Parma, Ohio Mortgage Rates Today for November 2026
Brian McKay
Brian McKay
Founder & Data Architect- Automated Online Rate Data Aggregation
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Current Parma, Ohio mortgage rates today start at 6.45% for a 30 year fixed and 5.25% for a 15 year fixed, compared with Ohio averages of 7.18% and 6.652%. Parma, Ohio mortgage rates range from 5.25% to 8.75%, verified by MonitorBankRates as of November 12, 2026. Current 30-year fixed mortgage rates in Parma, Ohio include Dollar Bank, Federal Savings BankDollar Bank, Federal Savings Bank5219 Pearl Rd, Parma, OH, 44129A+5.0 ★Texas Ratio: 5.29%Rate verified Nov 11, 2026 at 6.99%, First Federal S&L of LakewoodFirst Federal S&L of Lakewood5659 Broadview Rd, Parma, OH, 44134A+5.0 ★Texas Ratio: 4.66%Rate verified Nov 11, 2026 at 7.25%, Citizens BankCitizens Bank5907 Ridge Rd, Parma, OH, 44129A+5.0 ★Texas Ratio: 5.44%Rate verified Nov 11, 2026 at 7.375%, GenFed Financial Credit UnionGenFed Financial Credit UnionA+5.0 ★Texas Ratio: 4.88%Rate verified Nov 9, 2026 at 6.45%, and Greater Cincinnati School Credit UnionGreater Cincinnati School Credit UnionA+5.0 ★Texas Ratio: 2.13%Rate verified Nov 9, 2026 at 6.50%. Mortgage rates as of November 12, 2026 according to verified data from MonitorBankRates.
Parma borrowers can compare 115 mortgage rates from 34 lenders serving the Ohio area, including 5 local, with rates as low as 6.375% from Dollar Bank, Federal Savings Bank at 5219 Pearl Rd, Parma, OH, 44129. Use the tabs below to compare all available loan types and terms. Rates are continually updated, so we recommend checking back frequently.
Mortgage Rates reflect actual verified offers from lenders actively lending to Ohio borrowers. Your final approved rate will depend on your credit profile, loan-to-value ratio, and daily market movements. Last Updated and Verified: November 12, 2026
Compare Mortgage Rates Today in Parma, Ohio & the Surrounding Area
Parma 30 Year Fixed Mortgage Rates
As Low As; Purchase or no cash-out refinance; based on 780 FICO; APR assumes $400,000 loan, 20% down
- Nov 11, 20267.07%▲ from 6.95%
- Oct 31, 20266.95%▼ from 7.20%
- Oct 20, 20267.20%▼ from 7.33%
- Oct 7, 20267.33%▲ from 6.70%
based on $165,000.00 loan, Single Family Primary Detached Residence, 25% down, 780+ FICO; as of 10/22/2026; maximum 30-day rate lock; conforming loans up to $766,550
- Oct 22, 20267.41%▼ from 7.53%
- Oct 22, 20267.53%first recorded
Refinance; based on $300,000 loan amount; rates include 0.125% autopay and paperless discount; effective 11/10/2026 9:16 AM CT
As Low As; Effective Date: 11/1/2026
- Nov 5, 20266.45%▲ from 6.24%
- Oct 10, 20266.24%▲ from 5.49%
- Sep 18, 20265.49%first recorded
LTV: 90%; Tier: A+; $400 non-refundable application fee; 31 day rate lock; minimum loan $10,000; no annual fees; $1,000 closing cost credit allowance for new mortgages
LTV: 85%; Tier: A; $400 non-refundable application fee; 31 day rate lock; minimum loan $10,000; no annual fees; $1,000 closing cost credit allowance for new mortgages
LTV: 80%; Tier: B; $400 non-refundable application fee; 31 day rate lock; minimum loan $10,000; no annual fees; $1,000 closing cost credit allowance for new mortgages
As Low As; Lock in peace of mind for the long haul. A 30-year mortgage means lower monthly payments and lasting security.
