Find Out How Much More Home You Can Afford as Mortgage Rates are on the Decline!

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 along the way.

How Do These Rate Changes Impact You?

You might be wondering how these changes actually affect your budget. The truth is, even small shifts in mortgage rates can make a big difference in how much you’ll end up paying each month. If you’ve got your eye on a specific monthly payment – say around $2,600 – even a minor rate change could determine if you can stay within that budget or if you’ll need to adjust.

For example, take a look at this chart showing how different mortgage rates impact monthly payments for a variety of loan amounts. If your goal is to keep your payment at or below $2,600, you’ll want to focus on the green highlights, which show the loan amounts that fit your budget at different interest rates:


The more you understand how interest rates affect your purchasing power, the better prepared you’ll be when making decisions about your home loan. But don't worry – you don’t need to be an expert in mortgage rates to make the right call. That’s what we're here for!

So, What Should You Do Next?

Whether you’re looking to buy a home now or are just starting to explore your options, having the right information on mortgage rates and home loans is key. You might be wondering, is now a good time to buy in Tulsa? What will my payments look like if rates change? These are great questions to ask.

Ready to Explore Your Options?

If you’re looking for expert guidance on Tulsa mortgages, Tulsa home loans, or navigating current mortgage interest rates, we are here to help. You can call or text us at 918-236-2945 or email us at team@omghomeloans.com. Or, click here to book a phone chat with Mike.  Let's discuss the best steps forward for you.



Location: Tulsa, OK, USA

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