Oklahoma City FHA Loan Rates, Closing Costs & Stats
OKLAHOMA CITY, OK
FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.
FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.
While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.
For additional requirements as defined by the FHA, click here.
Oklahoma City's 162 lenders originated 7,396 FHA loans during 2021. The total origination value was $1,380,190,000, with an average FHA loan value of $186,613.
Oklahoma City FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Oklahoma City
averaged
6.24%
for the week of 2022-12-02, compared to the national average (all FHA variants) of
6.466% for the same period.
Oklahoma City's average FHA mortgage closing costs are $6,219.
The average rate for the prior week (2022-11-25) was
6.26% and
one month ago for the week of 2022-10-28, the
average rate was 6.89%.
The average rate one year ago was 3.53%.
For refis of the same type during the week of 2022-12-02, the average rate
was 6.26%.
Oklahoma City FHA Loan Lenders by Rates & Fees
The below table looks at the average fees/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Oklahoma City level.
The top Oklahoma City FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with
467 FHA loans originated. Their average total fees are
$6,067, which is $604
lower than the next largest lender,
First United Bank and Trust Company.
The lowest fee Oklahoma City FHA lenders (with over 10 loans originated) are
VILLAGE CAPITAL MORTGAGE ($2,467), Bank of America ($3,525), Mr. Cooper ( Nationstar Mortgage ) ($3,936), MID AMERICA MORTGAGE, INC. ($4,248) and Mortgage Research Center, LLC ($4,495).
The lowest rate Oklahoma City FHA lenders (with over 10 loans originated) are
HOMEBRIDGE FINANCIAL SERVICES, INC. (2.57%), PLANET HOME LENDING, LLC (2.63%), Citizens Bank (2.64%), HOME POINT FINANCIAL CORPORATION (2.68%) and Bank of America (2.72%).
Oklahoma City FHA Loan Limits
| Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
|---|---|---|---|---|---|---|
| OKLAHOMA CITY, OK | CANADIAN | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| OKLAHOMA CITY, OK | CLEVELAND | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| OKLAHOMA CITY, OK | GRADY | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| OKLAHOMA CITY, OK | LINCOLN | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| OKLAHOMA CITY, OK | LOGAN | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| OKLAHOMA CITY, OK | MCCLAIN | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| OKLAHOMA CITY, OK | OKLAHOMA | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Oklahoma City (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
|---|---|---|---|---|
| 2018-01-01 | $224,625 (3.6%) | $289,262 (4.4%) | 0.83 | 5,887 |
| 2018-02-01 | $224,500 (3.0%) | $292,545 (5.1%) | 0.81 | 5,736 |
| 2018-03-01 | $233,028 (5.7%) | $301,123 (6.4%) | 0.82 | 5,640 |
| 2018-04-01 | $237,500 (5.6%) | $306,731 (6.1%) | 0.81 | 5,738 |
| 2018-05-01 | $238,088 (3.5%) | $309,270 (3.4%) | 0.80 | 5,799 |
| 2018-06-01 | $235,000 (2.2%) | $310,384 (3.7%) | 0.78 | 6,073 |
| 2018-07-01 | $236,246 (4.3%) | $312,590 (5.3%) | 0.79 | 6,271 |
| 2018-08-01 | $233,450 (3.8%) | $307,874 (4.4%) | 0.78 | 6,339 |
| 2018-09-01 | $234,000 (4.0%) | $309,135 (5.2%) | 0.79 | 6,126 |
| 2018-10-01 | $233,925 (4.3%) | $312,426 (6.7%) | 0.79 | 6,037 |
