Best Ohio Mortgage Lenders of 2024

What Are Current Mortgage Rates?

Mortgage interest rates increased this week, according to the Mortgage Bankers Association. Mortgage application activity decreased in turn, showing that today’s buyers remain sensitive to minor fluctuations in rates.

Looking forward, mortgage interest rates are still forecasted to decline somewhat throughout 2024, as the Federal Reserve projects rate cuts will begin sometime later this year. Here are the current mortgage rates, as of June 5:

• 30-year fixed: 7.07% with 0.65 points (previous week: 7.05% with 0.63 points).
• 15-year fixed: 6.75% with 0.63 points (previous week: 6.66% with 0.69 points).
• 5/1 ARM: 6.37% with 0.63 points (previous week: 6.64% with 0.77 points).
• 3-year jumbo loans: 7.21% with 0.41 points (previous week: 7.22% with 0.43 points).
• 30-year FHA loans: 6.87% with 0.96 points (previous week: 6.85% with 0.95 points).

• Available to: Homebuyers who meet one of three criteria, including first-time homebuyers and buyers who have not had an ownership interest in a primary residence in the last three years; honorably discharged veterans; and homebuyers purchasing a home in a target area. Designed especially for homebuyers with low and moderate incomes.
• Income limits: Vary by county.
• First-time homebuyers only?: No.
• Loan options: 30-year fixed-rate mortgages.
• Down payment and closing cost assistance: You can also use either the Your Choice! Down Payment Assistance program or the agency’s Advantage program for conventional loans.

• Available to: People who are not first-time homebuyers and meet other program requirements, such as income and purchase price limits.
• Income limits: Vary by county.
• First-time homebuyers only?: No.
• Loan options: 30-year fixed-rate mortgages.
• Down payment and closing cost assistance: You can also use either the Your Choice! Down Payment Assistance program or the OHFA Advantage program for conventional loans.

• Available to: Homebuyers using an OHFA program.
• Income limits: Vary by county.
• First-time homebuyers only?: No.
• Benefit: Allows homebuyers to choose either 2.5% or 5% of the home’s purchase price to apply toward down payments, closing costs or other preclosing expenses. This assistance is forgiven after seven years.

• Available to: OHFA conventional loan borrowers.
• Income limits: Vary by county.
• First-time homebuyers only?: No.
• Benefit: $2,500 for homebuyers whose income falls within 50% of the area median income in the county where they purchase a home; $1,500 for homebuyers whose income falls within 80% of the area median income in the county where they purchase a home.

• Available to: Ohio residents who serve the public, including veterans, active-duty military members or members of reserve components, including surviving spouses; police officers, firefighters, volunteer firefighters, EMTs and paramedics; physicians, nurse practitioners, nurses (RNs and LPNs) and STNAs; and teachers (pre-K through grade 12), administrators and counselors.
• Income limits: vary by county.
• First-time homebuyers only?: No.
• Benefit: Discounted mortgage interest rate.

• Available to: Ohio residents who have graduated within the last 48 months with an associate, bachelor’s, master’s, doctorate or other post-graduate degree from an accredited college or university.
• Income limits: Vary by county.
• First-time homebuyers only?: Yes
• Benefit: Rewarded with a discounted mortgage interest rate and 2.5% or 5% down payment assistance. Down payment assistance is forgiven after five years, as long as you remain in Ohio.

• Available to: Homebuyers using an OHFA program.
• Income limits: Vary by county.
• First-time homebuyers only?: No.
• Benefit: First-time homebuyers using Mortgage Tax Credit Plus receive a tax credit of 40% of the home mortgage interest, a maximum annual tax credit of $2,000. With Mortgage Tax Credit Basic, the credit is 30% for a bank-owned property, 25% for a property located in a target area and 20% for all other properties.