Why Waiting for Lower Mortgage Rates Could Cost Tulsa Buyers More

Everyone’s waiting for mortgage rates to fall, and according to NAR, the “magic number” many buyers are hoping for is 6%. But will we see that anytime soon?

Most forecasts show rates staying in the mid-to-low sixes through the end of next year. Still, right after the latest weaker-than-expected jobs report, rates dipped to 6.55% — the lowest point this year. That gave buyers and realtors hope that small changes may be on the way, but experts don’t expect a major drop in the near term.

Here’s what matters: when rates eventually hit 6%, it could unlock 5.5 million more buyers. That means waiting could also mean facing far more competition and less negotiating power.

If buying now works for your budget, moving sooner rather than later could give you an advantage before the market heats up again.

Want to talk about your options and run the numbers together? Schedule a quick phone chat with us, or call/text Oklahoma Mortgage Group at 918-361-1550 today to discuss your next best steps.