Oklahoma Mortgage Group - Mike David

When you’re ready to buy a home, it’s essential to understand all the costs involved. While your down payment is a significant factor, don't overlook closing costs . As your trusted Tulsa mortgage lender , I’m here to break it down for you. What Are Closing Costs? Closing costs are additional fees that come with finalizing your home purchase. Every buyer pays these, so it’s important to plan for them. Here’s a breakdown of the typical fees: Application fees Credit report fees Loan origination fees Appraisal fees Home inspection fees Title insurance Homeowners insurance Survey fees Attorney fees Some of these costs are one-time expenses, while others (like homeowners insurance) are ongoing responsibilities after you move in. How Much Are Closing Costs? On average, closing costs range from 2% to 5% of the home’s purchase price . For example: If you're buying a home for $422,600 (the current median price), your closing costs could be between $8,452 and $21,130 . Keep in mind tha

As we move toward 2025, the housing market is already shaping up to be a more favorable environment for buyers. If you’ve been waiting for the right moment to make your move, here’s what the latest forecasts predict. Mortgage Rates in 2025: Projected to Come Down With inflation cooling, Tulsa mortgage rates are expected to decline throughout 2025, making home loans more affordable for buyers. As per recent projections (as of September 2024), interest rates from major institutions like Fannie Mae, MBA, NAR, and Wells Fargo suggest a gradual reduction: Q1 2025 average: 6.30% Q4 2025 average: 5.98% This is great news for anyone considering applying for a Tulsa home loan . Lower interest rates can help you save significantly on your mortgage in the long run. More Homes Expected to Sell in 2025 The lower Tulsa mortgage interest rates are projected to boost home sales. The forecast suggests an increase in buyer activity, with the total home sales reaching up to 5.7 million units nationwide

Good news! Mortgage rates have started to trend down a bit. While this is great for anyone looking to buy a home, it's important to remember that rates can still fluctuate as they're influenced by several factors. The economy, inflation, and even decisions made by the Federal Reserve all play a role in these changes. It’s true that rates have been easing, but you might still notice some bumps along the way as new economic data comes in. Odeta Kushi, Deputy Chief Economist at First American, puts it best: “The ongoing deceleration in inflation, coupled with the Federal Reserve’s recent indication of potential rate cuts [in 2024], suggests an environment supportive of modest declines in mortgage rates. Barring any unforeseen circumstances and resurgence in inflation, lower mortgage rates could be on the horizon, but the journey towards them might be slow and bumpy.” In short, while you could see lower rates in the future, it’s a good idea to be prepared for some fluctuations alon

  Positive inflation news this morning has Tulsa mortgage lenders hopeful that the recent uptick in interest rates might be leveling off. If you've been considering buying a home in Tulsa, this could be a sign that it's time to act. What's Happening with Tulsa Mortgage Rates ? Recent increases: Over the past few weeks, we've seen interest rates climb slightly, which has caused some buyers to pause. Today's news : New inflation data released this morning is lower than expected, which is good news for anyone looking for Tulsa home loans. Lower inflation generally helps keep mortgage interest rates stable or even nudges them lower. The outlook: While we're still waiting on additional economic data to be released this week, the early signs are encouraging. It's possible that we've seen the peak of this recent rate increase. What Does This Mean for Tulsa Home Buyers? Opportunity: If you've been pre-approved for a mortgage or are considerin

Understanding the Latest Federal Open Market Committee (FOMC) Decision At its July 2024 meeting, the Federal Open Market Committee announced no change to the Fed funds rate, keeping it at 5.25% to 5.50%, the highest level in 23 years. This decision aligns with market expectations and reflects a careful approach by the Fed despite recent calls for a rate cut. Key Takeaways for Tulsa Realtors and Homebuyers Future Rate Cuts Expected : Market anticipation is high (near 100%) for the first rate cut at the next FOMC meeting on September 18. Future rate cuts could begin a new cycle, potentially starting in September. Market Indicators : Balanced risks between employment and price stability suggest a shift towards rate cuts. Keep an eye on upcoming inflation and job market data. Challenges Ahead : Consider the impact of the presidential election, geopolitical risks, and economic trends. Anticipate changes in U.S. Treasury financing auctions affecting interest rates. Near-Term Focus : Monitor

Are you worried about a Tulsa housing market crash? Don't be. Unlike 2008, today's Tulsa real estate market is different. Experts agree: a crash is not expected in the near future. Why Tulsa Home Prices Are Stable The key factor is Tulsa housing inventory . For a crash to occur, there would need to be an oversupply of Tulsa homes for sale . Currently, we're experiencing the opposite – an undersupply. This is true even with recent inventory growth. Three Key Factors Impacting Tulsa Real Estate Inventory Existing Tulsa Homes for Sale: While there are more existing homes on the market compared to last year, the overall supply remains low. This means there simply aren't enough homes available to cause a price drop. New Home Construction in Tulsa: Although new home construction has increased, it's not a cause for concern. Tulsa home builders are actually playing catch-up after years of underbuilding. Distressed Property (Foreclosures/Short Sales) in Tulsa: Tha