Mortgage rates at historic lows

Home mortgage rates have hit the lowest level in four decades. News on Six anchor Scott Thompson says this is a bright spot in a dismal economy. <br><br>While the rest of the economy continues to lag,

Monday, September 9th 2002, 12:00 am

By: News On 6

Home mortgage rates have hit the lowest level in four decades. News on Six anchor Scott Thompson says this is a bright spot in a dismal economy.

While the rest of the economy continues to lag, the brick-and-mortar business is booming. And that's good news for Tulsan's looking for a house.

"If you're even thinking about buying a house in the next two to three years its probably a good time to go ahead and step that up. We're in a buyer's market." Jeff Allen with Associated Mortgage Corporation says home mortgage rates are at historic lows, and it can save homeowners almost $150 a month.

Mortgage brokers say you can save almost $50,000 over the course of your mortgage. And Tulsa's housing market has picked up as a result.

More people are looking for new houses and others are giving their current homes a facelift.

â€œIt's taken a surprising turn although I'm sure the purchasing of new homes is always in someone's future but alot of people that have thought about purchasing a new home have found a better value in remodeling the home their in." Sheri-Mayer Williams says her interior design business has picked up with the falling rates.

She's juggling several projects right now and says more business for her means more business for others, like landscapers and builders. The boost to Tulsa's economy is also good for the consumer. â€œThis actually adds to the value while living in the home but it actually makes re-sale better in the future so its actually future investment for them."

But experts say you shouldn't wait for the future to act. If you want to cash in on these low rates you need to buy now.

Allen, â€œwe're getting towards the end they could fall a little bit further given some more bad economic data but I believe we're getting about as low as we're gonna go."

These low rates are having the biggest impact on homes ranging from $100,000 to $150,000. Those are the ones that continue to sell well. Experts say the market for homes over $200,000 is beginning to slow.