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Oklahoma Watches and Warnings

Mortgage rates are lower than expected, but experts say it won’t last long

OKLAHOMA CITY - Low mortgage rates are bringing out buyers across the Sooner State.

For the past month, officials say that mortgage rates have fallen to their lowest levels since August. That's great news for potential home buyers, and many are taking notice of the interest rates.

"Applications have increased in the last 10 days,"  said Jacob Williams, a senior loan officer with First United Mortgage Group.

Experts say many home buyers are trying to secure a home loan while rates are still low.

"Interest rates are going to vary anywhere from 4.375% to 4.625%. Most of the companies are going to be pricing at 4.5 though," Williams said.

Williams says he believes the rates have dropped due to trade talks between the United States and China.

"Like I mentioned before, the geopolitical issues between U.S. and China, I don't see that coming to a solution anytime soon, which people are going to be scared moving money back and forth from an investor standpoint,” Williams said.

Realtor Anne Wilson hasn't seen any fluctuation in the number of people buying and selling homes based on mortgage rates. The biggest change she sees is how people are buying.

"It's the craziest time I have seen ever. It's an ironic market. Some houses will sit and sit and sit. Others will have multiple offers and I mean multiple," Anne Wilson said.

While local realtors say there are plenty of luxury houses for sale, they say it's the homes under $200,000 that are in high demand.

"There are people lined up for some of these houses like I've never seen," Wilson said.

So, if you're thinking about buying, do it now because experts say rates likely won't stay this low.

"Historically, it's a great rate and you're not going to really go down from here. The economy is doing great. Things are moving in the right direction from a national standpoint and so I see rates going up in the near future,” Williams said.

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