- Nov 5, 20266.88%▼ from 7.00%
- Oct 26, 20267.00%▼ from 7.13%
- Oct 14, 20267.13%▼ from 7.25%
- Oct 1, 20267.25%▲ from 7.13%
As Low As; Homepage featured rate; only APR shown
- Nov 9, 20267.03%▼ from 7.15%
- Nov 5, 20267.15%▼ from 7.41%
- Oct 14, 20267.41%▼ from 7.53%
- Oct 10, 20267.53%▲ from 7.41%
Fixed rate; 1-4 family conventional loan
- Nov 6, 20267.07%▼ from 7.11%
- Nov 1, 20267.11%▼ from 7.21%
- Oct 27, 20267.21%▼ from 7.22%
- Oct 22, 20267.22%first recorded
Fixed rate; 1-4 family conventional loan; Monthly payment per $1,000: $6.57
- Nov 6, 20267.07%▼ from 7.11%
- Nov 1, 20267.11%▼ from 7.21%
- Oct 27, 20267.21%▼ from 7.22%
- Oct 22, 20267.22%first recorded
As Low As; Rates effective as of 11/3/2026
- Nov 5, 20267.08%▼ from 7.14%
- Oct 30, 20267.14%▼ from 7.33%
- Sep 27, 20267.33%first recorded
No additional details available.
- Nov 5, 20267.11%▼ from 7.48%
- Oct 7, 20267.48%first recorded
As Low As; Conventional owner-occupied single-family purchases and refinances; rates effective 11:00 am Monday, November 9, 2026
- Nov 12, 20267.14%▼ from 7.39%
- Oct 23, 20267.39%first recorded
No additional details available.
Parma 15 Year Fixed Mortgage Rates
As Low As; Purchase or no cash-out refinance; based on 780 FICO; APR assumes $400,000 loan, 20% down
- Nov 11, 20266.42%▲ from 6.29%
- Nov 5, 20266.29%▼ from 6.42%
- Oct 31, 20266.42%▼ from 6.53%
- Oct 20, 20266.53%▼ from 6.67%
Refinance; based on $300,000 loan amount; rates include 0.125% autopay and paperless discount; effective 11/10/2026 9:16 AM CT
based on $165,000.00 loan, Single Family Primary Detached Residence, 25% down, 780+ FICO; as of 10/22/2026; maximum 30-day rate lock; conforming loans up to $766,550
No additional details available.
LTV: 90%; Tier: A+; $400 non-refundable application fee; 31 day rate lock; minimum loan $10,000; no annual fees; $1,000 closing cost credit allowance for new mortgages
LTV: 85%; Tier: A; $400 non-refundable application fee; 31 day rate lock; minimum loan $10,000; no annual fees; $1,000 closing cost credit allowance for new mortgages
As Low As; Get peace of mind with predictable monthly payments. Both traditional and short-term options available.
- Nov 9, 20266.13%▼ from 6.25%
- Nov 5, 20266.25%▼ from 6.38%
- Oct 19, 20266.38%▼ from 6.50%
- Sep 27, 20266.50%▲ from 6.25%
LTV: 80%; Tier: B; $400 non-refundable application fee; 31 day rate lock; minimum loan $10,000; no annual fees; $1,000 closing cost credit allowance for new mortgages
Lock Days: 60; APR printed as '6.618&' (malformed, not extracted); APR based on $100,000 loan, 25% down, minimum credit score 740, zero points; single-family owner-occupied residence; property insurance required
No additional details available.
- Oct 31, 20266.48%▼ from 6.74%
- Oct 22, 20266.74%first recorded
As Low As; Rates effective as of 11/3/2026
- Nov 5, 20266.53%▼ from 6.66%
- Oct 30, 20266.66%▲ from 6.53%
- Sep 18, 20266.53%▲ from 6.28%
- Sep 14, 20266.28%first recorded
Fixed rate; 1-4 family conventional loan
- Nov 6, 20266.58%▼ from 6.60%
- Nov 1, 20266.60%▼ from 6.73%
- Oct 22, 20266.73%first recorded
As Low As; Conventional owner-occupied single-family purchases and refinances; rates effective 11:00 am Monday, November 9, 2026
- Nov 12, 20266.60%▼ from 6.85%
- Oct 23, 20266.85%first recorded
No additional details available.
