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There is always an opportunity to be had in each situation. Rising interest rates are no different. It’s ironic that people aren’t as excited about 3.25% or 3.5% or 3.99% on the way higher than they were as they were when rates were falling to those numbers. It wasn’t that long ago when these numbers were very exciting to our clients. 

The solution to finding the opportunity in rising rates is to remind people that rates are just a number, and it’s the PAYMENT that people need to focus on. I get it, people are emotionally attached to rates but rarely tie that to the difference in the payment. It’s your job to tie it together for them. Do the math and run the numbers! It’s also important to share the facts of the market.

Pull up a two-year chart of the UMBS 2.5% coupon show where we are and where we have been. We are still closer to the bottom then the top. In fact, rates were higher as recently as June, before that, April, March, and February. If we go back prior to March of 2020, people would be thrilled with today’s rates! Besides, people need a place to live, and the cost of ALL housing is still going higher! The rental market can even be more challenging and more costly than buying, even given the incredible amount of appreciation in property values lately, a trend that may not slow down any time soon!

Take advantage of the opportunity by calling all your preapprovals and share with them the market realities we are facing and recalculate the payments they would have with the higher rates. Also, reach out to your referral partners and make sure that anyone they are showing property to has an updated preapproval within the last week, so the client is aware of rising rates and aren’t shocked to find out this news after going into contract. Be sure you offer all your agents the opportunity to offer you as a resource to help any of their buyers who haven’t been updated yet or hasn’t heard from their original loan officer!

Rising rates can equal another opportunity to share your expertise, especially when we are facing a potential unpleasant conversation about rising rates!

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