Tulsa Housing Experts Say It's Too Early To Panic About Rising Mortgage Interest Rates

Mortgage rates climbed to six percent this week, for the first time since 2008. The rate is about double what it was a year ago.

A Tulsa realtor and a mortgage loan originator both said it is important to keep things in perspective, because this is still a healthy market.

While interest rates continue to go up, experts said it is still a good time to buy a home in Tulsa.

Chinowth and Cohen Realtor Cindy Morrison said right now homes are on the market an average of 22 days, with only one or two offers.

"And believe me, that is a totally different can of worms from what we were facing where homes were on the market a few days, and you had 20 offers,” Morrison said.

She said to help put these higher interest rates in perspective, look back in time.

"I'm a second-generation realtor,” Morrison said. “And my mother was selling in the 80s when it was 18 and 19 percent. When I bought my first home, I think it was round 7 or 8 percent. So realistically when you look at the bigger picture, it is still a low interest rate."

Waterstone Mortgage Branch Manager Kerrick Draper said while things have slowed down a bit and fewer people are applying for loans, this is still a good market.

"But everybody has to remember to keep it in perspective because we're coming off of two record years. So ya, it is a bit of a down year but it's still good and relatively consistent,” Draper said.

Morrison explained that while the circumstances are very different, the outcome is relatively similar for buyers last year versus this year.

"For people who may have spent 20, 50 thousand dollars over the asking price during COVID, and yes, they got a low interest rate, those who have just a little bit higher interest rate now and are paying list price, may be getting just about the same deal,” she said.

Draper said with rates expected to continue to go up as the year goes on, if someone is ready to buy a home, it is a good time to take advantage of the rates now.