Featured rate on Conventional Loans; 0% Points
- Nov 6, 20266.61%▼ from 6.74%
- Oct 26, 20266.74%first recorded
Parma 5/1 ARM Mortgage Rates
Mortgage refinance; 0 points; rates shown for loan amounts below $832,750
- Nov 5, 20266.67%▼ from 6.72%
- Oct 26, 20266.72%▼ from 6.84%
- Oct 20, 20266.84%first recorded
Rate code: T3R
Rate code: STR
Rate code: T2R
Mortgage; 0 Points; Fairfield County, Connecticut; Rate code: JOR
- Nov 5, 20266.89%▼ from 6.97%
- Oct 26, 20266.97%▼ from 7.05%
- Oct 20, 20267.05%first recorded
Mortgage refinance; 0 points; rates shown for loan amounts below $832,750
- Nov 5, 20266.94%▼ from 6.97%
- Oct 26, 20266.97%▼ from 7.05%
- Oct 20, 20267.05%first recorded
Rate code: T3R
- Nov 5, 20267.00%▼ from 7.09%
- Oct 26, 20267.09%first recorded
Rate code: STR
- Nov 5, 20267.00%▼ from 7.09%
- Oct 26, 20267.09%first recorded
Rate code: T2R
- Nov 5, 20267.03%▼ from 7.09%
- Oct 26, 20267.09%first recorded
Rate code: T1R
Rate code: T1R
- Nov 5, 20267.24%▼ from 7.32%
- Oct 26, 20267.32%first recorded
As Low As; Enjoy a low initial rate that adjusts with the market. Various terms and options available.
- Oct 26, 20265.88%▼ from 6.00%
- Oct 14, 20266.00%▼ from 6.13%
- Oct 1, 20266.13%▲ from 5.63%
- Sep 18, 20265.63%▲ from 5.50%
As Low As; 5/5 (20-year term)
- Nov 7, 20266.50%▼ from 6.63%
- Oct 2, 20266.63%▲ from 6.38%
- Sep 18, 20266.38%first recorded
As Low As; Conventional owner-occupied single-family purchases and refinances; rates effective 11:00 am Monday, November 9, 2026
- Nov 12, 20266.57%▼ from 6.65%
- Oct 23, 20266.65%first recorded
No additional details available.
Parma 30-Year Jumbo Mortgage Rates
based on $940,000 loan, 25% down, 45-day lock; rates as of 11/10/2026
Refinance rate; 7-year fixed period, adjusts yearly; based on $940,000 loan amount and at least 25% equity
based on $940,000 loan, 25% down, 45-day lock; rates as of 11/10/2026
Refinance rate; 10-year fixed period, adjusts yearly; based on $940,000 loan amount and at least 25% equity
based on $940,000 loan, 25% down, 45-day lock; rates as of 11/10/2026
Refinance rate; based on $940,000 loan amount and at least 25% equity
based on $940,000 loan, 25% down, 45-day lock; rates as of 11/10/2026
Refinance rate; based on $940,000 loan amount and at least 25% equity
As Low As
- Nov 11, 20266.50%▼ from 6.59%
- Nov 5, 20266.59%▼ from 6.71%
- Oct 31, 20266.71%▼ from 6.83%
- Oct 20, 20266.83%▼ from 6.87%
Conventional fixed mortgage; minimum 5% down payment; Rates as of Nov 10, 2026 ET
- Nov 11, 20267.02%▲ from 6.90%
- Nov 5, 20266.90%▼ from 7.15%
- Oct 26, 20267.15%first recorded
Jumbo loan; based on $806,500.00 loan amount
- Nov 8, 20267.35%▼ from 7.60%
- Oct 19, 20267.60%▼ from 7.63%
- Oct 13, 20267.63%first recorded
Interest Rates As Low As; Exclusive mortgage benefit for Servicemembers, Reservists and Veterans who have already exhausted their VA loan benefit; no down payment required; 720 FICO, down payment of 0%; rates as of Oct 30, 2026 ET
- Nov 11, 20268.10%▲ from 7.97%
- Nov 5, 20267.97%▼ from 8.10%
- Oct 31, 20268.10%▼ from 8.22%
- Oct 26, 20268.22%▼ from 8.35%
As Low As; Rates as of Nov 10, 2026 ET; Advertised rate assumes single-family primary residence, 720 FICO, 0% down payment
- Nov 11, 20268.22%▲ from 8.10%
- Nov 5, 20268.10%▼ from 8.22%
- Oct 31, 20268.22%▼ from 8.35%
