OKLAHOMA MORTGAGE REFINANCE RATES TODAY
Current mortgage refinance rates in
Oklahoma.
Current mortgage refinance rates in
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Compare mortgage refinance rates in Oklahoma.
Key Points
• Mortgage refinance rates are influenced by economic factors such as Federal Reserve policy, inflation, and the bond market, as well as your own personal credit rating.
• Even a one-percentage-point dip in your mortgage refinance rate can translate to substantial monthly savings, depending on your loan balance and term.
• Mortgage refinance rates have changed drastically over time, jumping from a monthly average of 2.68% in December 2020 to 7.62% in October 2023.
• Refinancing from a 30-year to a 15-year mortgage will raise your monthly payment, but the total interest over the loan’s life will be significantly less.
• When considering refinancing, evaluate whether the potential savings from a lower rate justify the associated closing costs, which typically range from 2% to 5% of the loan amount.
Introduction to Mortgage Refinance Rates
Refinancing a mortgage is like hitting the reset button on your home loan, giving you the chance to snag new terms and a potentially lower interest rate. Whether you want to shrink your monthly payments, pay off your loan faster, or take out some cash, the type of mortgage refinance rate you choose will play a big role in your financial picture. In this guide, you’ll learn how mortgage refinance rates are set and how to get the best deal in Oklahoma. By the end, you’ll be better equipped to make a smart decision about refinancing your home.
💡 Quick Tip: Wondering how to refinance a mortgage? The process, which takes about 30 to 45 days, is similar to when you got your original home loan.
Where Do Mortgage Refinance Rates Come From?
Mortgage refinance rates are a product of various economic factors and your unique financial standing. Economic factors include Federal Reserve policy, inflation, the bond market, and housing inventory. Some points to consider:
• High inflation and federal funds rate increases usually translate to higher mortgage refinance rates.
• Conversely, low inflation and bond price increases can have a rate-lowering effect.
• Fewer homes built or for sale (meaning there’s low inventory) can contribute to an increase in rates.
On the personal side, your credit score also plays a role in the rate you’ll snag. Those with higher scores have a record of handling debt responsibly, so they typically qualify for better rates. People with lower scores (meaning they may have been late with payments in the past or skipped payments entirely) usually are offered a higher rate, since the mortgage lender feels they are a riskier borrower.
Being mindful of these influences can help you predict rate changes and make an informed decision about when to refinance your home loan.
How Interest Rates Affect Home Affordability
Interest rates play a pivotal role in the financial equation of your mortgage refinance. Your monthly outlay hinges on the loan amount, the duration of repayment, and the prevailing mortgage refinance rate.
Say you have a $200,000 loan with a 6.00% interest rate and a 30-year term, which translates to a monthly payment of $1,199. If that same loan were to bear an 8.00% interest rate, your monthly commitment would leap to $1,467. That means, with the lower rate, you’re $268 “richer” every month. Over the loan’s lifetime, the lower interest rate could let you pocket nearly $100,000 in savings. Even the slightest drop in the mortgage refinance rate can accumulate into substantial benefits over time.
Why You Should Refinance Your Mortgage in Oklahoma
Refinancing can be a strategic move, but it’s not one to be taken lightly. If current rates are lower than your existing one, it might be a good time to refinance, but be prepared for the closing costs (usually 2% to 5% of the loan amount). Make sure that a home loan refi works for your current needs and bigger-picture financial situation.
Common Reasons to Refinance a Mortgage
Here are some common reasons homeowners refinance their mortgage:
• You qualify for a lower interest rate because you’ve built your credit score or market conditions have shifted.
• You’re considering adjusting your repayment term to manage your monthly payments or pay off your loan quicker.
• You need to tap into your home’s equity to cover expenses such as education or home improvements.
• Your adjustable rate is about to reset, and you’re considering the security of a fixed-rate loan.
• You have an FHA loan and at least 20% equity in your home, and you want to eliminate FHA mortgage insurance premiums.
How to Get the Best Refi Interest Rate
When you’re looking into a mortgage refinance, you’re probably curious about how low your rate can go. Here are some tactics to help you secure the best mortgage refinance rate:
• Pay bills on time and steer clear of new debt to build your credit score.
• Keep your debt-to-income ratio under 36%.
• Compare rates and fees from multiple lenders to find the best deal.
• Think about buying mortgage points, aka discount points, to lower your interest rate. This means paying more money upfront but less interest month after month.
• If you can manage it, go for a shorter mortgage term. It will often come with a lower interest rate, though your monthly payment will be higher.
