Market & Interest Rates Updates

Applications to purchase homes increased 6.3 percent last week compared to the previous week on a seasonally adjusted basis, according to the Mortgage Bankers Association weekly survey.

On an unadjusted basis, purchases rose 4 percent compared to the previous week, but were down 38.8 percent from the same week a year ago.

Mortgage rates rose slightly last week:

30-year fixed-rate mortgages increased to 4.5 percent (from 4.43 percent).
15-year fixed-rate mortgages increased to 4 percent (from 3.88 percent).
1-year ARMs increased to 7 percent (from 6.95 percent).

What will the economy and the real estate market be like a month from now?

Natalie Flaming
Realtor - Broker Associate
The VIP Team
Metro First Realty
Natalie@TheVIPofOKC.com
www.TheVIPofOKC.com

The VIP News - OK 2nd Qtr Sales Stats

In parts of the country, home values have fallen as much as 57%. Yes, the bubble has burst, but Oklahoma boasts a stable economy with some of the lowest unemployment rates in the US which are reflected in a minor loss in home values. The proof is in the numbers.

Currently, the bulk of the Buyers in the Oklahoma City and surrounding areas are the "2nd-time Homebuyers" or those upgrading from the sale of their previous home to those first-time Homebuyers that sought the tax credit incentives that ended in April. Now is the time to sell if you have a home in the value range of $150,000 - $300,000. Those experienced buyers are savvy enough to know the interest rates combined with home prices are the only incentive they need to buy.

Keep up the good work Oklahoma!

Natalie Flaming
Realtor - Broker Associate
The VIP Team
Metro First Realty

www.TheVIPofOKC.com