Oklahoma Mortgage Group - Mike David

Alright, folks, let's break it down! Yesterday, the Fed raised interest rates by .25 basis points, which was totally expected by the money gurus. It's like they had it on their radar way before it even happened, and the lenders were already like, "Yeah, we saw that coming, no big deal!" So rates saw virtually no movement from the announcement. But wait, the real drama happened during Fed chair Powell's press conference. He dropped some lines that made investors go all ears. Instead of the usual "Let's raise rates and keep 'em high!" stance, he said, "Hey, maybe we'll take a chill pill and see how things play out before hiking again." And guess what? The market went like, "Oooh, we like this softer tone, Mr. Powell, keep it coming!" Buuut, today wasn't so peachy. There were these big reports on GDP, durable goods sales, and jobs, and they were all screaming strong! Sounds good, right? Nope! The market was like, "Ho

  Navigating the current real estate market can be challenging due to high home prices and significantly increased interest rates compared to previous years. As the average rate on 30-year loans approaches 7%, according to Freddie Mac, it's uncertain whether rates will remain high in the future. However, there are strategies you can consider if you're looking to purchase a home in this environment.   1. Buy now, refinance later : One option is to buy a house at the current interest rate and plan to refinance your mortgage when rates inevitably drop. By doing this, you can take advantage of potential rate decreases in the future and potentially save money.   According to Mike David, Producing Branch Manager at the Oklahoma Mortgage Group, mortgage refinancing is a particularly good option for those searching for average-priced homes, as their value will only increase in price as time goes on. "They will encounter the most competition," David says. "A propert

  In today's real estate market, where interest rates are on the rise, potential homebuyers may feel hesitant about entering the market due to affordability concerns. However, there is a solution that can make purchasing a home more manageable and alleviate financial burdens—the buy down option. Two common strategies to consider are the 3-2-1 buy down and the 2-1 buy down. These buy down programs allow buyers to lower their initial interest rates and monthly mortgage payments for a certain period, typically the first few years of the loan term. 3-2-1 Buy Down The 3-2-1 buy down is a mortgage option that provides initial interest rate reductions of three percentage points in the first year, two points in the second year, and one point in the third year. 2-1 Buy Down Similar to the 3-2-1 buy down, the 2-1 buy down program offers a two-percentage point reduction in the first year and a one-point reduction in the second year. Affordability Boost through Buy Downs: 1.