AS SEEN ON...
2.7% 3.3 APR* FIXED Mortgage Rate Today
Searching
Banks.

* Advertising Disclosures

Oklahoma Mortgage Rates

Bank Rate Term Type Points Contact Learn More
Unlock Bank 4 30 Year Fixed Jumbo 0.7 to 3 Show Phone Number Learn More
Unlock Bank 2.375 5 Year ARM Jumbo 0.7 to 3 Show Phone Number Learn More
Unlock Bank 2.25 5 Year ARM Conforming 0.7 to 3 Show Phone Number Learn More
Unlock Bank 2.5 5 Year ARM FHA 0.7 to 3 Show Phone Number Learn More
Unlock Bank 2.75 15 Year Fixed FHA 0.7 to 3 Show Phone Number Learn More
Unlock Bank 3.25 15 Year Fixed Jumbo 0.7 to 3 Show Phone Number Learn More
Unlock Bank 3.875 30 Year Fixed Conforming 0.7 to 3 Show Phone Number Learn More
Unlock Bank 3.25 30 Year Fixed FHA 0.7 to 3 Show Phone Number Learn More
Unlock Bank 2.625 15 Year Fixed Conforming 0.7 to 3 Show Phone Number Learn More

HARP Available for Oklahoma Homeowners with Underwater Mortgages

By: Lisa Burden | November 28th, 2012

Residential real estate prices continued to rise in the third quarter of 2012. Home prices increased in September – posting gains for the sixth straight month, according to the S&P/Case Shiller Home Price Index. Average prices rose by .3 percent in September 2012 compared to August 2012. Year-to-year values are also on the upswing, prices are up 3.6 percent in the third quarter of 2012 compared to the third quarter of 2011. But, even with gains and the increasingly widely held belief that we are in the midst of a housing recovery, many homeowners still struggle with negative equity. Indeed, in spite of the recent gains in home prices, the S&P/Case Shiller Home Price Index reports that housing prices are still down 28.6 percent from their 2006 peak levels.

The Home Affordable Refinance Program (HARP) can help those Oklahoma homeowners faced with negative equity or near negative equity mortgages. The government program was launched in 2009 to help homeowners who could not refinance their mortgages into lower interest rates because their homes were appraising for low values.

Oklahoma ranked 31st in CoreLogic’s second quarter 2012 Negative Equity Report. In the Sooner State, out of 419,745 properties with a mortgage, 33,901 are negative equity mortgages, 23,178 are near negative equity mortgages while the share of negative equity mortgages is 8.1 percent and the share of near negative equity mortgages is 5.5 percent. Nationwide, negative equity and near negative equity mortgages accounted for 27 percent of all residential properties with a mortgage in the second quarter of 2012, down from 28.5 percent at the end of the first quarter in 2012.

To qualify for HARP, a mortgage must be owned by Fannie Mae or Freddie Mac and it must have closed before June 1, 2009. An appraisal is not required. In addition, you are not eligible if you missed any mortgage payments by more than 30 days in the last six months; however, after you make enough payments on time, you can become eligible.

FreeRateUpdate.com surveys more than two dozen wholesale and direct lenders’ rate sheets to determine the most accurate mortgage rates available to well qualified consumers at about a 1 point origination fee.


Latest HARP Mortgage News April 19th, 2014