- Oct 26, 20268.35%▼ from 8.48%
Parma 15-Year Jumbo Mortgage Rates
based on $940,000 loan, 25% down, 45-day lock; rates as of 11/10/2026
Refinance rate; based on $940,000 loan amount and at least 25% equity
Conventional fixed mortgage; minimum 5% down payment; Rates as of Nov 10, 2026 ET
Jumbo loan; based on $806,500.00 loan amount
- Oct 29, 20266.94%▼ from 7.23%
- Oct 26, 20267.23%▲ from 7.20%
- Oct 19, 20267.20%▼ from 7.23%
- Oct 13, 20267.23%first recorded
Parma 5/1 Jumbo ARM Mortgage Rates
based on $940,000 loan, 25% down, 45-day lock; rates as of 11/10/2026
Refinance rate; 5-year fixed period, adjusts yearly; based on $940,000 loan amount and at least 25% equity
As Low As
- Nov 11, 20266.45%▼ from 6.53%
- Nov 5, 20266.53%▼ from 6.65%
- Oct 31, 20266.65%▼ from 6.78%
- Oct 20, 20266.78%▼ from 6.83%
Parma FHA Loan Rates
based on $270,019 loan, 3.5% down, 45-day lock; rates as of 11/10/2026
Refinance rate; based on $270,019 loan amount and at least 3.5% equity
Effective Date: 10/23/2026; Mortgage rates change daily
Effective Date: 10/23/2026; Mortgage rates change daily
Owner occupied primary residence only; Any loan over $7,500 must be secured by a mortgage or deed of trust on the property; $100 loan documentation fee; Available to Lorain County residents only; Subject to review of project estimates and property inspection upon completion
- Sep 17, 20267.71%▲ from 6.95%
- Sep 14, 20266.95%first recorded
Parma VA Loan Rates
based on $383,625 loan, no down payment, 45-day lock; rates as of 11/10/2026
As Low As; Rates as of Nov 10, 2026 ET; VA loan, no down payment required; Rate already reflects 0.25% discount for eligible Servicemembers and Veterans
- Nov 11, 20266.37%▲ from 6.24%
- Nov 5, 20266.24%first recorded
As Low As; Rates as of Nov 10, 2026 ET; VA loan, no down payment required; Rate already reflects 0.25% discount for eligible Servicemembers and Veterans
- Nov 11, 20266.58%▼ from 7.10%
- Oct 14, 20267.10%first recorded
Effective Date: 10/23/2026; Mortgage rates change daily
Effective Date: 10/23/2026; Mortgage rates change daily
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Parma, OH Mortgage Rate Trends
Compare local Parma, OH mortgage rate quotes against the statewide average
Daily mortgage rate averages tracked across our database of verified mortgage rate quotes, updated every evening.
Ohio 30-year fixed rates fell 0.038 points over the past 7 days to 7.180%.
Ohio 15-year fixed rates rose 0.006 points over the past 7 days to 6.652%.
Ohio Mortgage Rate Forecast, Next 12 Months
Where are Ohio mortgage rates headed through November 2027?
Based on Fed funds rate futures, 10-year Treasury path, and historical mortgage spread model. Not financial advice.
What Forecast Rates Mean for Parma, OH Home Buyers
Monthly principal & interest payment on Parma, OH median home of $170,100 (20% down, 30-year fixed, city-level Census ACS median)
| Scenario | Rate | Mo. Payment | vs. Today | % of Income |
|---|---|---|---|---|
| Today (OH avg) | 7.180% | $922 | 16% | |
| 6-Month Forecast | 7.180% (6.83, 7.48%) | $922 | +$0/mo | 16% |
| 12-Month Forecast | 7.430% (7.08, 7.73%) | $945 | +$23/mo | 16.4% |
Income column = annual mortgage payment as % of Parma, OH median household income ($69,295). Above 30% is generally considered cost-burdened.
