Mortgage Rates in Oklahoma

Oklahoma is home to the highest number of manmade lakes in the country -- and it's more accessible for home buyers than many states, thanks to some of the most affordable home prices around. Whatever your budget, make sure you compare mortgage lenders. Since different lenders offer different loan terms and rates, shopping around ensures you find the best mortgage rates.

5 affordable places to live in Oklahoma

While the entire state of Oklahoma is affordable compared to the rest of the country, there are places that offer more bang for your buck than others.

1. Okmulgee

Okmulgee is ranked ninth on Niche's list of the most diverse places in Oklahoma. With plenty of amenities and access to outdoor areas like Okmulgee Lake, this town offers a slower pace of life without giving up the luxuries you'll find in more urban areas. Plus, the median home value is extremely affordable at $70,400, much lower than the national median of $217,500. Tax-rates.org lists property taxes at 0.56% of a property's fair assessed market value, which could also contribute to the high rate of home ownership here.

2. Ponca City

Named after the Ponca Tribe, Ponca City has a population of 24,134, composed of families, young professionals, and retirees. The city offers lots of dining and other attractions, perhaps most notably Standing Bear Museum and Education Center. Kay County's property taxes are 0.71%, one of the lowest rates in the country, according to Tax-rates.org. About 62% of residents own their homes, with a median home value of $96,600.

3. Altus

Altus is home to Altus Air Force Base and offers residents above-average schools, plus parks and restaurants. The median home value is $107,200, which is much lower than the national median. Property taxes in Jackson County are 0.64%, lower than the state average of 0.74%.

4. Sperry

Sperry is a suburb of Tulsa, and it ranks second on Niche's list of suburbs with the lowest cost of living in Oklahoma. Home costs are some of the lowest on our list, coming in at a median value of just $73,300. Property taxes, on the other hand, are high in Tulsa County at 1.06%. About two-thirds of Sperry residents own their homes.

5. Muskogee

About 50 miles from Tulsa, Muskogee is another affordable city, albeit one made famous by the enduring Merle Haggard hit "Okie from Muskogee." With a median home value of $104,200, it's more affordable than much of the state. Property taxes are also an affordable 0.70%, slightly lower than the state average. More than half of residents own their homes, and Niche rates Muskogee schools above average.

Regardless of where you settle in Oklahoma, shopping around for a mortgage will lower your housing costs. To help secure the most competitive rates and terms, work on improving your credit score and lowering your debt-to-income ratio in order to attract the best offers.