It Is Still A Great Time To Buy & Finance a Home In Oklahoma
Our Tulsa and Oklahoma economy remains robust, despite the headlines that play out daily on the national media. There are still many mortgage programs out there that enable people to go out and purchase a home. If you watch and read the national news, it is often frightening and creates undue stress to folks here in Oklahoma. Please remember that Tulsa was recently named one of the top 10 best places to live and work in the US. I think it came in 5th place out of the top 100 because of the affordability for homebuyers and the many other amenities that our city has to offer. Do not let the national news get you down. Back in 1983-1987 our economy was hurt by our dependence on local oil related businesses.
This year, we have been blessed by the fact that we still have so many companies that are energy related and it has helped our local economy remain stable.
There are still jobs out there to be had, homes to be bought and mortgages to help buyers achieve their dreams of home ownership.
Get in the game if you are thinking about buying a home. Contact a realtor and please feel free to call our bank for any questions that you have regarding financing your dream home.
You can reach us at 918.481.6833.
Have a great week!
Jeff Sargent
President
ONB Bank & Trust Residential Mortgage Div
8908 S Yale Ave, Suite 250
Tulsa, OK 74137
jeff_sargent@onbbank.com
Direct Line: 918.392.6572
Cell: 918.636.0630
Member FDIC
An Equal Opportunity Lender
Wednesday, September 24, 2008
Tuesday, September 16, 2008
Float or Lock?
This was just forwarded to me by Julie VanBoening at First Mortgage in Tulsa.
<http://www.agentxsites.com/> <http://www.mortgagexsites.com/>
There are only four pieces of economic news scheduled for release this week and one of them is a highly important inflation reading. We also have another Federal Open Market Committee (FOMC) meeting, which likely will not bring a change to key short-term interest rates. There is a pretty good possibility of seeing a fair amount of volatility in the markets and likely mortgage rates the next several days.
The first report of the week is August's Industrial Production data tomorrow morning. This report gives us a measurement of manufacturing sector strength by tracking output at U.S. factories, mines and utilities. It is considered to be moderately important but could cause movement in mortgage rates. Analysts are currently expecting to see a 0.3% decline in production. A higher level of output could lead to higher mortgage rates, while a weaker than expected figure should help push rates slightly lower.
August's Consumer Price Ind ex (CPI) will be released Tuesday morning at 8:30 am ET. The CPI is one of the most important reports we see each and every month. It is considered to be a key indicator of inflation at the consumer level of the economy. There are two readings in the report- the overall index and the core data reading. Current forecasts are calling for no change in the overall reading and a 0.2% rise in the core data reading. A larger increase in the core data would likely lead to higher mortgage rates Tuesday, while a smaller increase would be good news.
The FOMC meeting will adjourn at 2:15 PM Tuesday. There is little debate about a possible change to key short-term interest rates at this meeting. The overwhelming consensus is that there will be no change to rates at this meeting. However, the post-meeting statement could very well lead to volatility during afternoon trading as investors dissect it in an effort to find the Fed's expected next move. The wild card is how the ma rkets react to the statement. If we see significant weakness in stocks, the bond market may benefit as a safe-haven from the volatility. This could lead to lower mortgage rates Tuesday afternoon and Wednesday morning.
August's Housing Starts report will be released early Wednesday morning. This report will probably not have much of an impact on the bond market or mortgage rates. It gives us a measurement of housing sector strength and mortgage credit demand, but is usually considered to be of low importance to the financial markets.
Late Thursday morning, the Conference Board will release its Leading Economic Indicators (LEI). This index attempts to measure economic activity over the next three to six months. If it estimates an increase in activity, the bond market will probably fall and mortgage rates will rise slightly. If it shows weaker than expected readings, the bond market may rally and mortgage rates should fall. Current forecasts are calling for a 0.2% decline from July's reading.
Overall, I expect to see some pressure in bonds tomorrow as investors prepare for Tuesday's events. Tuesday will most likely be the most important day of the week with the CPI release and the FOMC meeting. If the CPI eases inflation concerns and the Fed statement doesn't reveal any negative surprises, we will most likely see mortgage rates move lower for the week.
