Tulsa Homebuyers Feel Dip In Mortgage Rates Since Friday

Mortgage rates are the lowest they have been since last spring. While the Fed has not lowered interest rates, lenders say the market reacted to July's weak jobs report.

Over the past year, interest rates have been as high as 8 percent or more, but since Friday, some lenders say they are able to offer rates to homebuyers that are closer to 6.5 or 7 percent. 

Tulsa area realtor Cindy Morrison said she has more houses listed at the moment than she ever has at one time.

"Usually, I'm between 8 and 10 listings at one time," she said. "Right now, I'm at 16 listings, which is almost $7 million in homes."

Morrison said between more inventory and a tick down in interest rates, the market is starting to shift.

"We've been a seller's market since 2020. And as we've had more inventory over the last few months, switching a little bit more to the buyer's," Morrison said. 

She said now is a good time to buy. 

"The problem is, as the rates drop, more buyers are gonna jump in, which means more competition." 

The Campbell family is getting ready to lock down on these lower rates and buy their first home. In just the last two weeks, their rate on a conventional loan went down by close to a half a point. 

"We found a house really quickly," Megan said. 

"With prices the way they are, we were planning to scrap pennies together, so this lower interest rate will help us," Sawyer said. 

Big brother Jude is looking forward to the move.

"With my bedroom, it has a personal bathroom that's pretty big, and then connected to it, it has a huge closet," he said. 

Lenders say keep in mind there are several factors that go into your interest rate, so each homebuyer's experience is different.