Understand Trends in Oklahoma Mortgage Interest Rates
National mortgage refinance rates tend to ebb and flow, with the mortgage refinance rate landscape in Oklahoma closely reflecting national patterns. Understanding these movements and the prevailing trends can help you decide when the best time to refinance in Oklahoma may be.
Historical U.S. Mortgage Interest Rates
The U.S. mortgage market is a dynamic place, and refinance rates can change a lot over time. In December 2020, the average 30-year fixed mortgage refinance rate was 2.68%. But by October 2023, that rate had jumped to 7.62%. While many hoped for lower rates by mid-2026, the Federal Reserve has kept interest rates steady due to persistent inflation and supply pressures. This means mortgage rates will stay well above the record lows of the past years.
Changes in current mortgage rates are often tied to the policies of the Federal Reserve and the rate of inflation, as noted above. By keeping an eye on these trends, you can make smart decisions about when to refinance your mortgage. Refinancing at the right time can save you money and help you manage your finances more effectively. With that in mind, take a look at the last few decades’ worth of national interest rates.
Choose the Right Mortgage Refi Type
Mortgage refinance rates in Oklahoma can fluctuate based on the type of refinance you’re considering. Here’s an overview of some of the most popular refi variations available, from those designed to cut your payments to ones engineered to pay off your loan faster, as well as ones that help you pull equity from your home.
Just remember this one point: In terms of how soon you can refinance, you typically need 20% home equity before you can pursue this path.
Conventional Refi
A conventional refinance, also known as a rate-and-term refi, is a popular choice for many Oklahoma homeowners. While they often have higher mortgage refinance rates than government-backed loans, such as FHA, VA, or USDA (each of which has special qualification requirements), they can help you lower your interest rate or adjust your loan term.
This type of refi can be a smart choice if you’re looking to reduce your monthly payments or pay off your loan more quickly. Just keep in mind that they typically require a credit score of 620.
15-Year Mortgage Refi
Switching from a 30-year to a 15-year mortgage can be a game-changer, slashing the total interest you pay over the loan’s life, even with the higher monthly payments. Here’s an example:
• Say you have a 30-year, $1 million mortgage at 7.50%. That would mean a monthly payment of about $6,992 and a total interest of $1,517,167.
• If you refinance to a 15-year mortgage at 7.00%, your monthly payment would jump to around $8,988. However, the total interest would plummet to approximately $617,891, saving you close to $900,000.
This could be an excellent financial move if you can manage the higher payments and want to build equity faster.
Adjustable-Rate Mortgage Refi
Adjustable-rate mortgages (ARMs) start with lower refinance mortgage rates than fixed-rate loans. However, your rate and payment can go up after the initial fixed period and may be much higher than what you would pay with a fixed-rate loan.
If you’re planning on moving within the initial fixed period, you may want to consider an ARM, since you could save money on interest payments while you’re in your home. But you should be prepared for the possibility of your rate going up later. If you don’t move as you intended, you could be stuck with challengingly high payments for a while.
Cash-Out Refi
Cash-out refinances can be a smart way to leverage your home equity in Oklahoma by borrowing a lump sum against it. The rates for these refinances are a tad higher than the standard ones, but the chunk of cash you get can finance home improvements, debt consolidation, or other significant expenses.
Say your home is valued at $500,000 and you owe $300,000. Your home equity would be $200,000, a figure arrived at by subtracting the current loan amount from the property’s worth. By potentially borrowing up to 80% of your home equity, you could walk away with well over $100,000 after settling your existing mortgage.
FHA Refi
FHA loans, backed by the United States Department of Housing and Urban Development, often offer qualifying applicants lower mortgage refinance rates in Oklahoma than conventional loans. While FHA Simple Refinances and FHA Streamline Refinances are only available to those with existing FHA loans, other options, such as FHA cash-out refinances and FHA 203(k) refinances, are available to homeowners without an FHA loan. These FHA refinance options can provide homeowners with funds for home improvements or debt consolidation, providing flexibility and potential savings.
VA Refi
VA loans, which are backed by the U.S. Department of Veterans Affairs, typically offer some of the most competitive mortgage refinance rates available. To be eligible for a VA refinance, also known as an interest rate reduction refinance loan (IRRRL), you must have an existing VA loan. This type of refinance can be very beneficial, as it may lower your monthly payment and save you a significant amount of money over the life of the loan. By taking advantage of a VA refinance, you may be able to enjoy a number of financial benefits and improve your overall financial health.
