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...

 Did you know the typical homeowner’s net worth is roughly 40x greater than a renter’s? It’s a staggering statistic that highlights the profound financial benefits of homeownership. Owning a home is the #1 way to build wealth in the U.S., and it’s a key step toward financial security and independence. Here’s why: when you own a home, your net worth grows as you pay down your mortgage and as home values rise over time. This wealth-building power, often referred to as equity accumulation , is something renters miss out on. Renters pay monthly for housing but don’t get to reap the rewards of equity or appreciation, which are two major drivers of homeowner net worth. The numbers tell the story. According to data from The Federal Reserve, homeowners consistently build equity while renters’ financial growth remains limited. For example, while home values have risen significantly over the last decade, renters’ net worth has increased only marginally. This growing gap showcases how own...

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 ...

Are you worried about a Tulsa housing market crash? Don't be. Unlike 2008, today's Tulsa real estate market is different. Experts agree: a crash is not expected in the near future. Why Tulsa Home Prices Are Stable The key factor is Tulsa housing inventory . For a crash to occur, there would need to be an oversupply of Tulsa homes for sale . Currently, we're experiencing the opposite – an undersupply. This is true even with recent inventory growth. Three Key Factors Impacting Tulsa Real Estate Inventory Existing Tulsa Homes for Sale: While there are more existing homes on the market compared to last year, the overall supply remains low. This means there simply aren't enough homes available to cause a price drop. New Home Construction in Tulsa: Although new home construction has increased, it's not a cause for concern. Tulsa home builders are actually playing catch-up after years of underbuilding. Distressed Property (Foreclosures/Short Sales) in Tulsa: Tha...

Are you contemplating a move that will transform your lifestyle while opening up incredible opportunities? Look no further than Tulsa, Oklahoma! With the innovative Tulsa Remote program and the support of the Oklahoma Mortgage Group, relocating to Tulsa has never been more appealing. Let’s explore why you should consider making Tulsa your new home and how we can assist you in this exciting journey. Embrace a New Lifestyle with Tulsa Remote Live, Work, and Grow in Tulsa Tulsa Remote is designed to foster a thriving remote work community right here in Tulsa. This program offers resources to help newcomers thrive, providing an active and supportive community, and an impressive $10,000 to help you make Tulsa your new home. Imagine the possibilities that await you in a city that is not only affordable but also rich in culture and opportunities. Program Details: A Unique Opportunity in a Flourishing City Tulsa Remote offers a unique opportunity in a flourishing city. Here are the details on ...

Hey there, Tulsa house hunters and homeowners! 👋 Let's discuss the topic that's probably on most people's minds these days: Tulsa mortgage rates. We know they've been a bit of a rollercoaster lately, and that can make figuring out how much house you can afford a real headache.  First, some quick facts: Tulsa Rates have been going up and down a bit, and that's because, well, a lot of things affect them. The overall economy, the job market, inflation – it's like a big pot of financial soup, and all the ingredients can influence the final rate.  But don't worry, you don't need a Ph.D. in economics to navigate this! That's where we, the Tulsa mortgage pros at OMG, come in.  We're here to discuss the trends, what experts say about the future, and, most importantly, how it all affects your Tulsa homeownership goals.  For example, this chart below shows how even a small change in the Tulsa interest rates can significantly affect how much house you can ...