Oklahoma Mortgage Group - Mike David

If you’ve heard about the recent Federal Funds Rate cut by the Federal Reserve, you might think mortgage rates are set to drop immediately. However, mortgage rates are influenced by more than just the Fed’s actions. Factors like inflation, the job market, geopolitical events, and other economic variables all play a role. While the Fed’s moves may eventually lead to lower mortgage rates, the process will be gradual and potentially uneven. Rather than trying to time the market, focus on the aspects you can control to position yourself for success in today’s housing market. 1. Your Credit Score Your credit score significantly impacts your mortgage rate. Higher scores often lead to lower rates and better terms. Small improvements to your score can make a big difference in your monthly payment. Reach out to a loan officer to understand your current score and how to improve it. 2. Your Loan Type From conventional to FHA, USDA, and VA loans, each type offers different rates and terms. Explori...

 You may have heard some recent buzz about the economy and concerns about a potential recession. It's completely understandable for this type of talk to raise worries about the possibility of a housing market crash. However, there's good news – there's no need to panic. The housing market is not set up for a crash right now, and here are two key reasons why. Demand for Homes Is Higher than Supply One of the main reasons the housing market crashed in 2008 was due to an oversupply of homes. But the situation today is quite different. A balanced real estate market typically has about six months' supply of homes. When there's more than that, it signals that supply outpaces demand, and prices could fall. However, when there's less than that, it means demand is higher than supply, which tends to keep prices stable or push them higher. The graph below shows that in the lead-up to the 2008 financial crisis, there were 13 months of housing supply, which was far too much....