If I were considering financing/refinancing a home, I would.... Lock if my closing was taking place within 7 days... Lock if my closing was taking place between 8 and 20 days... Float if my closing was taking place between 21 and 60 days... Float if my closing was taking place over 60 days from now... This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers.
Julie Van Boening
Professional Mortgage Planner
824 N Sycamore
Broken Arrow, OK 74012
(918) 251-9297 Office
Monday, September 8, 2008
Great News for Oklahoma
By Richard Mize
Real Estate Editor
Oklahoma is No. 1 in home value gains — at a time when homeowners in most of the rest of the country are wondering what hit them in their equity.
The Sooner State led the nation in appreciation, first among the 50 states, for the period ending June 30, the federal government said Tuesday.
With values in a historic general national decline in most of the country — and in a freefall in some places — values in Oklahoma rose 4.9 percent in the second quarter compared with the second quarter of 2007, according to the Office of Federal Housing Enterprise Oversight Home Price Index.
Nationally, values fell 1.7 percent during the same period. The U.S. purchase-only index tumbled 4.8 percent over the year, the agency reported.
Game on"Oklahoma is No. 1! Whew, am I glad football season is back. But wait, that is our housing market," quipped Mike Means, executive vice president of the Oklahoma State Home Builders Association. "Why? Two strong markets — Oklahoma City and Tulsa."
In fact, Tulsa ranked 10th among metro areas, with an increase of 4.87 percent. Oklahoma City ranked 17th with an increase of 4.68 percent.
Quarter to quarter, Tulsa values increased 0.91 percent and Oklahoma City values increased 1.87 percent, the federal agency reported.
"To me it affirms what we have been saying all along. We did not have the overheated market and did not have the investor-speculative market. Slow and steady was our pace and still is. Bottom line, our prices are still increasing, so if you don't buy now, the price is going up. Good news for Oklahoma, I say," Means said.
Repeat playThe federal agency's main index tracks all transactions, purchases as well as refinances. The new numbers echoed second-quarter statistics from the National Association of Realtors.
The Realtors reported that Oklahoma City and Tulsa were among 35 metro areas that showed gains in median home prices in the second quarter.
Oklahoma City's median price of $131,000 was 1.3 percent higher than the $129,300 recorded in the second quarter of 2007 and 4.8 percent higher than the $124,900 recorded in the first quarter, the Realtors said.
Tulsa's median price of $132,000 was 2.3 percent higher than the $129,000 recorded in the second quarter of 2007 and 8 percent higher than the $122,200 median price in the first quarter, the group said.
Gains on the ground"Oklahoma is very fortunate. This is the eighth straight year we are seeing steady increases in home appreciation," said Sam Rader, chairman of the board of Tulsa-based Coldwell Banker Select, which has 20 offices and 700 agents across the state.
"Here in Tulsa, and throughout the state, we have not experienced the sharp increases or decreases in home values that have occurred elsewhere. On the contrary, we have continued to see slight but steady growth during these uncertain times for other markets," Rader said. "This dynamic is fueled by the fact that our market is made up of solid demand from of home owners rather than from real estate speculators."
A strong defenseLawton home builder Steve Barnes, a former president of the state builders association, said the housing market also is benefiting from Oklahoma's strong economy, which is also generally out of step with the nation.
"It is simple. I am on a bank advisory board and see across the board what the different business sectors are doing," Barnes said. "Ag business is stable to very good with the crop prices, even with the fuel costs. Oklahoma being an oil- and natural gas-producing state, this (too) has a strong positive impact. Fort Sill, Altus Air Force Base, Tinker Air Force Base, Vance Air Force Base and the other defense industry businesses are huge impacts on Oklahoma.
"Many states are going backwards but Oklahoma has these three (sectors) pushing our economy where most do not."
X's & O'sThe inner workings of the housing sector itself in Oklahoma also sidestepped some of the factors that are causing other markets to fall, said Victoria Caldwell, a RE/MAX franchise broker-owner in Edmond and vice president of MLSOK.com, the metro Realtors' multiple listing service.
"We didn't have the unfounded appreciation that some of the areas hardest hit had. We also didn't have a mortgage market that was completely dependant upon nonconforming loans. The largest percentage of our properties can be purchased using conforming conventional and Federal Housing Administration-backed loans," Caldwell said.