Parma, Ohio Housing Affordability
The MonitorBankRates Housing Affordability Index (MBR-HAI) for Parma, Ohio is updated every morning from local Census Bureau data and the current Ohio average mortgage rate. A score of 100 equals the national baseline; higher is more affordable.
- MBR-HAI Score: 124.9 Very Affordable (Nov 12, 2026)
- National Score: 97.8 (Parma is 27.2 points above)
- Rank in Ohio: 639 of 981 cities (1 = most affordable)
- Average 30-Year Rate: 7.20% (Ohio lenders)
- Median Home Value: $170,100 (Census)
- Median Household Income: $69,295 (Census)
- Principal & Interest on the Median Home: $923/mo (20% down)
What This Score Means for Parma, Ohio Home Buyers
The median home value of $170,100 against a median household income of $69,295 gives a price-to-income ratio of 2.5x, relatively affordable compared with national levels. Beyond the mortgage, the median total monthly owner cost here is $1,034, covering the mortgage, property taxes, insurance and utilities. Property taxes alone average $283 a month.
- 120+ Very Affordable
- 110 to 119 Affordable
- 95 to 109 Near Average
- 85 to 94 Less Affordable
- 50 to 84 Much Less Affordable
- Below 50 Least Affordable
See the full Parma affordability page Ohio index All state rankings Methodology
How Mortgage Rates Impact Home Affordability in Parma, Ohio
Parma, Ohio Housing Market Overview
According to the U.S. Census Bureau, the median owner-occupied home value in Parma, Ohio is approximately $170,100. The 2026 FHFA conforming loan limit for this area is $832,750, meaning most buyers financing at 80% LTV will qualify for conforming loan pricing, making rate comparison across local lenders especially valuable.
Parma, Ohio Homeownership Rate
With a homeownership rate of 72.1%, well above the national average of 65.7%, Parma, Ohio has a strong ownership culture, making competitive mortgage rates especially important for buyers entering the market. The homeowner vacancy rate of 0.4% signals a tight market with limited available inventory, making it critical to secure the best possible rate quickly when a suitable property becomes available.
Monthly Payment Estimates for Parma, Ohio Buyers
Even a small difference in your interest rate can add up to tens of thousands of dollars over the life of a loan. The table below shows monthly principal and interest payments on a $140,000 mortgage, based on a 20% down payment on the Parma, Ohio median home value.
| Interest Rate | Loan Term | Monthly Payment | Total Interest Paid |
|---|---|---|---|
| 6.680% | 30-year fixed | $902 | $184,552 |
| 7.180% Current Avg | 30-year fixed | $948 | $201,427 |
| 7.680% | 30-year fixed | $996 | $218,637 |
| 6.652% | 15-year fixed | $1,231 | $81,630 |
A 0.500% rate increase on a $140,000 loan adds roughly $48 per month and over $17,210 in total interest over a 30-year term. That’s why comparing verified, current rates from multiple lenders, using the rate table above, is one of the most impactful financial decisions a Parma, Ohio buyer can make.
Data sources: U.S. Census Bureau; Federal Housing Finance Agency (FHFA). Monthly payments shown are principal & interest only; taxes, insurance, and PMI not included.
Parma, Ohio Income & Housing Affordability
At a price-to-income ratio of 2.5x, Parma, Ohio is a relatively affordable housing market compared to national averages. That ratio, median home value divided by median household income, is a standard benchmark used by housing economists to gauge how accessible homeownership is relative to local earnings. The national baseline is approximately 3.8x.
What This Means for Parma, Ohio Buyers
With a median household income of $69,295 per year in Parma, Ohio ($5,775/month) and a median home value of approximately $170,100, a buyer financing at 80% LTV at the current average rate would commit roughly 16.4% of gross monthly income to principal and interest alone. that falls within a manageable range relative to income, though taxes, insurance, HOA fees, and PMI will add to the true monthly cost of ownership.
Compared to the Ohio statewide price-to-income ratio of 3x, Parma tracks closely with the broader Ohio market on income-adjusted affordability. In either case, even a 0.25% improvement in your mortgage rate meaningfully reduces both the income needed to qualify and the total cost over the loan term.
