Best Mortgage Rates in Ohio

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Our survey of mortgage and refinancing rates at Ohio's biggest lenders revealed a spread of 0.75 percentage points between the highest and lowest offers on a 30-year fixed rate mortgage. We also compared the lowest rates available among online lenders, many of which are direct lenders rather than standard retail banks. Read on for the best purchase and refinance rates we found in Ohio or enter your details in our tool above for more specific quotes.

Best Ohio Mortgage Rates for Purchasing

Both online lenders and traditional banks advertise mortgage rates in Ohio, so we took a look at purchase rates quoted by both types. Our assumptions in obtaining these quotes included a $300,000 purchase price, with 20% in down payment and credit of 740 or better. Each rate shown below also assumes that no points were purchased on the mortgage.

Best Mortgage Rates Online for Ohio

Online or "direct" lenders tend to offer some of the best rates available in the state of Ohio.

LenderAPRMonthly PaymentLoan Fees
ConsumerDirect Mortgage, a division of First Bank4.356%$787.10$1,995.00Learn More
Sebonic Financial4.538%$809.75$897.00Learn More
Third Federal Savings and Loan4.557%$809.75$1,258.00Learn More
Flagstar Bank4.685%$822.62$1,103.00Learn More
JG Wentworth Home Lending4.766%$834.64$299.00Learn More

Information based on a home purchase of $200,000 in Ohio with 20% down payment and credit score of 740.

Lowest Mortgage Rates at Ohio's Largest Lenders

Direct lenders may offer significant discounts on your rate, but the face-to-face service offered at traditional Ohio banks may prove more useful if you ever run into technical issues during the life of your mortgage. Our comparison of rates at the five biggest mortgage lenders in Ohio showed that Third Federal Savings & Loan offers the best rate on 30-year mortgages and 5/1 ARM mortgages. Huntington National appeared to have slightly better rates on 15-year mortgages.

30-year fixed15-year fixed5/1 ARM
Huntington National4.05%3.10%2.90%
Union Savings4.00%3.25%3.00%
Quicken Loans4.50%-3.63%
Third Federal3.89%3.19%2.79%
Chase4.00%3.25%3.63%

Lowest Refinance Rates in Ohio

If you already have a mortgage, you may be more interested in securing a better interest rate to lower your monthly payments or shorten your repayment schedule. The best refinance rates were found at direct lenders, but a few brick-and-mortar lenders stood out as well.

Best Online Mortgage Refinancing Rates in Ohio

As with purchase mortgages, direct lenders who advertise online tend to have lower rates overall in Ohio.

LenderAPRMonthly PaymentLoan Fees
Commonwealth Mortgage, LLC4.325%$744.51$0.00Learn More
ConsumerDirect Mortgage, a division of First Bank4.363%$737.91$1,995.00Learn More
Sebonic Financial4.439%$748.04$1,295.00Learn More
Flagstar Bank4.686%$771.21$1,067.00Learn More
Financial One Mortgage Corporation4.549%$760.03$855.00Learn More

Information based on a mortgage balance of $200,000 in Ohio with 75% loan to value ratio and credit score of 740.

Top Ohio Mortgage Lender Refinancing Rates

Bank lenders in the Buckeye State also offer refinance loans, but we found that their rates are typically a dozen basis points higher than rates on the same products at direct lenders. Among banks, Union Savings & Loan quoted us the best refinancing rates in each of the three mortgage types we examined.

30-year fixed15-year fixed5/1 ARM
Huntington National4.05%3.10%2.90%
Union Savings4.00%3.25%3.00%
Quicken Loans4.38%-3.99%
Third Federal4.19%3.45%2.84%
Chase4.00%3.25%3.50%

Ohio Mortgage Rates by City

Mortgage rates don't vary greatly by city, but nevertheless we investigated what rates look like for different purchase mortgages depending on your particular location in Ohio. We obtained these rates from the largest mortgage lenders offering city-specific estimates for major areas, including Columbus, Cleveland and Cincinnati. For a better comparison, we also included the lowest rate for each mortgage type found among online lenders we surveyed.

