Mortgage rates climbing again. Here's why OK lenders are still optimistic
Mortgage rates in Oklahoma have increased due to global oil market volatility and inflation, but lenders and realtors remain optimistic about the spring home buying season. Despite higher rates, buyers are exploring options like adjustable-rate mortgages and new construction with builder incentives.
Mortgage rates have climbed in recent weeks, reversing a brief dip below 6%. The uptick coincides with volatility in global oil markets due to the Iran conflict. Oklahoma mortgage bankers and realtors still expect a strong spring home buying season. The connection between energy prices and mortgage rates is significant. Oil prices jumped from about $67 per barrel to $95 a barrel due to disruptions to crude shipments. Oklahoma City Metro Association of Realtors Board President Kimberly Robbins said market conditions are influenced by broader economic forces. Lenders are seeing a comeback of adjustable-rate mortgages as buyers look for relief. Despite the increase, mortgage rates are still slightly lower than they were at this time last year.
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