Central Oklahoma mortgage rates drop again

Journal Record, The (Oklahoma City), Aug 10, 2001 by Ray Carter

Central Oklahoma mortgage rate averages declined this week for the second week in a row. They remain lower than the averages cited both one month and one quarter ago.

The Oklahoma City Mortgage Bankers Association survey this week showed that for a 30-year conventional fixed-rate mortgage - $100,000, 60-day lock, with no discount points or origin fee - the highest rate cited was 7.25 percent, the lowest rate cited was 7 percent, and the average was 7.042 percent.

Last week's average was 7.141 percent. Four weeks ago the average was 7.35 percent. The average three months (12 weeks) ago was 7.25 percent.

For 15-year conventional fixed-rate mortgages - $100,000, 60-day lock, no discount points or origin fee - the survey showed a top rate of 6.875 percent, a bottom rate of 6.5 percent, and an average of 6.667 percent.

Last week's average was 6.734 percent. Four weeks ago the average was 6.913 percent. The average three months ago was 6.821 percent.

For a 30-year FHA fixed-rate mortgage - $75,000, 60-day lock, no discount points or origin fee - the survey showed a top rate of 7 percent, the bottom rate was 7 percent, and the average was - 7 percent. (Officials with the banker's association said all quotes for 30-year FHA fixed-rate mortgages this week were 7 percent.)

Last week's average was 7.021 percent. Four weeks ago the average was 7.344 percent.

The average three months ago was 7.10 percent.

The Oklahoma City Mortgage Bankers Association is comprised of 30 members, including 10 non-voting associate members who are not mortgage bankers, but represent title companies, appraisers, and other companies within the mortgage industry.

Association members who have participated in the survey include American Capital Mortgage, Arvest Mortgage, BOk Mortgage, Corinthian Mortgage, First National Bank of Edmond, GMAC Mortgage, Harry Mortgage, Holliday American Mortgage, McClain County National Bank, MidFirst Bank, Quail Creek Bank, Spiritbank Mortgage, Temple Inland Mortgage, Universal Mortgage, Wells Fargo Home Mortgage and WEOKIE Credit Union.