March 21st, 2019
What’s that sound? Probably the huge sigh of relief sweeping across the mortgage industry. Yesterday, the Fed announced that it wasn’t going to hike interest rates, leading to a drop in rates. Furthermore, the majority of Fed officials have stated that there will likely be no more rate hikes this year, even though the expectations leading into 2019 were for 2-3 rate hikes. This is giving lenders and borrowers a big break, with refinance volume increasing (and expecting to surge) as consumers look to take advantage of the opportunity.
It can’t be said enough: NOW is the prime time to connect with both new and old leads and let them know of the opportunities presenting themselves in the housing market. Rates are low, inventory is on the rise, and and home values are leveling out. However, keep in mind that every other lender is moving to pounce on this market as well, which means loan officers main focus needs to be on differentiating themselves, creating as much value as possible, and developing true relationship with their clients.