Federal reserve cuts rates by half a point. How will Oklahoma mortgage rates be impacted?

The Federal Reserve cut interest rates for the first time in four years, reducing its key rate by half a percentage point to a range of 4.75% to 5%. This decision aims to support the positive direction of the U.S. economy. Mortgage rates are expected to decrease gradually, with current rates in Oklahoma at 5.69% for 30-year fixed loans. Oklahoma's real estate market remains a sellers' market, with rising listings and closed sales. Lower interest rates may attract more buyers, potentially increasing demand and impacting home prices.