Oklahoma Mortgage Group - Mike David

  If it feels like renters are staying put longer than ever, you are right. According to recent housing data, the average renter now stays in their home for 6.5 years, up from just 5.9 years in 2019. While that may not seem like a big jump at first glance, it signals a much larger trend happening in today’s housing market. Why Renters Are Staying Longer There are two main reasons driving this shift: • Rising rent costs • Affordability challenges when buying a home Many potential buyers feel stuck. Higher home prices and fluctuating mortgage rates can make it seem like waiting is the safer option. But in reality, waiting can come with a hidden cost. The Real Cost of Renting Longer When you rent, your monthly payment builds zero equity. When you own a home, a portion of every payment goes toward building wealth. Over time, this creates a significant gap. Studies show the average homeowner’s net worth is dramatically higher than that of a renter, often by as much as 40 times. The long...

If you’re a homeowner in Tulsa and need quick access to funds, a home equity line of credit (HELOC) could be one of the smartest financial tools available right now. Many homeowners are sitting on significant equity but don’t realize how quickly they can access it, without the long timelines or hurdles of traditional loans. At Oklahoma Mortgage Group, Mike David and the team are helping clients tap into their home equity with a fast, streamlined HELOC program designed for real-life needs. What Is a HELOC? A HELOC, or home equity line of credit, allows you to borrow against the equity you’ve built in your home. Instead of receiving one lump sum, you get access to a line of credit that you can use as needed. With this fixed-rate HELOC program, your interest rate and initial draw amount are locked in at closing, giving you stability and predictability. Why Homeowners in Tulsa Are Choosing HELOCs This program is built for speed and convenience, something many traditional loan options lack....

  Following the most recent FOMC statement, the Federal Reserve has maintained the Fed funds rate at 3.50% to 3.75%. This pause comes as the war against Iran continues to drive oil prices higher, sustaining inflationary pressures that make rate cuts difficult to justify in the immediate term. The Fed’s Dual Mandate and the Risk of Stagflation The Fed is currently navigating a complex "no growth, but no contraction" jobs market. With the BLS Unemployment Rate at 4.4%, there is a growing concern that the economy could enter a stagflation environment. If the labor market weakens while inflation remains high due to energy costs, the Fed’s dual mandate—balancing employment and price stability—will be put to an extreme test. This political and economic tension arrives as Jerome Powell’s chairmanship nears its end on May 15. The confirmation of Kevin Warsh as the next chair remains subject to political opposition, adding further uncertainty to the path of monetary policy. Strategic ...

  Are you self-employed and thinking about buying a home, but worried you won’t qualify for a mortgage? You’re not alone. One of the biggest challenges for self-employed borrowers in Tulsa is that tax returns don’t always tell the full story. Business owners, freelancers, consultants, and 1099 earners often write off expenses to reduce taxable income. While that’s smart financially, it can make income appear much lower on paper when applying for a traditional home loan. That’s where the Statement Select loan program from Waterstone Mortgage comes in. What is Statement Select? Statement Select is a mortgage solution designed specifically for self-employed homebuyers. Instead of relying only on tax returns, this program allows a Tulsa mortgage lender to evaluate your real income using alternative documentation. This gives a more accurate picture of your financial situation and your ability to afford a home. How You Can Qualify With Statement Select, you may qualify using: 1...

If you’ve been watching Tulsa mortgage rates and wondering whether to wait for them to drop, you’re not alone. Many homebuyers across Tulsa, Bixby, Jenks, Broken Arrow, and the surrounding areas are hoping to see rates return to the historic lows of 2020–2021. However, according to the Mortgage Bankers Association (MBA), current projections show 30-year mortgage rates remaining in the mid-6% range through 2026 and into 2027. While short-term fluctuations are always possible, the broader forecast does not indicate a return to 4% or even low-5% mortgage rates anytime soon. What the Mortgage Bankers Association Forecast Means for Tulsa Buyers The MBA’s outlook suggests stability rather than a dramatic decline. For buyers in the Tulsa real estate market, this changes the conversation from “waiting for lower rates” to “buying strategically in today’s market.” If rates remain in the mid-6% range: Buyers waiting for a major drop may delay homeownership longer than expected Home pric...

The Federal Reserve wrapped up its January 2026 meeting with no change to the Fed Funds rate , keeping it in the current range of 3.50%–3.75% . While there has been plenty of public pressure on the Fed to lower rates, today’s decision was not a surprise to the market. In fact, this marks a pause after a series of recent rate cuts and reflects the Fed’s “wait and see” approach as it evaluates where the economy goes next. Why Didn’t the Fed Cut Rates? The Fed has two primary goals: Keep inflation under control Maintain a healthy job market To justify additional rate cuts, the Fed needs to see one of two things: A noticeable slowdown in the job market, or Inflation moving convincingly closer to its 2% target At the moment, neither of these conditions is strong enough to warrant another cut. Employment remains relatively stable, and inflation is easing, but not yet at the level the Fed wants to see. When Could Rates Start Coming Down Again? Current market expectation...

  “Should I wait?” It’s the most common question buyers are asking right now, and for good reason. Mortgage rates have been moving, headlines are noisy, and buyers don’t want to make the wrong move. But when you look past the headlines, the market is quietly shifting in ways that can actually benefit prepared buyers. Mortgage rates are currently near a three-year low , even with some short-term ups and downs. At the same time, many markets are seeing improved inventory, less buyer frenzy, and more opportunity to make thoughtful decisions instead of rushed ones. This doesn’t mean every buyer should jump in immediately. It means the conversation should shift from “waiting for the perfect rate” to “building the right strategy.” In today’s market, buyers who win are the ones who: • Understand their numbers • Know their loan options • Are ready when the right home appears Timing the market perfectly is nearly impossible. Positioning yourself correctly is not. If you or your clien...

