TULSA, Okla. –
The average 30-year fixed mortgage rate has dipped to 5.98%, falling below 6% for the first time in more than three years.
The drop is welcome news for potential homebuyers who have been watching rates closely amid economic uncertainty.
“It’s something you can’t just not pay attention to, especially with how the economy has been,” said Dorian Hill of Tulsa.
Hill said he and his cousin recently began exploring the housing market, looking at rental properties and homes they might purchase as a first home.
“We’re out today, kind of looking at some houses, some rental properties, and possibly some properties to buy or purchase and be our first home,” Hill said.
Local realtor Rachel Close said the rate decline could bring renewed energy to the housing market, particularly as the busy spring season approaches.
“Lots of buyers are entering the market. Buyers are coming back in. They’re getting excited to purchase homes at under 6% interest rates,” Close said. “We’re going to see a lot of activity this spring.”
Close said many buyers and sellers have been waiting for a sign that rates were easing. Lower rates could benefit both groups — encouraging sellers to list their homes while giving buyers more purchasing power.
“Between sellers wanting to sell and be able to purchase at another low interest rate, we’re going to see an increase in inventory and an increase in buyers this spring,” she said.
For buyers like Hill, the shift brings optimism.
“You work hard, you go to work every day, you put your coins together,” Hill said. “When you get ready to make a big move like that, you want things to be around that you can handle.”
Close said it’s difficult to predict how long rates will stay below 6% or whether they will fall further. She encourages anyone considering buying or selling to speak with a realtor and create a plan based on their financial goals.