If you’ve been watching the housing market, you’ve likely heard a lot of talk about mortgage interest rates—and if you’re like most buyers, you're wondering:
Should I wait to buy until rates go down? Or is now still a good time to purchase a home?

At Duncan Gals Real Estate, we help our clients make confident, informed decisions based on real numbers and local trends—not just national headlines. In this post, we’ll break down what interest rates are, how they affect your monthly payment, and what today’s market means for buyers in Edmond and the OKC metro.

💡 What Are Mortgage Interest Rates?

A mortgage interest rate is the percentage of your loan amount that a lender charges you to borrow money for a home. It's one of the biggest factors that impacts your:

• Monthly mortgage payment

• Total loan cost over time

• Home affordability

Mortgage rates are determined by a variety of factors including:

• The Federal Reserve

• Inflation

• Your credit score

• Down payment amount

• Loan type and term (e.g. 15-year vs. 30-year)

📈 What Are Interest Rates Like in 2025?

As of mid-2025, mortgage interest rates in Oklahoma are averaging between 6.5% and 7.25%, depending on your credit score, loan product, and down payment. While this is higher than the record lows of 2020–2021, it’s not historically high.

For perspective:

So while we’re no longer in the ultra-low interest rate era, today’s rates are still relatively moderate, especially when paired with the long-term benefits of homeownership.

🏡 How Do Interest Rates Affect Home Affordability?

Let’s look at how interest rates change your monthly payment.

Example:

• Purchase Price: $350,000

• Down Payment: 10%

• Loan Amount: $315,000

So yes—rates matter. But there’s more to the story.

🔄 Why Waiting for Rates to Drop Might Not Save You Money

Many buyers think they should wait until rates drop before purchasing a home. But here’s why that might backfire:

1. Lower Rates = Higher Competition

If rates fall, more buyers will jump back into the market, creating bidding wars and driving prices up.

2. Home Prices in Edmond Are Still Climbing

Even with higher rates, Edmond’s market continues to see:

• Low inventory

• Multiple offers

• Steady price increases, especially on acreage homes

So waiting could mean you pay more for the same home later—even if your rate is slightly lower.

3. You Can Refinance Later

Many buyers are opting to "marry the house, date the rate." That means:

• Buy now

• Lock in your home

• Refinance in a year or two if rates improve

This strategy allows you to build equity now instead of renting or sitting on the sidelines.

🧮 How to Shop Smart With Today’s Rates

If you're buying in 2025, here’s how to make smart financial moves—even with interest rates near 7%:

✅ Get Pre-Approved

Work with a local lender who can walk you through:

• Monthly payment scenarios

• What you qualify for with your income

• Creative options like buydowns or ARMs

We’re happy to connect you with trusted Edmond-area lenders.

✅ Consider a Rate Buydown

Some sellers are offering rate buydowns or closing cost assistance. This means you can:

• Get a lower rate for the first 1–2 years

• Ease into your mortgage more affordably

• Make your offer more competitive without increasing your price

✅ Don’t Stretch Too Far

In this market, it's wise to:

• Set a comfortable monthly payment range

• Factor in taxes, insurance, and potential HOA dues

• Leave room in your budget for homeownership costs (repairs, utilities, furniture)

📍 Edmond Market Snapshot (2025 YTD)

Here’s how the local market is performing despite higher rates:

Homes under $400K, especially in West Edmond or Deer Creek, remain competitive. East Edmond continues to attract luxury buyers and those seeking land—even with increased interest rates.

💬 What Our Buyers Are Saying

“We almost waited another year, but Duncan Gals helped us lock in a great home with seller-paid closing costs. Our plan is to refinance in 2026 if rates come down.”
– L. Morgan, Edmond

“We thought higher interest rates would price us out, but they helped us stay focused on our budget and got us into a great starter home in West Edmond.”
– A. Patel, Deer Creek

🗝 Should You Buy Now?

If you’re financially ready, now can still be a great time to buy—especially in a market like Edmond where:

• Inventory is low

• Prices are trending up

• Homes are still gaining equity

• You can refinance when the time is right

At Duncan Gals Real Estate, we believe in helping you buy smart—not just buy fast. We’ll walk you through real costs, current market conditions, and help you create a long-term plan that works for your goals.

Ready to Explore Your Options?

Don’t let headlines scare you off. Let’s sit down, run the numbers, and talk about what makes the most sense for you.

📍 Start browsing listings at duncangalsrealestate.com
📞 Call us for a strategy session
📧 Email us for local lender recommendations
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Let’s navigate today’s market together—with confidence.