Mortgage Applications Are Rising in 2025—

Here’s Why That Matters for Oklahoma City Buyers

You’ve seen the headlines: high mortgage rates, low inventory, and a challenging market for buyers and sellers alike. But beneath those surface-level stories, there’s a deeper trend playing out—one that could create real opportunities this spring, especially in Oklahoma City.

According to the Mortgage Bankers Association, mortgage purchase applications are rising year over year for the first time in a while. While this might not make front-page news, for those of us closely monitoring the data, it’s a strong indicator that the housing market is beginning to show signs of life.

What Are Mortgage Purchase Applications?

In short, mortgage purchase applications are the paperwork buyers submit when actively seeking a home loan. This is a leading indicator, often revealing market trends 30 to 90 days before they appear in actual home sales data.

In the first 10 weeks of 2025, the data is leaning positive:

• ✅ 4 positive weeks

• ➖ 3 flat weeks

• ❌ 3 negative weeks

It’s not a boom, but it’s consistent. And most importantly: it’s growth.

“Unlike the last few years when rates have gone up and purchase application data is negative, it’s still positive on the weeklies and the year over year. It was a long time ago since I’ve been able to say that.”

— Logan Mohtashami, HousingWire Daily Podcast

Oklahoma City Housing Market: A Local Perspective

Focusing on Oklahoma City, the local market reflects some of these national trends:

• Home Prices: As of February 2025, the average home value in Oklahoma City is approximately $198,272, marking a 1.2% increase over the past year. 

• Inventory Levels: In March 2025, there were 4,222 homes for sale in Oklahoma City, a 13.2% increase compared to February 2025. This rise in inventory provides more options for prospective buyers. 

• Days on Market: Homes in Oklahoma City are spending an average of 35 days on the market as of February 2025, indicating a relatively brisk market pace. 

• Mortgage Rates: As of April 3, 2025, the average 30-year fixed mortgage rate in Oklahoma stands at 6.38%, slightly below the national average. 

Why 2025 Feels Different

This year, we’re observing something new. Mortgage applications are increasing even though rates haven’t dropped significantly. As of mid-March 2025, the average 30-year fixed rate sits around 6.7%—not ideal, but far better than the 8% rates seen in late 2023.

The difference? Buyer mindset.

After nearly two years of volatility, buyers seem to be adjusting. This isn’t about waiting for the perfect rate—it’s about seizing a manageable rate before home prices continue to rise. There’s a quiet urgency in the air.

What It Means for You

If you’ve been on the sidelines waiting for the “perfect moment,” this could be it. More buyers are stepping back in, and if rates dip toward 6% (which many experts anticipate this year), competition could intensify quickly.

That’s why it’s crucial to get pre-approved now, line up your financing, and be ready to move when the right home hits the market.

📞 Need help getting pre-approved or understanding your buying power?

Cody Hardridge, my trusted lending partner at Neo Home Loans, is here to guide you through your options with clarity and confidence. Start your journey at www.cody.mortgage.

Final Thoughts

Mortgage applications are rising—and that’s a significant shift. It signals that buyers are re-engaging with the market, not because rates are ideal, but because they’re ready to move forward.

As we move deeper into spring, this window of opportunity might not stay open long. Whether you’re looking to buy now or just want to plan smart, let’s discuss your strategy.

👉 Schedule a consultation today and let’s map out your next steps:

 ☎️ Call/Text: 405-784-6580

📩 Email: will@willflanaganrealty.com

🌐 www.willflanaganrealty.com

📲: @_okc_realtor_