TULSA, Okla. — The national housing market has seen lots of volatility over the past five years. But could the wildly changing mortgage rates we’ve seen recently impact Oklahoma homebuyers?
2 News Oklahoma’s Douglas Braff listened to local homebuyers and asked the head of a homebuyer assistance group about the market right now.
The average rate on a 30-year fixed mortgage rose 13 basis points on April 11 to 7.1%, its highest since mid-February. That capped off a turbulent week for mortgage rates and the influential bond market, one marked by the Trump administration’s back-and-forth on tariffs.
“We look at the past week, yes, it's been volatile, going from 5% to 6%, and it'll start coming down again,” Bruce Marks told 2 News. “But you gotta be prepared to jump when you find that right house.”
Marks is the founder and CEO of the nonprofit Neighborhood Assistance Corporation of America, which hosted an event this weekend in downtown, helping Tulsans purchase their very own home.
“No down payment, no closing costs, no fees at a below-market fixed rate,” he said. “And we never consider anyone's credit score.”
In spite of this recent volatility, Marks emphasized he’s confident things will ease up eventually.
When asked what homebuying and mortgage rates look like right now with summer coming along soon, he replied, “It's a great time to buy because — you know — even as rates go up, housing prices come down.”
Bria Francisco told 2 News, “Overall, I think the price point in Tulsa has made everything really attractive and feasible, and the interest rate's not as terrifying.”
After moving between cities and finally landing in Tulsa, Francisco is on her third try at buying a home.
She said this economic turbulence isn’t stopping her.
When asked if the volatile mortgage rates have presented any challenges to her, she replied, “No, it just— I've focused on just keeping my price point lower than my budget, so that way I can prepare for any changes any fluctuations.”
“And then overall with the interest rates,” she added, “I mean, they've been shifting so much, now I kind of just roll with the punches.”
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