Data sources: U.S. Census Bureau. Monthly payment estimate assumes 80% LTV at current average rate; principal and interest only.
Full Cost of Homeownership in Parma, Ohio
A mortgage payment is just the starting point. Property taxes, insurance, and utilities add hundreds of dollars per month to the true cost of owning a home in Parma, Ohio. Understanding the full picture before you buy is the difference between a home you can afford and one that stretches you thin.
Owner vs. Renter Costs
In Parma, Ohio, the median homeowner with a mortgage pays approximately $1,034/month in total housing costs, covering the mortgage payment, property taxes, insurance, and utilities. The median renter pays $1,087/month including utilities. In this market, owning costs less per month than renting, a compelling financial case for buyers who can qualify for financing. Property taxes alone account for $283/month of the ownership cost, a figure that can vary dramatically by location and is often underestimated by first-time buyers.
Housing Cost Burden
The federal standard defines “cost burdened” as spending more than 30% of gross household income on housing. “Severely cost burdened” means spending 50% or more. Both thresholds leave little room for savings, emergencies, or other financial goals.
In Parma, Ohio, 21% of homeowners with mortgages are cost burdened and 40.5% of renters are cost burdened. Renters face significantly higher burden rates than owners, a pattern that often reflects lower renter incomes rather than lower rental costs, and one that can make the path from renting to owning financially difficult even when mortgage payments might be affordable. The 21% owner burden rate is below the national average of 28.0%, suggesting this market offers relatively manageable ownership costs relative to local incomes.
Data sources: U.S. Census Bureau, American Community Survey 5-Year Estimates. Monthly owner costs include mortgage payment, taxes, insurance, and utilities. Property taxes reflect median annual taxes for mortgage holders. Rent reflects median gross rent including utilities. Cost burden figures reflect households spending 30%+ of gross income on housing.
Parma, Ohio Mortgage Payment Calculator
See your estimated monthly principal & interest payment at today’s Parma, Ohio rates. The home price is prefilled with the local median home value. Adjust anything, or click a current rate on the right to apply that loan type’s rate and term instantly.
Principal & interest only, excludes property taxes, homeowners insurance, PMI, and HOA dues. See the Full Cost of Homeownership section above for those figures. Estimates are for informational purposes only.
Run the Numbers on Your Parma, Ohio Home Loan
Rates are only part of the equation. Use these calculators to translate current Parma, Ohio mortgage rates and home loan rates into real numbers for your specific situation before you request quotes from mortgage lenders.
Enter your loan amount, interest rate, and term length to see your estimated monthly principal and interest payment. Adjust any variable to model different scenarios: a larger down payment, a shorter term, or a rate a quarter-point lower than what you were quoted.
CalculateTell us your gross income, monthly debt obligations, and how much you have for a down payment. We’ll show you the home price range you’re likely to qualify for at current Parma, Ohio rates, so you can shop with a realistic number in mind rather than discovering your ceiling after you’ve fallen in love with a property.
CalculateIf you already own a home, enter your current rate, remaining loan balance, and the rate you’ve been quoted to refinance. The calculator shows your new monthly payment, how much you’d save each month, and the break-even point, the number of months it takes for your savings to cover the closing costs of refinancing.
CalculateBuying isn’t always the better financial decision, and renting isn’t always throwing money away. This calculator weighs the full cost of each path: mortgage payments, taxes, insurance, and maintenance against rent increases and the opportunity cost of a down payment, to show which option builds more wealth over your intended time horizon in Parma, Ohio.
CalculateTypes of Mortgages Available in Parma, Ohio
Not every loan program is right for every buyer in Parma, Ohio. Rates, down payment requirements, eligibility rules, and long-term costs vary significantly across products, and the right choice depends on your credit profile, how long you plan to stay, and whether you qualify for any government-backed programs.
Fixed-Rate Mortgage
A fixed-rate mortgage locks your interest rate in for the entire loan term. Your principal and interest payment on day one is identical to payment 360. That predictability is valuable for long-term financial planning, especially in markets where housing costs represent a large share of household income.