Compare Mortgage Refi Interest Rates
Securing a competitive mortgage refinance rate can save you money over the life of your loan. Here are some tips for comparing mortgage refinance rates:
• Shop around with different lenders to see what rates and terms they offer.
• Get prequalified to find out approximately how much a lender is willing to loan you and under what terms without a hard credit inquiry.
• Compare each loan’s annual percentage rate (APR), which includes the interest rate, fees, and discount points.
• Remember, there’s a trade-off between rates and fees. A lower rate might mean higher mortgage refinancing costs.
• Crunch the numbers on your break-even point (when the savings from your new terms outweigh the expense of Oklahoma refinancing costs) to see if the savings make sense for you.
• Use a refinance calculator to estimate new monthly payments and your potential savings.
💡 Quick Tip: Some lenders offer a so-called no-closing-cost refinance. However, that usually means either rolling the closing costs into the new mortgage principal or exchanging them for a higher interest rate.
Use an Online Refinance Calculator
Refinancing a mortgage in Oklahoma (or any state) involves a good amount of math, from tracking loan rates and overall interest to seeing how buying points might save you money. Don’t let that discourage you. Online refinance calculators can be a great way to get an estimate of what your monthly payments might be and compare different refinance options. They can also help you see how different financial strategies might help you achieve your financial goals.
Run the numbers on your home loan.
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Mortgage calculator
Punch in your home loan amount and a new interest rate, and we’ll estimate your payoff date.
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Down payment calculator
Enter a few details about your home loan and we’ll provide your monthly mortgage payment.
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Home affordability calculator
Provide us with a few details and see how much you can afford to spend on a home purchase.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
The Takeaway
Refinancing your mortgage in Oklahoma can be a smart move to potentially lower your mortgage refinance rate, change your loan term, or get cash for a large purchase. But you need to weigh the costs and benefits, including any closing costs vs. the long-term interest savings you may get. Consider your financial goals and compare the options available to you.
SoFi can help you save money when you refinance your mortgage. Plus, we make sure the process is as stress-free and transparent as possible. SoFi offers competitive fixed rates on a traditional mortgage refinance or cash-out refinance.
A mortgage refinance could be a game changer for your finances.
FAQ
Can I refinance when rates go down?
When interest rates for mortgage refinancing are on the decline, you have the opportunity to refinance your mortgage and realize some savings. But before you do, it’s important to make sure that the potential savings will be greater than the costs. This will depend on a number of factors, including the difference between the current interest rate and the new rate, any fees associated with the refinance, and how long you have left on your mortgage.
Can I get cash out of my home without a refinance?
Yes, you can consider a home equity line of credit (HELOC), which is a form of revolving credit, or a home equity loan, which provides a lump-sum payment. These options allow you to tap into your home’s equity without changing your current mortgage rate. It’s important to carefully consider the terms and conditions of these options, including interest rates and repayment schedules, to make sure they make sense for your financial situation.
Is there a fee to recast your mortgage?
Yes, there is a fee to recast your mortgage, but it is much less than the fees associated with refinancing. The fee is typically a few hundred dollars, compared with closing costs of 2% to 5% of the loan amount if you were to refinance. The fee to recast can vary by lender, loan amount, and credit history, so it is important to compare rates from multiple lenders before making a decision.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
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Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
²SoFi Bank, N.A. NMLS #696891 (Member FDIC), offers loans directly or we may assist you in obtaining a loan from SpringEQ, a state licensed lender, NMLS #1464945.All loan terms, fees, and rates may vary based upon your individual financial and personal circumstances and state.You should consider and discuss with your loan officer whether a Cash Out Refinance, Home Equity Loan or a Home Equity Line of Credit is appropriate. Please note that the SoFi member discount does not apply to Home Equity Loans or Lines of Credit not originated by SoFi Bank. Terms and conditions will apply. Before you apply, please note that not all products are offered in all states, and all loans are subject to eligibility restrictions and limitations, including requirements related to loan applicant’s credit, income, property, and a minimum loan amount. Lowest rates are reserved for the most creditworthy borrowers. Products, rates, benefits, terms, and conditions are subject to change without notice. Learn more at SoFi.com/eligibility-criteria. Information current as of 06/27/24.In the event SoFi serves as broker to Spring EQ for your loan, SoFi will be paid a fee.
‡Up to $9,500 cash back: HomeStory Rewards is offered by HomeStory Real Estate Services, a licensed real estate broker. HomeStory Real Estate Services is not affiliated with SoFi Bank, N.A. (SoFi). SoFi is not responsible for the program provided by HomeStory Real Estate Services. Obtaining a mortgage from SoFi is optional and not required to participate in the program offered by HomeStory Real Estate Services. The borrower may arrange for financing with any lender. Rebate amount based on home sale price, see table for details.
