OKLAHOMA CITY – Rep. Rick West, R-Heavener, recently filed legislation that would require an organization such as the Oklahoma Secondary School Activities Association (OSSAA) to accept cash for admittance to sporting events or any other activity where payment is required. House Bill 2972 would require any private organization or association which charges schools or school districts a membership fee, retains a portion of revenue generated by an interscholastic activity or contest of the member schools, and provides the coordination, supervision, and regulation of the interscholastic activity o ..read more

The nation’s second largest title insurer, First American, as well as some of its subsidiaries, remain offline as of Wednesday morning in the wake of the title firm’s Dec. 20 cybersecurity incident. The systems outage has derailed closings across the country over the holidays for homebuyers and sellers using the company’s title services in more than 2,000 locations. First American announced the incident mid-day on Thursday. On Friday, it notified clients that it had taken its email system offline and that recipients should be wary of any emails that come through from FirstAm.com. In addition ..read more

Mortgage rates stayed below 7% for the second week in a row, a welcome relief after a 17-week streak of above-7% rates. This week’s dip is the largest weekly drop since November 2022. The 30-year, fixed mortgage rate averaged 6.67% for the week ending Dec. 21, according to Freddie Mac‘s Primary Mortgage Market Survey. That’s down from last week’s 6.95% and up from 6.27% the same week a year ago. Meanwhile, HousingWire’s Mortgage Rates Center showed Optimal Blue’s average 30-year fixed rate on conventional loans at 6.68% on Thursday.  “Lower rates are bringing potential homebuyers who wer ..read more

The baseline conforming loan limit for mortgages backed by Fannie Mae and Freddie Mac in 2024 will be $766,550, up 5.5% compared to the current limit of $726,200, the Federal Housing Finance Agency (FHFA) announced Tuesday. Conforming loan limits are increasing at a slower pace, mirroring home prices, overall. That’s because the FHFA’s conforming loan limit increase is based on a formula related to home-price data in the third quarter of each year. The regulator compares home prices year over year and adjusts the limit by the corresponding amount. In 2022, the housing market was a little hotte ..read more

Start-up Canoo has produced its first electronic vehicle at the new Oklahoma City plant. Earlier this year, an LLC affiliated with the company acquired the 630,000 square foot manufacturing facility and surrounding land at I-40 and Morgan Road, formerly operated by Terex. The first assembled vehicles were on display this week and the OKC plant continues to hire, with 120 employees expected by the end of the year with a goal of 700 as production ramps up. Canoo has a contract with the State of Oklahoma for 1,000 vehicles and Walmart for 4,500. The company is also building a battery plant nea ..read more

The city of Shawnee said, in the past, it has seen people do free feedings in the downtown area for those without homes, leaving trash for locals to pick up. A new Shawnee ordinance will soon require people who want to give out free food downtown to get a permit. The city of Shawnee said, in the past, it has seen people do free feedings in the downtown area for those without homes, leaving trash for locals to pick up. The new ordinance aims to address the issue, but not everyone is happy about the decision. "There were two and three groups coming into feed or where groups have left and left t ..read more

LOs, housing pros voice concerns of the potential ripple effects on VA, FHA loan borrowers The guilty verdict of the landmark Sitzer/Burnett commission lawsuit case sent shockwaves across the real estate industry. In the aftermath, one of the most contentious issues in the minds of mortgage professionals is how the ruling might affect FHA and VA mortgage borrowers. FHA loans are a popular option for first-time homebuyers or those who don’t have a lot of cash saved for a down payment, because the loans require a minimum of 3.5% down. VA loans offer a 100% financing option for qualifying militar ..read more

Mortgage rates stabilized this week as the Federal Reserve decided to keep its rates unchanged Wednesday. However, mortgage rates still remain at a 23-year high. The 30-year, fixed-rate mortgage averaged 7.76% as of Nov. 2, according to Freddie Mac‘s Primary Mortgage Market Survey. That’s down slightly from last week’s 7.79% and up from 6.95% the same week a year ago. HousingWire’s Mortgage Rates Center showed Optimal Blue’s average 30-year fixed rate for conventional loans at 7.692% on Thursday, compared to 7.83% the previous week. “The 30-year, fixed-rate mortgage paused its multi-week climb ..read more

Everyone knows that potential homebuyers are waiting for better affordability. But if demand for homes at current prices is down then why haven’t home prices fallen to meet the lower demand? The short answer is that while homebuyer demand is indeed low, new supply remains very low, too. For home prices to adjust significantly, we need an imbalance of supply versus demand, and this market is surprisingly balanced. https://www.youtube.com/watch?v=VLD10ybr8Qg To get the weekly picture about the housing market, watch the video above. Don’t have time? Here are some quick takeaways from our latest d ..read more

Existing home sales and inventory are still negative year over year The savagely unhealthy housing market continues to unfold as we approach Halloween. Sales are still falling, home prices keep rising, and inventory is still negative year over year. The core problem? Too many people chasing too few goods — and days on the market are still under 30 days. On top of all that, mortgage rates are now at 8%. It’s like we invited Freddy Krueger, Jason and Michael Meyers to come for a haunted housing market party. Let’s review what the existing home sales market has told us in 2023 as mortgage rates h ..read more