Oklahoma City metro mortgage rates hover around 6%, realtor says

OKLAHOMA CITY (KOKH) — While mortgage rates are increasing across the U.S. to start 2025, we wanted to find out how things are looking in the Oklahoma City metropolitan area.

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A local nonprofit says our mortgage rates are hovering around 6%.

The Oklahoma Association of Realtors says that’s a pretty reasonable rate, but they believe it will fluctuate.

President of the group Emilykaye Mitchelson says mortgage rates have improved since 2022.

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“They’ve come down from about 8%, but I don’t think we’re going to see mortgage rates go as low as 3%,” Mitchelson said. “I think if we have steady rates, that’s going to be a good omen not only for buyers and sellers, but potential homeowners.”

According to Mitchelson, the current rate will most likely change.

“The rate is tied often to the treasury bills and not necessarily the fed rate, so it will fluctuate.”

Though she says 6% is historically pretty low for the area.

“We may have some more consistency in our rates in 2025. They may get down to the high 5’s, but 6 is a pretty good rate.”

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Mitchelson says considering the current mortgage rate in the metro, it’s a good time for the average person to be looking to buy a home.

“We’re facing a new year, new administration, hopefully inflation will begin to ease, so that will help people with affordability issues. As more people put their home on the market, in addition to finding new homes, be aware of the fact that lenders also have various programs for home buyers. Also, new construction is an option for people. It’s a very good time to buy a home.”

Mitchelson says if you’re looking to buy a home, find a realtor.

“They can help you navigate one of the most complicated transactions in your lifetime. You’re literally putting yourself and your family on a firm foundation. You want someone who’s experienced, and knows how to navigate that.”

Mitchelson adds that people are considering putting their homes on the market for the spring buying season.