Qualifying for the reward requires using a real estate agent that participates in HomeStory’s broker to broker agreement to complete the real estate buy and/or sell transaction. You retain the right to negotiate buyer and or seller representation agreements. Upon successful close of the transaction, the Real Estate Agent pays a fee to HomeStory Real Estate Services. All Agents have been independently vetted by HomeStory to meet performance expectations required to participate in the program. If you are currently working with a REALTOR®, please disregard this notice. It is not our intention to solicit the offerings of other REALTORS®. A reward is not available where prohibited by state law, including Alaska, Iowa, Louisiana and Missouri. A reduced agent commission may be available for sellers in lieu of the reward in Mississippi, New Jersey, Oklahoma, and Oregon and should be discussed with the agent upon enrollment. No reward will be available for buyers in Mississippi, Oklahoma, and Oregon. A commission credit may be available for buyers in lieu of the reward in New Jersey and must be discussed with the agent upon enrollment and included in a Buyer Agency Agreement with Rebate Provision. Rewards in Kansas and Tennessee are required to be delivered by gift card.
HomeStory will issue the reward using the payment option you select and will be sent to the client enrolled in the program within 45 days of HomeStory Real Estate Services receipt of settlement statements and any other documentation reasonably required to calculate the applicable reward amount. Real estate agent fees and commissions still apply. Short sale transactions do not qualify for the reward. Depending on state regulations highlighted above, reward amount is based on sale price of the home purchased and/or sold and cannot exceed $9,500 per buy or sell transaction. Employer-sponsored relocations may preclude participation in the reward program offering. SoFi is not responsible for the reward.
SoFi Bank, N.A. (NMLS #696891) does not perform any activity that is or could be construed as unlicensed real estate activity, and SoFi is not licensed as a real estate broker. Agents of SoFi are not authorized to perform real estate activity.
If your property is currently listed with a REALTOR®, please disregard this notice. It is not our intention to solicit the offerings of other REALTORS®.
Reward is valid for 18 months from date of enrollment. After 18 months, you must re-enroll to be eligible for a reward.
SoFi loans subject to credit approval. Offer subject to change or cancellation without notice.
The trademarks, logos and names of other companies, products and services are the property of their respective owners.
Qualifying for the reward requires using a real estate agent that participates in HomeStory’s broker to broker agreement to complete the real estate buy and/or sell transaction. You retain the right to negotiate buyer and or seller representation agreements. Upon successful close of the transaction, the Real Estate Agent pays a fee to HomeStory Real Estate Services. All Agents have been independently vetted by HomeStory to meet performance expectations required to participate in the program. If you are currently working with a REALTOR®, please disregard this notice. It is not our intention to solicit the offerings of other REALTORS®. A reward is not available where prohibited by state law, including Alaska, Iowa, Louisiana and Missouri. A reduced agent commission may be available for sellers in lieu of the reward in Mississippi, New Jersey, Oklahoma, and Oregon and should be discussed with the agent upon enrollment. No reward will be available for buyers in Mississippi, Oklahoma, and Oregon. A commission credit may be available for buyers in lieu of the reward in New Jersey and must be discussed with the agent upon enrollment and included in a Buyer Agency Agreement with Rebate Provision. Rewards in Kansas and Tennessee are required to be delivered by gift card.
HomeStory will issue the reward using the payment option you select and will be sent to the client enrolled in the program within 45 days of HomeStory Real Estate Services receipt of settlement statements and any other documentation reasonably required to calculate the applicable reward amount. Real estate agent fees and commissions still apply. Short sale transactions do not qualify for the reward. Depending on state regulations highlighted above, reward amount is based on sale price of the home purchased and/or sold and cannot exceed $9,500 per buy or sell transaction. Employer-sponsored relocations may preclude participation in the reward program offering. SoFi is not responsible for the reward.
SoFi Bank, N.A. (NMLS #696891) does not perform any activity that is or could be construed as unlicensed real estate activity, and SoFi is not licensed as a real estate broker. Agents of SoFi are not authorized to perform real estate activity.
If your property is currently listed with a REALTOR®, please disregard this notice. It is not our intention to solicit the offerings of other REALTORS®.
Reward is valid for 18 months from date of enrollment. After 18 months, you must re-enroll to be eligible for a reward.
SoFi loans subject to credit approval. Offer subject to change or cancellation without notice.
The trademarks, logos and names of other companies, products and services are the property of their respective owners.
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More refinance resources.
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