- First-time buyer discounts
- Construction loans
Strengths:
- Strong Ohio presence
- Local expertise
- Competitive programs
Considerations:
- Limited national presence
- Variable customer service
KeyBank
Special Programs:
- Key4Home program
- First-time buyer assistance
- Jumbo loans
Strengths:
- Regional expertise
- Comprehensive banking
- Good technology
Considerations:
- Higher closing costs
- Complex underwriting
Fifth Third Bank
Special Programs:
- Down payment assistance
- Community lending
- Investment property loans
Strengths:
- Regional knowledge
- Variety of programs
- Personal service
Considerations:
- Slower digital process
- Limited weekend hours
Quicken Loans/Rocket Mortgage
Special Programs:
- VA Loans
- FHA Loans
- Conventional
- Jumbo loans
Strengths:
- Fast digital process
- Competitive rates
- Strong customer service
Considerations:
- No local offices
- Higher closing costs
Ohio Community Banks
Special Programs:
- Local first-time buyer programs
- Agricultural loans
- Small business owner programs
Strengths:
- Personal service
- Local market knowledge
- Flexible underwriting
Considerations:
- Limited product options
- Basic technology
Ohio Homebuyer Programs & Incentives
Ohio Housing Finance Agency (OHFA)
Ohio Housing Finance Agency
Program Benefits
- Below-market interest rates
- Down payment assistance up to $2,500
- Your Choice! Down Payment Assistance Loan
- Ohio Heroes Program for qualifying professions
Application Process:
Through participating OHFA approved lenders
Eligibility Requirements
- First-time homebuyer (or not owned home in past 3 years)
- Primary residence in Ohio
- Complete homebuyer education course
- Meet income and purchase price limits by county
Your Choice! Down Payment Assistance
OHFA
Program Benefits
- Up to $2,500 down payment assistance
- Deferred payment (no monthly payment)
- 0% interest rate
- Forgiven after 15 years if still owner-occupied
Application Process:
Through OHFA participating lenders only
Eligibility Requirements
- Must be used with OHFA first mortgage
- Property must remain primary residence
- Cannot be combined with other down payment assistance
- Borrower education course required
USDA Rural Development - Ohio
USDA Rural Development Ohio
Program Benefits
- No down payment required
- No monthly mortgage insurance
- Below-market interest rates
- Flexible credit guidelines
Application Process:
Through USDA approved lenders in Ohio
Eligibility Requirements
- Property in USDA eligible rural area
- Income below area limits
- Primary residence only
- U.S. citizenship or permanent residency
Ohio Counties Mortgage & Economic Data
Franklin County (Columbus)
Major Employers:
Cuyahoga County (Cleveland)
Major Employers:
Hamilton County (Cincinnati)
Major Employers:
Summit County (Akron)
Major Employers:
Montgomery County (Dayton)
Major Employers:
Lucas County (Toledo)
Major Employers:
Ohio Real Estate Market Trends & 2024 Outlook
Current Market Trends
- Columbus metropolitan area driving statewide growth
- Cleveland and Cincinnati markets showing signs of stabilization
- Rural Ohio benefits from USDA loan programs and affordability
- Tech and healthcare sectors supporting Columbus demand
- Manufacturing job recovery supporting smaller cities
2024 Market Projections
Market Challenges
- Population decline in some industrial cities
- Higher property tax rates compared to neighboring states
- Aging housing stock in urban areas
- Limited new construction in rural areas
Market Opportunities
- Excellent affordability compared to national averages
- Strong first-time buyer program availability
- Diverse employment base providing stability
- Growing tech sector in Columbus corridor
Ohio Mortgage Rates FAQ
What are current mortgage rates in Ohio?
Current Ohio mortgage rates range from 6.195% for 5/1 ARM loans to 7.095% for 30-year fixed conventional loans. FHA rates average 6.845% while VA loans average 6.595%. Rates vary by lender, credit score, loan amount, and specific location within Ohio.
What is the median home price in Ohio?
The median home price in Ohio is $185,000 as of 2024, making it one of the most affordable states. Columbus homes average $225,000, Cleveland averages $155,000, Cincinnati $185,000, while smaller cities like Dayton average $105,000, offering excellent value for homebuyers.
What Ohio first-time homebuyer programs are available?
Ohio offers OHFA programs including Your Choice! Down Payment Assistance up to $2,500, below-market interest rate loans, and Ohio Heroes Program for qualifying professions like teachers and healthcare workers. USDA rural loans, VA loans, and FHA loans are also widely available.
Which Ohio counties have the best mortgage rates?
Mortgage rates are generally consistent statewide, but competition is highest in Franklin County (Columbus), Hamilton County (Cincinnati), and Cuyahoga County (Cleveland) metro areas. These areas may offer slightly better rate options due to increased lender competition.
How do Ohio property taxes affect mortgage payments?
Ohio property tax rates vary by county from 1.58% to 2.12% of assessed value. Franklin County (Columbus) has moderate rates at 1.58%, while Lucas County (Toledo) has higher rates at 2.12%. Property taxes are typically included in monthly mortgage payments through escrow accounts.
What credit score do I need for an Ohio mortgage?
Minimum credit scores for Ohio mortgages vary by loan type: Conventional loans typically require 620+, FHA loans accept scores as low as 580, VA loans often accept 580+, and OHFA programs require 620+. Higher scores (740+) qualify for the best rates from Ohio lenders.
Ohio Mortgage Resources
Ready to Buy a Home in Ohio?
Use our Ohio-specific mortgage calculator to estimate your payments with current rates, local taxes, and insurance costs. Explore Ohio OHFA programs to maximize your affordability.