| 2018-11-01 | $236,000 (6.0%) | $316,093 (8.6%) | 0.80 | 6,002 |
| 2018-12-01 | $234,900 (4.5%) | $318,030 (9.5%) | 0.81 | 5,654 |
| 2019-01-01 | $234,373 (4.3%) | $314,478 (8.7%) | 0.81 | 5,166 |
| 2019-02-01 | $235,986 (5.1%) | $312,372 (6.8%) | 0.80 | 5,064 |
| 2019-03-01 | $244,360 (4.9%) | $324,089 (7.6%) | 0.80 | 4,913 |
| 2019-04-01 | $253,420 (6.7%) | $334,479 (9.1%) | 0.80 | 4,867 |
| 2019-05-01 | $258,700 (8.7%) | $339,286 (9.7%) | 0.81 | 4,854 |
| 2019-06-01 | $256,000 (8.9%) | $339,595 (9.4%) | 0.80 | 4,910 |
| 2019-07-01 | $255,450 (8.1%) | $339,764 (8.7%) | 0.80 | 5,129 |
| 2019-08-01 | $252,064 (8.0%) | $338,966 (10.1%) | 0.80 | 5,110 |
| 2019-09-01 | $252,309 (7.8%) | $338,064 (9.4%) | 0.81 | 5,035 |
| 2019-10-01 | $252,473 (7.9%) | $337,140 (7.9%) | 0.81 | 4,984 |
| 2019-11-01 | $250,000 (5.9%) | $338,079 (7.0%) | 0.82 | 4,876 |
| 2019-12-01 | $250,000 (6.4%) | $339,764 (6.8%) | 0.83 | 4,529 |
| 2020-01-01 | $250,170 (6.7%) | $337,744 (7.4%) | 0.84 | 4,264 |
| 2020-02-01 | $255,000 (8.1%) | $339,841 (8.8%) | 0.83 | 4,109 |
| 2020-03-01 | $262,422 (7.4%) | $344,548 (6.3%) | 0.82 | 4,085 |
| 2020-04-01 | $262,950 (3.8%) | $344,040 (2.9%) | 0.82 | 4,266 |
| 2020-05-01 | $268,220 (3.7%) | $353,748 (4.3%) | 0.82 | 4,080 |
| 2020-06-01 | $289,999 (13.3%) | $386,826 (13.9%) | 0.85 | 3,675 |
| 2020-07-01 | $282,450 (10.6%) | $386,313 (13.7%) | 0.82 | 3,538 |
| 2020-08-01 | $269,900 (7.1%) | $374,610 (10.5%) | 0.77 | 3,325 |
| 2020-09-01 | $279,900 (10.9%) | $392,995 (16.3%) | 0.80 | 3,080 |
| 2020-10-01 | $279,995 (10.9%) | $398,773 (18.3%) | 0.80 | 2,974 |
| 2020-11-01 | $274,450 (9.8%) | $393,820 (16.5%) | 0.80 | 2,873 |
| 2020-12-01 | $267,423 (7.0%) | $389,882 (14.8%) | 0.79 | 2,604 |
| 2021-01-01 | $264,900 (5.9%) | $382,219 (13.2%) | 0.79 | 2,139 |
| 2021-02-01 | $289,250 (13.4%) | $415,530 (22.3%) | 0.84 | 1,781 |
| 2021-03-01 | $287,500 (9.6%) | $419,612 (21.8%) | 0.82 | 1,623 |
| 2021-04-01 | $295,538 (12.4%) | $435,474 (26.6%) | 0.80 | 1,428 |
| 2021-05-01 | $285,500 (6.4%) | $426,080 (20.5%) | 0.76 | 1,484 |
| 2021-06-01 | $284,980 (-1.7%) | $427,634 (10.6%) | 0.75 | 1,744 |
| 2021-07-01 | $285,000 (0.9%) | $414,179 (7.2%) | 0.75 | 2,107 |
| 2021-08-01 | $279,701 (3.6%) | $396,750 (5.9%) | 0.75 | 2,395 |
| 2021-09-01 | $275,450 (-1.6%) | $390,456 (-0.7%) | 0.73 | 2,427 |
| 2021-10-01 | $274,650 (-1.9%) | $400,390 (0.4%) | 0.73 | 2,322 |
| 2021-11-01 | $289,496 (5.5%) | $420,583 (6.8%) | 0.77 | 2,224 |
| 2021-12-01 | $290,000 (8.4%) | $410,606 (5.3%) | 0.79 | 2,003 |
| 2022-01-01 | $309,100 (16.7%) | $425,933 (11.4%) | 0.84 | 1,661 |
| 2022-02-01 | $327,750 (13.3%) | $443,757 (6.8%) | 0.85 | 1,397 |
| 2022-03-01 | $338,623 (17.8%) | $458,504 (9.3%) | 0.85 | 1,310 |
| 2022-04-01 | $310,000 (4.9%) | $435,852 (0.1%) | 0.74 | 1,446 |
| 2022-05-01 | $325,000 (13.8%) | $434,678 (2.0%) | 0.74 | 1,850 |
| 2022-06-01 | $319,977 (12.3%) | $426,387 (-0.3%) | 0.71 | 2,391 |
| 2022-07-01 | $315,000 (10.5%) | $409,341 (-1.2%) | 0.71 | 3,101 |
| 2022-08-01 | $318,300 (13.8%) | $399,152 (0.6%) | 0.74 | 3,355 |
| 2022-09-01 | $320,123 (16.2%) | $401,123 (2.7%) | 0.75 | 3,274 |
| 2022-10-01 | $320,000 (16.5%) | $404,953 (1.1%) | 0.75 | 3,561 |
| 2022-11-01 | $325,000 (12.3%) | $408,976 (-2.8%) | 0.78 | 3,677 |
Oklahoma City's median listing price comes in at 78% of the national average.
