Oklahoma Mortgage Group - Mike David

  Mortgage rates finally showed a little improvement late last week. After several weeks of increases, mortgage-backed securities began recovering some of their losses, and daily national mortgage rates moved lower. That was encouraging. But buyers should be careful about assuming a few better trading sessions mean mortgage rates are headed significantly lower. This week brings two important inflation reports that could quickly change the direction of the mortgage market. There is also a fresh housing-market story that may be particularly useful for buyers. More homes are available nationally, even though fewer sellers are listing. That combination tells us quite a bit about where the market stands as we move further into October. Mortgage Rates Improved Late Last Week Freddie Mac reported that its national average 30-year fixed mortgage rate reached 7.40% on October 8 , up from 7.28% the previous week. That marked the seventh consecutive weekly increase. AP News However, Freddie M...

  Only $630,000 remains available through the Tulsa County Home Finance Authority program, creating a limited opportunity for qualified first-time homebuyers who need help with the upfront cost of purchasing a home. The remaining funds are available on a first-come, first-served basis. Once the money has been reserved, this opportunity will close. What the program currently offers Qualified borrowers may receive a 6.35% fixed interest rate on a 30-year FHA, VA or USDA first mortgage, along with down payment assistance equal to 3.5% of the total first-mortgage note amount. The assistance is structured as a five-year forgivable second mortgage. If the program’s requirements are met throughout the five-year period, the assistance may be forgiven. Current program highlights include: • 6.35% fixed interest rate • 3.5% down payment assistance • Five-year forgivable second mortgage • FHA, VA and USDA financing options • Minimum 620 FICO score • Household income limits and other program re...