Available in 10-, 15-, 20-, and 30-year terms. The 30-year minimizes monthly payments; the 15-year cuts total interest paid dramatically but requires a higher monthly commitment. The payment comparison table above shows exactly how those trade-offs look at today’s Parma, Ohio rate levels.
Adjustable-Rate Mortgage (ARM)
An ARM offers a fixed introductory rate for an initial period, commonly 5, 7, or 10 years, after which the rate adjusts periodically based on a market index. The starting rate is typically lower than a comparable fixed-rate loan, which reduces your monthly payment during the initial window.
ARMs work best when you have a defined exit timeline: if you plan to sell or refinance before the fixed period ends, you capture the lower rate without exposure to future adjustments. Rate caps govern how much the rate can move at each adjustment and in total, so read those terms closely before committing.
FHA Loan
Backed by the Federal Housing Administration, FHA loans are built for buyers who don’t yet meet conventional loan standards. You can qualify with a credit score of 580 and just 3.5% down, and some lenders will consider scores as low as 500 with a 10% down payment.
The cost of that lower barrier is mortgage insurance. FHA loans carry an upfront MIP of 1.75% of the loan amount (which can be rolled in) plus an annual MIP of 0.15% to 0.75% depending on your term and LTV. For buyers who would otherwise wait years to save a larger down payment, given ongoing home price trends in Parma, Ohio, FHA is often the faster path to ownership.
VA Loan
Available to eligible active-duty service members, veterans, reservists, National Guard members, and qualifying surviving spouses, VA loans are among the most favorable mortgage programs available anywhere. No down payment is required, there is no monthly mortgage insurance, and rates are generally competitive with, and often better than, conventional loan rates.
A one-time funding fee applies, 2.15% of the loan for first-time VA borrowers with no down payment, which can be financed into the loan. In Parma, Ohio, where home prices require substantial savings for a conventional down payment, the zero-down VA benefit is an enormous advantage for those who qualify.
Jumbo Loan
The 2026 FHFA conforming loan limit for Parma, Ohio is $832,750. Mortgages above that amount are classified as jumbo loans and are not eligible for purchase by Fannie Mae or Freddie Mac, which means lenders carry the full risk and price that risk accordingly.
Jumbo underwriting is stricter: lenders typically require a credit score of 700 or higher, substantial cash reserves, thorough income documentation, and a down payment of at least 10 to 20%. Rates may run slightly above conforming levels, though the gap narrows in competitive lending environments.
Methodology & Data Sources
Independent, Free, and Unbiased Rate Comparisons: MonitorBankRates.com is an independent rate comparison service. Our Parma, Ohio mortgage rate tables are free for consumers to use, and we do not receive payment from any lender to be included or to be ranked in any particular order. Listings are based solely on the rates each lender publicly advertises on its own website.
A Note on Third-Party Rate Tools: Some pages on our site also feature rate comparison widgets and tools provided by third-party partners. These tools may include sponsored listings or affiliate links, and we may receive compensation when users click through them. We clearly label these widgets so you can tell at a glance which rates come from our independent MonitorBankRates.com tables and which come from our advertising partners.
Direct-Sourced & Verified Mortgage Rate Data: We aggregate mortgage and refinance rates for Parma, Ohio directly from the official websites of local lenders, credit unions, and national mortgage originators using our proprietary rate aggregation technology and a dedicated team of rate updaters. Every rate displayed is highly accurate and trustworthy.
Local, Regional, and National Coverage: Our systems constantly monitor the market to provide a complete picture of available home loan products in Parma, Ohio. We feature a comprehensive mix of licensed NMLS financial institutions, from neighborhood credit unions and competitive regional banks to large national originators available to borrowers in OH.
Daily Updates & Time-Stamped Accuracy: Our rate updaters verify and update mortgage rates daily. Because rates and APRs can fluctuate rapidly based on bond markets and economic conditions, every loan product features its own “last updated” date for full transparency.
Proprietary Lender Health & Safety Grades: Beyond tracking rates, MonitorBankRates evaluates the financial stability of every listed institution. Our Health Grades (A+ to F) and Star Ratings are composite metrics calculated using objective regulatory data, including the Texas Ratio, ensuring you compare rates from secure, reliable lenders.
