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Lower rates are FINALLY here!
Traders were expecting the Fed to be able to cut rates by half a percent before this week but now are predicting at least a full point of cuts!
Friday was one of only a few days in the past two decades with as big of a single-day drop in average mortgage rates. This significant reduction in mortgage rates is having a profound impact on the real estate market.
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From BankRate.com (where you can compare many types of loan products and lenders):
30-Year Fixed: As low as 6%
15-Year Fixed: As low as 5.21%
5/1 ARM: As low as 6.4%
3/1 ARM: As low as 6.14%
Four key points highlighting the effects of this reduction, followed by 7 Action Steps to take advantage of this good news!
Boost in Housing Market Activity: Lower mortgage rates will stimulate overall market activity, including higher sales volumes and increased construction of new homes to meet the rising demand. This is ALL GOOD for real estate agents and brokers!
REAL ESTATE LEADS, LEADS and more LEADS: Question: What is Tim and Julie Harris’s favorite PROBATE LEAD PROVIDER? Simple, alltheleads.com/harris
According to HousingWire.com, “Ahead of the Fed’s meeting next month, mortgage rates have already started to come down, hitting their lowest level of 2024 on Thursday at about 6.62%.” Head of Bright MLS, Lisa Sturtevant stated, “Assuming the economy comes in for the so-called soft landing, lower mortgage rates will bring both more home buyers and sellers into the market in the second half of 2024.” Lawrence Yun, Chief Economist at the National Association of Realtors, states, “The drop in mortgage rates is driving more buyers into the market, which is good news for the real estate industry.” HousingWire adds, “Builders are ramping up construction to meet the increased demand fueled by lower rates.”
Increased Buyer Affordability: Lower mortgage rates reduce monthly mortgage payments, making homeownership more affordable for buyers. This can lead to an increase in demand as more people are able to qualify for loans and enter the market. As Greg McBride, Chief Financial Analyst at Bankrate, notes, “Lower rates are opening the door for many first-time homebuyers who previously couldn’t afford to enter the market.”
Rise in Home Prices: With more buyers entering the market, competition for homes can increase, potentially driving up home prices. Sellers will receive multiple offers again, often above the asking price, which can accelerate price appreciation. “We are seeing heightened competition in many markets, leading to faster home sales and higher prices,” says Mike Fratantoni, Chief Economist at the Mortgage Bankers Association.
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Refinancing Surge: Homeowners with existing mortgages may take advantage of lower rates to refinance their loans. This can lead to a surge in refinancing activity, allowing homeowners to reduce their monthly payments or take out equity for other purposes. “Refinancing applications have spiked as homeowners look to capitalize on the lower rates,” reports Joel Kan, Associate Vice President of Economic and Industry Forecasting at the Mortgage Bankers Association.
What should you do about this? How can you spin this super great news into more business this month, this quarter, and the rest of this year?
1-Watch the rates closely this week and throughout this month. Talk to your favorite mortgage lenders and see what special programs they’re offering, such as free rate locks, free re-finance options, and super low 3, 5, 7, or 10-year Adjustable Rates.
2-Call 100% of your buyer prospects to notify them of the positive shift to mortgage interest rates. Simply ask, ‘What does this do to your plans?’ Get those buyers to a lender to be pre-approved, or lock them in if they’re already in the process.
3-Set your Buyer Presentation Appointment and get the Exclusive Buyer Agreement signed.
4-Go sell a house! (or 10) Remember that many of your buyer prospects also have homes to list.
5-Using our Whiteboard tracking system, rate your buyer prospects from most motivated and qualified to least, and set appointments accordingly.
6-Revise your quarterly and yearly goals UP now that rates have dropped and are going even lower. Let’s get to work!
7-Sign up for Premier Coaching so you can get the support you need!
Don’t have a Buyer Presentation yet? Text the word BUYER to 47372.
