current refinance rates ohio: what borrowers should know right now

In Ohio, refinance quotes can vary by lender, loan type, and your profile, so it pays to shop carefully. While national trends set the tone, local factors-like competitive credit unions in Columbus and regional banks in Cleveland-often sharpen offers.

Key drivers of today’s pricing

Rates reflect credit score, loan-to-value, occupancy, and term length. Shorter terms usually price lower, and points can buy down the rate if you plan to stay put.

How to compare offers

Request a Loan Estimate from at least three lenders. Compare the APR, points, and third-party fees, not just the headline rate. In counties with higher taxes or insurance, escrow assumptions can sway the monthly payment.

• Check conventional, FHA, and VA options side by side.
• Ask about no-cost credits versus paying points.
• Lock timing: volatile weeks favor quick decisions.
• Confirm recoup period if you roll costs in.

Example: a Dayton homeowner dropping from 6.9% to 6.25% on a 25-year term cut payment modestly but saved more by using a no-point structure and keeping flexibility. For the best fit, align your rate, costs, and timeline with clear goals.