Categorized | Residential

Low Rates Not Enough to Convince Oklahoma Homeowners to Refinance

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Mortgage rates continue to fall to record lows, but homeowners in Oklahoma don’t seem to be looking to refinance at the current moment. The state seems to be going against the national trend, as across the country, refinancing applications have surged. Oklahoma homeowners, regardless of their reason, haven’t yet taken advantage of the money saving opportunity.

The rates for 30-year fixed mortgages and 15-year fixed mortgages are at astoundingly low levels, hitting just over four percent. That rate is over one percent lower than the average rate for all mortgages, which is roughly five and a half percent.

There are a variety of possible reasons as to why Oklahoma homeowners haven’t rushed to the bank to refinance. The state is in a somewhat different position than most others, as it has a very strong employment rate, and it was not adversely affected by the housing crash. It is possible that those that are taking advantage of the low rates across the country are those that are suffering the most.

Another possible factor is that it has been widely stated that lending standards are very stringent, and that it is nearly impossible to secure refinancing, or any kind of mortgage loan. Although the standards are tougher than in the past, it should be noted that one only needs a credit score of 620 to meet the minimum requirements.

While many Oklahoma homeowners have not yet taken advantage of the low rates, many bankers believe that they will soon rush in to refinance, as it is an option that will help save them money in the long run.

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About James Pattric

James writes for the Residential category (along with Josh Johnson) and also heads up the Resources category.

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