Mortgage Product Information
How a Mortgage Works
A mortgage is a loan used to buy a home in Parma, Ohio, secured by the property itself as collateral. The borrower repays the amount over a set term, most commonly 30 or 15 years, in monthly installments that cover both principal and interest. Because the loan is secured, the lender can foreclose on the home if payments are not made, which is part of why mortgage rates are lower than rates on unsecured debt.
Fixed vs. Adjustable Rate Mortgages
A fixed-rate mortgage keeps the same interest rate for the entire term, so a Parma, Ohio homeowner’s principal-and-interest payment never changes. For example, Dollar Bank, Federal Savings Bank is listing a 30 Year Fixed Rate at 6.99%. An adjustable-rate mortgage (ARM) starts with a fixed period, often five, seven, or ten years, and then adjusts periodically based on a market index. ARMs usually open with a lower rate, but the payment can rise once the fixed period ends, so they tend to suit Parma, Ohio borrowers who expect to move or refinance before that point. On the adjustable-rate side, Third Federal Savings and Loan is listing a 5/1 ARM (15 year) at 6.29%.
How Mortgage Rates Are Set
Mortgage rates move with the broader bond market, particularly the yield on the 10-year Treasury, plus a spread that reflects lender costs and risk. On top of that national baseline, the rate a Ohio borrower is offered depends on individual factors: credit score, down payment size, loan amount, loan type, and the property itself. This is why the advertised rates above are a starting point, and a borrower’s final rate is set once an application is underwritten.
Points and Closing Costs
The interest rate is not the only cost of buying a home in Parma, Ohio. Discount points are an optional upfront fee (one point equals one percent of the loan amount) paid to lower the rate over the life of the loan. Closing costs cover items such as origination fees, appraisal, title insurance, and recording, and typically run two to five percent of the loan. Comparing the annual percentage rate (APR) alongside the note rate helps Parma, Ohio shoppers account for these costs when weighing lenders.
When to Consider Refinancing
Refinancing replaces an existing mortgage with a new one, usually to secure a lower rate, change the term, or tap home equity. For Parma, Ohio homeowners, the general guideline is that refinancing makes sense when the savings from a lower rate recoup the closing costs within the time the borrower plans to stay in the home, known as the break-even point. Borrowers also refinance to switch from an adjustable rate to a fixed rate, or to remove mortgage insurance once enough equity has built up. Current Parma, Ohio refinance rates from local lenders are listed on our refinance page.
Frequently Asked Questions about Mortgage Rates in Parma, Ohio
What are mortgage rates in Parma, Ohio today?
What are home loan rates in Parma, OH today?
How does my credit score affect my rate in Parma, Ohio?
What is a 30-Year Fixed Mortgage?
What are closing costs in Parma, Ohio?
Should I lock my mortgage rate?
What is an Adjustable-Rate Mortgage (ARM)?
What is a Jumbo Loan in Parma, Ohio?
Do I need 20% down to buy a house in Parma, Ohio?
What is the difference between Interest Rate and APR?
How do I compare mortgage lenders in Parma, Ohio?
How do I get mortgage quotes in Parma, Ohio?
What is the median home value in Parma, Ohio?
What is the homeownership rate in Parma, Ohio?
What is the conforming loan limit in Parma, Ohio?
What is the median monthly cost of homeownership in Parma, Ohio?
What are the median property taxes in Parma, Ohio?
What is the median rent in Parma, Ohio?
What percentage of homeowners are cost burdened in Parma, Ohio?
What percentage of renters are cost burdened in Parma, Ohio?
What are the best Mortgage rates in Parma, Ohio?
- Dollar Bank, Federal Savings Bank: 6.99% (30 Year Fixed Rate)
- First Federal S&L of Lakewood: 7.25% (Fixed-Rate Mortgages - Purchase - 30 Year Fixed)
- Citizens Bank: 7.375% (Mortgage Refinance - 30-Year Fixed Rate)
- GenFed Financial Credit Union: 6.45% (30 Year Mortgage (Fixed))
- Greater Cincinnati School Credit Union: 6.50% (Owner Occupied Single Family Home Mortgage - Tier A+ - 30 Yrs.)
Parma, Ohio Rates & Resources
