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.

Mortgage Rates in Norman, OK as of September 24, 2020
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Data provided by Brown Bag Marketing, Inc. Payments do not include amounts for taxes and insurance premiums. Read through our lender table disclaimer for more on rates and product details.


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

September 24, 2020

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
Norman, OK Rates
30 Year Fixed Rate
15 Year Fixed Rate
5/1 Adjustable Rate Mortgage

How Affordable is Housing in Norman, Oklahoma?

Below we provide helpful information on the real estate market, home prices and housing affordability in Norman. Understand how much you need to earn to afford a home in Norman, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Norman 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 Norman is right for you.

The median home value for Norman, OK (Cleveland County) is $178,112

Based on current mortgage rates and a 10% down payment, you need to make $32,055 per year to buy the median priced home in Norman

With this income, you could qualify for a $160,300 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 Norman is $742

The median household income for Norman, OK (Cleveland County) is $63,945

Based on this income, you can afford a home valued at approximately $355,301

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 1,583 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


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: $510,400
2 units: $653,550
3 units: $789,950
4 units: $981,700

FHA loan limits for Norman, OK

1 unit: $331,760
2 units: $424,800
3 units: $513,450
4 units: $638,100

VA loan limits for Norman, OK

1 unit: $510,400

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