Oklahoma City's average listing price for 2022-11-01 was $408,976, a difference of $-11,607 (-2.8%) versus the prior year and $4,023 versus the prior month.
For the 2022-11-01 period, Oklahoma City had 3,677 MLS listings, a difference of 116 listings (3%) versus the prior month and 1,453 listings (65%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Oklahoma City (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Time on Market | Median Square Footage |
|---|---|---|
| 2018-01-01 | 75 days | 2,065 sqft |
| 2018-02-01 | 69 days | 2,059 sqft |
| 2018-03-01 | 60 days | 2,099 sqft |
| 2018-04-01 | 52 days | 2,132 sqft |
| 2018-05-01 | 50 days | 2,127 sqft |
| 2018-06-01 | 50 days | 2,117 sqft |
| 2018-07-01 | 54 days | 2,123 sqft |
| 2018-08-01 | 58 days | 2,107 sqft |
| 2018-09-01 | 60 days | 2,106 sqft |
| 2018-10-01 | 61 days | 2,100 sqft |
| 2018-11-01 | 63 days | 2,096 sqft |
| 2018-12-01 | 73 days | 2,076 sqft |
| 2019-01-01 | 77 days | 2,051 sqft |
| 2019-02-01 | 68 days | 2,052 sqft |
| 2019-03-01 | 57 days | 2,095 sqft |
| 2019-04-01 | 45 days | 2,143 sqft |
| 2019-05-01 | 44 days | 2,160 sqft |
| 2019-06-01 | 45 days | 2,150 sqft |
| 2019-07-01 | 47 days | 2,148 sqft |
| 2019-08-01 | 49 days | 2,138 sqft |
| 2019-09-01 | 51 days | 2,136 sqft |
| 2019-10-01 | 53 days | 2,132 sqft |
| 2019-11-01 | 55 days | 2,100 sqft |
| 2019-12-01 | 63 days | 2,094 sqft |
| 2020-01-01 | 63 days | 2,056 sqft |
| 2020-02-01 | 50 days | 2,065 sqft |
| 2020-03-01 | 43 days | 2,096 sqft |
| 2020-04-01 | 45 days | 2,100 sqft |
| 2020-05-01 | 50 days | 2,111 sqft |
| 2020-06-01 | 46 days | 2,236 sqft |
| 2020-07-01 | 46 days | 2,202 sqft |
| 2020-08-01 | 50 days | 2,115 sqft |
| 2020-09-01 | 46 days | 2,136 sqft |
| 2020-10-01 | 45 days | 2,136 sqft |
| 2020-11-01 | 47 days | 2,093 sqft |
| 2020-12-01 | 53 days | 2,031 sqft |
| 2021-01-01 | 56 days | 1,998 sqft |
| 2021-02-01 | 45 days | 2,077 sqft |
| 2021-03-01 | 44 days | 2,095 sqft |
| 2021-04-01 | 40 days | 2,108 sqft |
| 2021-05-01 | 38 days | 2,064 sqft |
| 2021-06-01 | 36 days | 2,008 sqft |
| 2021-07-01 | 36 days | 1,986 sqft |
| 2021-08-01 | 36 days | 1,949 sqft |
| 2021-09-01 | 42 days | 1,892 sqft |
| 2021-10-01 | 43 days | 1,871 sqft |
| 2021-11-01 | 41 days | 1,945 sqft |
| 2021-12-01 | 48 days | 1,917 sqft |
| 2022-01-01 | 53 days | 1,979 sqft |
| 2022-02-01 | 45 days | 1,999 sqft |
| 2022-03-01 | 36 days | 2,006 sqft |
| 2022-04-01 | 34 days | 1,936 sqft |
| 2022-05-01 | 30 days | 1,932 sqft |
| 2022-06-01 | 31 days | 1,916 sqft |
| 2022-07-01 | 37 days | 1,907 sqft |
| 2022-08-01 | 41 days | 1,919 sqft |
| 2022-09-01 | 48 days | 1,951 sqft |
| 2022-10-01 | 48 days | 1,979 sqft |
| 2022-11-01 | 50 days | 1,988 sqft |
Oklahoma City's median square footage for active listings during the 2022-11-01 period was 1,988 sqft. One year prior, the average listing was 1,945 sqft.