  New for 2026: $10,000 Down Payment Assistance Now Available for Homebuyers One of the biggest obstacles to buying a home is coming up with the upfront cash. For 2026, there is good news for Tulsa and Oklahoma homebuyers. The Downpayment Plus® Program is officially live for 2026 and offers up to $10,000 in down payment assistance to eligible buyers. This program is provided through the Federal Home Loan Bank of Chicago and is designed to help buyers purchase a primary residence with less money out of pocket. Even better, this program can be combined with OHFA (Oklahoma Housing Finance Agency) programs , creating powerful options for buyers who need additional assistance. How the Downpayment Plus® Program Works The Downpayment Plus® Program provides a grant that can be used toward down payment and or closing costs . When combined with the right loan program, it can significantly reduce the amount of cash a buyer needs at closing. Key program highlights include: • Up to $10,000 ...

The Federal Housing Finance Agency (FHFA) has announced the new 2026 conventional conforming loan limit , and it brings a major advantage to homebuyers in Tulsa and across Oklahoma. The loan limit for a one-unit single-family home is now $832,750 , an increase of more than $25,000 from last year. For buyers, this means greater purchasing power without needing a jumbo loan. Jumbo loans remain a great option for higher-budget buyers, but they typically require larger down payments, stronger credit, and more documentation. With the higher conforming loan limit, more Tulsa homebuyers can stay in the conventional category—often resulting in smoother approvals, lower mortgage insurance, and more affordable payment options. Why This Matters in the Tulsa Market As home prices continue to rise in Tulsa, Bixby, Jenks, Broken Arrow, and the surrounding Oklahoma communities, this increased limit allows buyers to finance higher-priced homes using a conventional loan instead of jumping straight i...

The current federal government shutdown may cause temporary delays in certain mortgage programs, especially those backed by federal agencies. At Oklahoma Mortgage Group , we’re focused on helping homebuyers and real estate partners understand what this means and how to stay on track toward closing. FHA and VA Loans These programs continue to operate, but because they rely on federal staff for certain approvals, buyers may experience longer processing times or slower response from government offices. USDA Loans New USDA loan commitments and guarantees are on hold until the government resumes full operations. Homebuyers using USDA financing will need to wait for agency approval before closing. Conventional Loans Loans through Fannie Mae and Freddie Mac are not directly impacted and continue to move forward as usual. Flood Insurance The National Flood Insurance Program (NFIP) cannot issue new or renewal policies during the shutdown. Buyers purchasing in a flood zone should secure ...

Over the past few years, rising home prices and interest rates have made homebuying feel out of reach. But here’s some encouraging news: mortgage rates have finally started to stabilize , and that’s a big deal for Tulsa buyers. As shown in the chart below, rates have held steady in the mid-6% range since late 2024.  Forecasts from Fannie Mae, MBA, and Wells Fargo all agree, rates are expected to remain in the 6’s through 2026.  That means less guesswork and more confidence as you plan your move. Why it matters: When rates are all over the place, it’s hard to know what your monthly payment might be. But with this new stability, buyers have a clearer picture of their budget — and that makes buying a home feel less risky and more realistic. Expert forecasts suggest rates might tick down slowly, but we likely won’t see a dramatic drop anytime soon. Trying to time the market could mean missing today’s opportunity. Ready to run the numbers and see what your monthly payment co...

Buying a home in Tulsa just got easier. Whether you're a first-time homebuyer or looking to upgrade without draining your savings, Oklahoma offers several down payment assistance (DPA) programs that can help you get the keys to your dream home with little or  no  money down. What is Down Payment Assistance? Down Payment Assistance (DPA) helps cover part, or all of the down payment and sometimes closing costs. In Tulsa and throughout Oklahoma, these programs come in the form of: Grants (no repayment) Forgivable loans (repaid only if you sell or refinance early) Deferred or repayable loans (often with low or no interest) Why It Matters for Tulsa Homebuyers With rising home prices, many qualified buyers are being held back by one key factor: the need for cash for the down payment. These DPA programs open the door to homeownership, especially for first-time buyers, teachers, first responders, and families who just need a little help to get started. Top Down Pa...

On last week's all-company call, we recognized 7 Loan Officers, including 3 former President’s Club producers, who left Waterstone Mortgage but returned in the last quarter. This trend has become so common that we now have a name for it: Boomerang Hires. Why did they come back? The answer was unanimous: Waterstone Mortgage is simply the best place to grow your business. Although I’m not a Boomerang Hire, I took a deep dive into other companies, and the reality is—the grass isn’t greener elsewhere. The resources, support, and culture at Waterstone—especially within Oklahoma Mortgage Group (OMG)—are unmatched. That’s why OMG is the top mortgage branch in Tulsa and one of the most recognizable and respected mortgage teams in the area. We’re looking to add at least two more experienced LOs in 2025. Here’s what sets OMG at Waterstone Mortgage apart: 1. Top-Tier Sales Support – A dedicated local front and back-end team so you can focus on relationships and referrals, not paperwork. 2. Ma...

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...

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 ...