How Oklahoma Homebuyers Are Cashing In on Low Mortgage Rates Right Now
With mortgage rates in Oklahoma hovering around 5.88%, homebuyers are capitalizing on historically low borrowing costs, helping them achieve significant long-term savings. According to Freddie Mac, although rates have increased slightly in 2024 from the historic lows seen during the pandemic (where rates were as low as 2.65%), they are still well below the average of over 7% that was common in prior decades.
For homebuyers, especially first-timers, these current rates offer an opportunity to lock in affordable monthly payments that can lead to significant financial savings over time. For example, securing a fixed-rate mortgage now could save Oklahoma buyers thousands of dollars in interest over the life of their loan, compared to when rates inevitably rise again.
Why Buyers Should Move Fast
Experts are cautioning potential buyers to move quickly as rates could rise in response to inflation or economic adjustments by the Federal Reserve. Locking in a rate now could mean the difference between affordable homeownership and more costly mortgage payments down the line. With the median home price in Oklahoma sitting around $249,700, many buyers can leverage today’s rates to enter the market affordably. Furthermore, Oklahoma’s comparatively low cost of living adds even more incentive to secure property in this rising market while rates remain competitive.
Tips for Leveraging Low Rates:
Shop Around: Compare offers from different lenders. Even small differences in interest rates can add up to large savings over a 30-year loan.
Get Pre-Approved: In a competitive market like Oklahoma, pre-approval can give you a leg up on securing the home you want before rates rise.
Consider Refinancing Later: If rates drop further, consider refinancing to secure an even lower interest rate, reducing your long-term costs even more.
Experts Weigh In
Mortgage experts from Zillow and Freddie Mac suggest that while rates could increase due to economic factors, the current environment remains favorable for buyers. In Oklahoma, the combination of low rates, a strong economy, and affordable housing options makes this an ideal time for buyers and investors to make their move before conditions change.
In conclusion, with Oklahoma's low mortgage rates and stable housing market, now is a strategic time to invest. For those looking to make the most of these opportunities, the Justiz League Real Estate Team is here to help you navigate the market and lock in these beneficial rates.
Sources:
Freddie Mac Mortgage Rates Data
Zillow Oklahoma Market Insights
Houzeo Oklahoma Real Estate Market Data
