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Norman

Current Mortgage Rates in Norman, Oklahoma

Compare mortgage rates and fees for leading lenders in Norman, OK. 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 lender offering the best mortgage rates in Norman.

We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Norman. Plus, shopping lenders is free and there is no obligation.

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Mortgage Rates in Norman, OK as of October 14, 2019
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Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. Click for more information on rates and product details.

How Do Today's Norman, OK Mortgage Rates Compare?

October 14, 2019

The current average rate for a 30 year fixed rate mortgage in Norman is A.AAA%, the rate for a 15 year fixed rate mortgage is B.BBB% and the rate for a 5/1 adjustable rate mortgage (ARM) is C.CCC%

Mortgage Program
Today's
Norman, OK Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.600%
15 Year Fixed Rate
B.BBB%
3.050%
5/1 Adjustable Rate Mortgage
C.CCC%
3.360%

How Affordable is Housing in Norman, Oklahoma?

The median home value for Norman, OK (Cleveland County) is $168,986

The median household income for Norman, OK (Cleveland County) is $62,486

Based on current mortgage rates and a 10% down payment, you need to make $31,352 per year to buy the median priced home in Norman

The home price you can afford to buy based on household income in Norman is 199% of the median home value which means housing prices are average

Norman (Cleveland County) ranks 68 out of 77 counties in Oklahoma and 1,601 out of 3,142 counties in the United States for housing affordability.

According to the FREEandCLEAR Housing Affordability Index, the housing market in Norman, OK is average

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Loan Limits for Norman, Oklahoma

Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Norman (Cleveland County) below.

Conforming loan limits for Norman, OK

1 unit: $484,350
2 units: $620,200
3 units: $749,650
4 units: $931,600

FHA loan limits for Norman, OK

1 unit: $314,827
2 units: $403,125
3 units: $487,250
4 units: $605,525

VA loan limits for Norman, OK

1 unit: $484,350

Additional Mortgage Resources for Norman, OK Residents

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Wagoner Mortgage Rates

Sources

US Census Bureau American Community Survey: https://www.census.gov/programs-surveys/acs

FHFA House Price Index: https://www.fhfa.gov/DataTools/Downloads/Pages/House-Price-Index-Datasets.aspx#qat

Income Growth: https://www.bls.gov

National Average Rates: http://www.freddiemac.com/pmms/

Conforming Loan Limits: https://www.fhfa.gov/DataTools/Downloads/Pages/Conforming-Loan-Limits.aspx

FHA Loan Limits: https://entp.hud.gov/idapp/html/hicostlook.cfm

VA Loan Limits: https://www.benefits.va.gov/homeloans/purchaseco_loan_limits.asp

FREEandCLEAR Housing Affordability Index