The Norman housing market is no longer the frenzy seen in recent years due to increased interest rates, and local experts say while it may still be a sellers market,
Lumber supply prices continue to drop significantly, but Norman-based, metro-area builders aren’t holding their breath in a volatile building costs market, and prospective new homebuyers won’t likely see a drop
Metro housing market shows signs of cooling, no mortgage rate spikes in Q4 2021, experts say normantranscript.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from normantranscript.com Daily Mail and Mail on Sunday newspapers.
Apr 4, 2021
Pictured is a lot that recently sold in Norman. Thirty year mortgage rates are on the rise. Kyle Phillips / The Transcript
The rate for a 30-year mortgage is increasing to the highest level since June, but that doesnât seem to be slowing the market in Norman, according to local experts.
According to weekly data released by federally chartered home loan mortgage corporation Freddie Mac, 30-year fixed-rate mortgages averaged 3.18% for the week ending April 1, after dropping to a record low 2.65% in January.
Rob Schaerer, broker and associate of Dillard Group Real Estate and 360 Realty, said a client of his recently locked in at 3%, and the rate one actually receives depends on the area, among other factors.