Barnes said most Oklahoma home buyers "qualified for the loans they received."
If you want to apply for a mortgage please contact
Karen L Heston, Mortgage Banker
BOk Mortgage (918)488-7353
Real Estate Editor
Oklahoma is No. 1 in home value gains — at a time when homeowners in most of the rest of the country are wondering what hit them in their equity.
The Sooner State led the nation in appreciation, first among the 50 states, for the period ending June 30, the federal government said Tuesday.
With values in a historic general national decline in most of the country — and in a freefall in some places — values in Oklahoma rose 4.9 percent in the second quarter compared with the second quarter of 2007, according to the Office of Federal Housing Enterprise Oversight Home Price Index.
Nationally, values fell 1.7 percent during the same period. The U.S. purchase-only index tumbled 4.8 percent over the year, the agency reported.
Game on"Oklahoma is No. 1! Whew, am I glad football season is back. But wait, that is our housing market," quipped Mike Means, executive vice president of the Oklahoma State Home Builders Association. "Why? Two strong markets — Oklahoma City and Tulsa."
In fact, Tulsa ranked 10th among metro areas, with an increase of 4.87 percent. Oklahoma City ranked 17th with an increase of 4.68 percent.
Quarter to quarter, Tulsa values increased 0.91 percent and Oklahoma City values increased 1.87 percent, the federal agency reported.
"To me it affirms what we have been saying all along. We did not have the overheated market and did not have the investor-speculative market. Slow and steady was our pace and still is. Bottom line, our prices are still increasing, so if you don't buy now, the price is going up. Good news for Oklahoma, I say," Means said.
Repeat playThe federal agency's main index tracks all transactions, purchases as well as refinances. The new numbers echoed second-quarter statistics from the National Association of Realtors.
The Realtors reported that Oklahoma City and Tulsa were among 35 metro areas that showed gains in median home prices in the second quarter.
Oklahoma City's median price of $131,000 was 1.3 percent higher than the $129,300 recorded in the second quarter of 2007 and 4.8 percent higher than the $124,900 recorded in the first quarter, the Realtors said.
Tulsa's median price of $132,000 was 2.3 percent higher than the $129,000 recorded in the second quarter of 2007 and 8 percent higher than the $122,200 median price in the first quarter, the group said.
Gains on the ground"Oklahoma is very fortunate. This is the eighth straight year we are seeing steady increases in home appreciation," said Sam Rader, chairman of the board of Tulsa-based Coldwell Banker Select, which has 20 offices and 700 agents across the state.
"Here in Tulsa, and throughout the state, we have not experienced the sharp increases or decreases in home values that have occurred elsewhere. On the contrary, we have continued to see slight but steady growth during these uncertain times for other markets," Rader said. "This dynamic is fueled by the fact that our market is made up of solid demand from of home owners rather than from real estate speculators."
A strong defenseLawton home builder Steve Barnes, a former president of the state builders association, said the housing market also is benefiting from Oklahoma's strong economy, which is also generally out of step with the nation.
"It is simple. I am on a bank advisory board and see across the board what the different business sectors are doing," Barnes said. "Ag business is stable to very good with the crop prices, even with the fuel costs. Oklahoma being an oil- and natural gas-producing state, this (too) has a strong positive impact. Fort Sill, Altus Air Force Base, Tinker Air Force Base, Vance Air Force Base and the other defense industry businesses are huge impacts on Oklahoma.
"Many states are going backwards but Oklahoma has these three (sectors) pushing our economy where most do not."
X's & O'sThe inner workings of the housing sector itself in Oklahoma also sidestepped some of the factors that are causing other markets to fall, said Victoria Caldwell, a RE/MAX franchise broker-owner in Edmond and vice president of MLSOK.com, the metro Realtors' multiple listing service.
"We didn't have the unfounded appreciation that some of the areas hardest hit had. We also didn't have a mortgage market that was completely dependant upon nonconforming loans. The largest percentage of our properties can be purchased using conforming conventional and Federal Housing Administration-backed loans," Caldwell said.
Barnes said most Oklahoma home buyers "qualified for the loans they received."
If you want to apply for a mortgage please contact
Karen L Heston, Mortgage Banker
BOk Mortgage (918)488-7353
Subscribe to:
Posts (Atom)