How long will mortgage interest rates stay low? | Sponsored Features


Is Now a Good Time to Buy a Home?

Interest rates will eventually rise, but for now they remain close to their historic lows. So now is a good time to consider buying a new home or refinancing an existing mortgage and potentially shortening your loan term in the process.

Since 1971, when Freddie Mac began surveying lenders, mortgage interest rates have fluctuated widely, ranging from a high of 18.63 percent for a 30-year fixed mortgage rate in 1981 to less than $ 3. 00% more recently.

According to a recent Bankrate article, many mortgage experts expect rates to exceed 3.5% by the end of 2021.

“Before the pandemic, we started to see interest rates rise with the consensus that the trend would continue. With projected economic growth gradually pushing up interest rates, we see many homebuyers taking advantage of lower rates today, ”said Duane Blevins, president of First Oklahoma Mortgage, a subsidiary of First Oklahoma Bank.

The first thing potential buyers currently want to know is whether they can secure a low interest rate before rates start to rise, Blevins said. The answer is yes. They can lock in a rate for up to 90 days.

The challenge right now, however, is that home prices have been rising steadily as the number of homes for sale has lagged demand. The housing market has not fully regained its balance since the pandemic, Blevins said, and many homebuyers are vying for a limited supply of housing.

Blevins notes that most purchase transactions close within 30 days, while the refinancing process takes on average around 45 days.

The mortgage loan process is now fully automated. Homebuyers use a secure portal through First Oklahoma to apply for loans. Loan seekers should be prepared to provide information on loans, employment, and asset verification.

“One of the things that sets First Oklahoma apart from our competition is our FastTrak mobile app. This is especially popular with millennials. It uses the same secure application portal as our online application – only you can do it on your mobile device, ”said Blevins.

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Duane Belvins, President of First Oklahoma Mortgage

The FastTrak mobile app makes the home buying process quick and easy. Anyone with a mobile device with access to the Apple Store or Google Play can download the free app. Completing the mortgage application takes less than 10 minutes.

FastTrak offers additional benefits:

  • Convenience and peace of mind with fast, easy and secure document sharing
  • The possibility of easily following the evolution of the loan at any time
  • An integrated mortgage calculator

To learn more about First Oklahoma Mortgage, call one of our Mortgage Consultants at (918) 481-8810 or visit our website at FDIC and Equal Housing Lender member.

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