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Compare El Reno, OK mortgage rates and fees from top lenders. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lowest mortgage rates in El Reno.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in El Reno. Plus, shopping lenders is free and there is no obligation.
Loan terms assume conforming mortgage amount on single family residence, 80% LTV ratio and minimum borrower credit score of 740. $150,000 minimum mortgage amount. Borrower is responsible for $1,055 lender fee. Loan terms are subject to change without notice.
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Compare Today's El Reno, OK Mortgage Rates
July 27, 2024
Current mortgage rates in El Reno, OK are % for a 30 year fixed rate loan, % for a 15 year fixed loan and % for a 5/1 adjustable rate mortgage (ARM)
Mortgage Program
Today's El Reno, OK Rates
National Average
Comparison
30 Year Fixed Rate
%
6.669%
15 Year Fixed Rate
%
5.960%
5/1 Adjustable Rate Mortgage
%
6.250%
How Affordable is Housing in El Reno, Oklahoma?
Below we provide helpful information on the real estate market, home prices and housing affordability in El Reno. Understand how much you need to earn to afford a home in El Reno, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in El Reno fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in El Reno is right for you.
The median home value for El Reno, OK (Canadian County) is $227,744
Based on current mortgage rates and a 10% down payment, you need to make $47,511 per year to buy the median priced home in El Reno
With this income, you could qualify for a $204,970 mortgage, assuming your monthly debt expense is reasonable
Based on this loan amount, the monthly mortgage payment required to buy the median priced home in El Reno is $1,100
The median household income for El Reno, OK (Canadian County) is $75,860
Based on this income, you can afford a home valued at approximately $363,633
The home price you can afford to buy based on household income in El Reno is 160% of the median home value which means housing prices are average.
El Reno (Canadian County) ranks 61 out of 77 counties in Oklahoma and 1,641 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in El Reno, OK is average
Loan Limits for El Reno, Oklahoma
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for El Reno (Canadian County) below.
Conforming loan limits for El Reno, OK
1 unit:$726,200
2 units:$929,850
3 units:$1,123,900
4 units:$1,396,800
FHA loan limits for El Reno, OK
1 unit:$472,030
2 units:$604,400
3 units:$730,525
4 units:$907,900
VA loan limits for El Reno, OK
1 unit:$726,200
Additional Mortgage Resources for El Reno, OK Residents