CityLender30-Year Fixed15-Year Fixed5/1 ARM
ColumbusThird Federal3.89%3.19%2.79%
Chase Bank4.00%3.25%3.63%
Fifth Third4.00%3.38%-
Wells Fargo4.13%3.25%3.50%
Online Lenders3.75%2.96%3.38%
ClevelandThird Federal3.89%3.19%2.79%
Chase Bank4.00%3.25%3.63%
Fifth Third4.00%3.38%-
Wells Fargo4.13%3.25%3.50%
Online Lenders3.75%2.96%3.38%
CincinnatiThird Federal3.89%3.19%2.79%
Chase Bank4.00%3.25%3.63%
Fifth Third4.00%3.38%-
Wells Fargo4.13%3.38%3.50%
Online Lenders3.75%3.38%2.96%
ToledoThird Federal3.89%3.19%2.79%
Chase Bank4.00%3.25%3.63%
Fifth Third4.00%3.38%-
Wells Fargo4.13%3.25%3.50%
Online Lenders3.75%2.96%3.38%

In Ohio, we found that rate changes according to lender more than by city. Third Federal Savings & Loan had the lowest mortgage rates for 30-year, 15-year and 5/1 ARM mortgages in every major urban area, while Wells Fargo had the highest in all three categories. No traditional lender was able to beat the top rates among online lenders in any city.

Columbus, OH

  • Average 30-Year Rate at Top 5 Lenders: 4.01%
  • Median Listing Price: $150,000

Ohio's largest metro area, Columbus has seen a steady increase in median home prices, although prices do experience a seasonal rise and fall as demand grows during the spring and summer. As in other cities, 5/1 ARM rates were quoted as higher than fixed-rate mortgages at every bank except Third Federal. Overall, rates are expected to rise slightly in 2017, but potential buyers in this city should be more concerned with the consistent upward pressure on sales prices.

Cleveland, OH

  • Average 30-Year Rate at Top 5 Lenders: 4.01%
  • Median Listing Price: $65,000

In contrast to Columbus, home prices in Cleveland have been somewhat unpredictable. Meanwhile, the available mortgage rates stick closely to quotes in other parts of the state on similar loans, and the banks we surveyed made practically no adjustments in rate between Cleveland and Columbus —despite a towering difference in the median listing price. For the most part, home prices are expected to climb more slowly in Cleveland.

Cincinnati, OH

  • Average 30-Year Rate at Top 5 Lenders: 4.01%
  • Median Listing Price: $168,000

Cincinnati boasts some of the highest median prices in the state, thanks to a rapid spike in home value over the past few years. We found it slightly more costly to obtain a 15-year fixed rate mortgage in Cincinnati compared to other cities. For instance, Wells Fargo quoted our hypothetical home buyer 3.375% on a 15-year mortgage in Cincinnati and 3.250% on the same mortgage in the three other cities we looked at.

Toledo, OH

  • Average 30-Year Rate at Top 5 Lenders: 4.01%
  • Median Listing Price: $75,000

Mortgage rates in the Toledo area were also consistent with what we saw in the state as a whole. Online lenders aside, the best rates were found and Third Federal Savings & Loan, which beat the closest competing bank by 0.11 percentage points on a standard 30-year mortgage. However, Third Federal's biggest advantage was in 5/1 ARMs, where it leads other lenders by almost 0.70 percentage points.

As we found with different cities, mortgage rates are less prone to local conditions than housing prices. This makes it useful to look at rates from a nationwide perspective as well. The Federal Reserve has collected average rates on 30-year fixed rate mortgages for decades, based on weekly reports from lenders across the US.

line graph showing average U.S. rate on 30-year fixed rate mortgages between 2012 and 2017

Since 2012, national 30-year mortgage rates remained in the 3.5%-4.5% range. Refinancing your current mortgage depends on a good understanding of how rates have behaved recently and where they seem to be headed. Some of the best indicators for mortgage rate movement include the yield on 10-year Treasury bonds from the government and the LIBOR —a rate that determines how much banks must pay to borrow money from each other. Many lenders use these figures as a direct standard for their mortgage rates, which change daily.

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