The State of Oklahoma is a large stated located in the south central part of the United States. Oklahoma, which sits just north of Texas, is the 20th largest state in terms of land area and 28th in terms of population. Today, there are around 3.9 million residents in Oklahoma, many of which are situated in and around the major cities of Oklahoma City and Tulsa.
Mortgage Laws in Oklahoma
During the housing bubble and crash Oklahoma saw a small increase in foreclosures due to the subprime mortgage crisis and overall downturn in the economy. To help protect borrowers and the overall economy going forward, Oklahoma ended up approving a number of statutes and amendments to the state’s mortgage laws. Today, mortgage lenders are required to abide by stricter credit standards that require borrowers to have a better credit score than in the past. Borrowers also need to have a verifiable source of income and 20% down payment in order to qualify for the best rates and avoid having to pay private mortgage insurance. Lenders in Oklahoma are also no longer permitted to provide loans with negative amortization or that do not provide clear incentives to borrowers.
Housing Outlook for Oklahoma
Compared to other states in the country, Oklahoma has had a pretty stable mortgage and housing industry over the past decade. The agriculture industry, which drives much of the communities across the state, has remained strong and will drive much of the demand for housing going forward. Furthermore, Oklahoma City has continued to increase in population and will likely continues to do so in the future. The improved population trend in Oklahoma City will likely push property values in the city upwards over the next decade.
Interest Rates in Oklahoma
The interest rate environment for mortgage loans in Oklahoma is similar to other states. While interest rates were lower a few months ago, rates are still at historically low levels. Mortgage rates today on a 30-year, fixed rate mortgage are around 4.10%. Those that are looking for a 15-year mortgage or an adjustable rate mortgage will normally receive around a 3.25% rate. While rates today are very low, those that have lower credit scores or incomes may have to accept a higher interest rate to compensate the lender for the higher level of risk.
5 Biggest Cities in Oklahoma
While the State of Oklahoma is generally considered to be a rural state focused on agriculture, there are some larger cities as well. The most populated city in Oklahoma is Oklahoma City, which is the capital of the state and has a population of 630,000 residents. The second most-populated city is Tulsa, which has a population of 400,000 residents. The next three most-populated cities, Norman, Broken Arrow, and Lawton, each have populations of around 100,000 residents.