Jeff Click is interviewed in video posted at newsok.com. Watch the video
Editor's Note: Oklahoma City area builder and former OSHBA President Jeff Click was interviewed by Richard Mize, real estate editor of The Oklahoman, about the state of the housing market in Oklahoma. Click's perspective was included in following article, which was published June 24.
By Richard Mize
Copyright ©2016 Produced by The Oklahoman.
Uncertainty abounds surrounding Brexit, but one thing seems sure for U.S. housing: It will get a boost in even lower mortgage rates, to Oklahoma City homebuyers' benefit.
Why would Britain's vote to leave the European Union affect loan rates here?
Investor flight from roiling stocks to stable U.S. Treasuries drives T-bill prices up, which pushes yields down.
When Treasury yields go up, banks can charge higher rates for mortgages supporting the mortgage-backed securities. But Treasury yields headed down immediately Friday on news of Brexit.
Add that to an Oklahoma City housing market that has managed to perform well despite a stew of uncertainty — in the energy sector, in sluggish homebuilding and most recently in rising unemployment.
"It's a guessing game right now," builder Jeff Click said before the largely unexpected sea change in the United Kingdom. "I'm approaching 20 years in the business and this is perhaps the one season that I haven't quite been able to put my finger on ... " Read the entire article at newsok.com